TAIZHOU, China, Dec. 16, 2021 /PRNewswire/ -- China SXT
Pharmaceuticals, Inc. ("SXTC" or the "Company"), (NASDAQ:
SXTC) announced today that on December 14, 2021, the Company received a
notification letter from the Nasdaq Listing Qualifications Staff of
The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that
the minimum bid price per share for its ordinary shares has been below $1.00 for a period of 30 consecutive business
days and the Company therefore no longer meets the minimum bid
price requirements set forth in Nasdaq Listing Rule 5550(a)(2).
The notification received has no immediate effect on the listing
of the Company's ordinary shares on Nasdaq. Under the Nasdaq
Listing Rules, the Company has until June
13, 2022, to regain compliance. If at any time during such
180-day period the closing bid price of the Company's ordinary
shares is at least $1 for a minimum
of 10 consecutive business days, Nasdaq will provide the Company
written confirmation of compliance.
If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provide a written notice of its intention to cure
this deficiency during the second compliance period, by effecting a
reverse stock split, if necessary.
About China SXT Pharmaceuticals, Inc.
Founded in 2005 and headquartered in Taizhou City, Jiangsu Province, China, China SXT Pharmaceuticals, Inc. is an
innovative pharmaceutical company focusing on the research,
development, manufacture, marketing and sales of traditional
Chinese medicine pieces, which is a type of Traditional Chinese
Medicine that has been processed to be ready for use. For more
information, please visit www.sxtchina.com.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Specifically, the Company's statements regarding the
closing of the proposed private placement are forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; the growth of the pharmaceutical
market, particularly the Traditional Chinese Medicine Pieces
("TCMPs") market, in China;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China and
the international markets the Company serves and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the Securities and
Exchange Commission. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these forward –
looking statements to reflect events or circumstances that arise
after the date hereof.
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SOURCE China SXT Pharmaceuticals, Inc.