BEIJING, May 7, 2019 /PRNewswire/ -- China TechFaith
Wireless Communication Technology Limited (NASDAQ: CNTF)
("TechFaith" or the "Company") today announced it has received a
standard notice from NASDAQ stating that, as a result of not having
timely filed its annual report on Form 20-F for the year ended
December 31, 2018, TechFaith is not
in compliance with NASDAQ Listing Rule 5250(c)(1), which requires
timely filing of periodic financial reports with the Securities and
Exchange Commission. This notice has no immediate effect on the
listing or trading of TechFaith's American depositary shares on the
Nasdaq Global Select Market.
Under NASDAQ's listing rules, the Company has 60 calendar days
from the date of the notice to submit a plan to regain compliance.
If the plan is accepted by NASDAQ, the Company can be granted up to
180 calendar days from the Form 20-F's due date, to regain
compliance.
TechFaith expects to submit a plan to regain compliance or file
its Form 20-F within the timeline prescribed by NASDAQ.
About TechFaith
TechFaith (NASDAQ: CNTF) is a developer, owner and operator of
commercial real estate properties across China as well as a China-based mobile solutions provider for the
global mobile handsets market. TechFaith continues to maintain a
team of professional engineers focused on the development of
ruggedized smart devices for both its consumer and enterprise
segments, although it started investing in the construction of
buildings and facilities in 2009 as part of its growth and business
diversification strategy, gradually shifting away from its
traditional focus on the mobile solutions and handset markets. The
Company currently focuses on developing office space that can serve
as anchor bases in areas with developing economies, as it meets the
needs of both established businesses and innovative start-up
companies in China. For more information, please visit
www.techfaithwireless.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident," "outlook" and similar
statements. Among other things, the business outlook and strategic
and operational plans of TechFaith and management quotations
contain forward-looking statements. TechFaith may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission on Forms 20-F and 6-K,
among others, and in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about
TechFaith's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, those risks outlined in
TechFaith's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. TechFaith
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
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SOURCE China TechFaith Wireless Technology Limited