XI'AN, China, Dec. 31, 2019 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT; the "Company"), a company engages in
blockchain based e-commerce and fruit juice business, today
announced that on December 17, 2019, the Company received a
notification letter from NASDAQ Listing Qualification Staff
("Staff") stating that Staff has determined to grant the Company an
extension of time to regain compliance with the NASDAQ Listing Rule
(the "Rule").
As previously disclosed, on September 4, 2019, the Company
received written notice from the Staff stating that the Company did
not meet the requirement of maintaining a minimum of $2,500,000 in stockholders' equity for continued
listing on the NASDAQ Capital Market, as set forth in NASDAQ
Listing Rule 5550(b)(1), the Company also did not meet the
alternative of market value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2)
or net income from continuing operations of $500,000 in the most recently completed fiscal
year or in two of the last three most recently completed fiscal
years under NASDAQ Listing Rule 5550(b)(3), and the Company is no
longer in compliance with the NASDAQ Listing Rules. The
NASDAQ notification letter provided the Company until September 18, 2019 to submit a plan to regain
compliance. If the plan is accepted, NASDAQ can grant the Company
an extension up to 180 calendar days from the date of NASDAQ letter
to demonstrate compliance.
The Company submitted its plan of compliance on September 18, 2019 and supplemental documents to
the plan of compliance on November 11
and December 12, 2019. As
detailed in the submission, the Company signed a share transfer
agreement, to sell its fruit juice business and related
subsidiaries of HeDeTang Holdings (HK) Ltd. ("HeDeTang HK") and
will submit the transaction for shareholders approval at a special
shareholders meeting. The proposed sale is expected to divest
approximately $148 million in asset
impairment charges, which contributed to its stockholders equity'
deficit of $86.7 million, as of
December 31, 2018.
Based on the review of the materials submitted by the Company,
Staff has determined to grant the Company an extension until
February 28, 2020 to regain
compliance with the Rule.
The Company intends to fully comply with the exception granted
by the Staff and to complete the sale transaction on or before
February 28, 2020.
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is incorporated in Florida and engages in fruit juice and
blockchain based e-commerce businesses. The Company engages in the
operation of a blockchain based online shared shopping mall
platform and also operates an incubator for application projects
using blockchain technology. FTFT and its subsidiaries are
developing blockchain technology for a variety of B2B and B2C
real-life applications including the distribution, marketing and
sale of consumer products. The Company is also developing financial
technology business to stay ahead of the changing industry. For
more information, please visit http://www.ftft.top/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2017 and our
other reports and filings with SEC. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
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SOURCE Future FinTech Group Inc.