BEIJING, Dec. 1, 2015 /PRNewswire/ -- Fuwei Films
(Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the
"Company"), a manufacturer and distributor of high-quality BOPET
plastic films in China, today
announced that on November 25, 2015,
it received a Nasdaq Staff Deficiency Letter indicating that the
Company is not in compliance with the minimum bid price requirement
for continued listing set forth in Listing Rule 5550(a)(2) which
requires listed securities to maintain a minimum bid price of
$1.00 per share.
Fuwei Films' management is looking into various options
available to the Company in order to regain compliance and ensure
its continued listing on the Nasdaq. The Company intends to
actively monitor the bid price for its ordinary shares between now
and the end of the grace period.
According to the letter from the Nasdaq, Fuwei Films has been
given a grace period of 180 calendar days, starting November 25, 2015, to regain compliance with the
minimum bid price requirement. Fuwei Films can regain compliance
if, at any time before the grace period ends, the bid price of its
ordinary shares closes at or above $1.00 per share for a minimum of ten consecutive
business days. If Fuwei Films cannot demonstrate compliance by the
end of the grace period, the Nasdaq's staff will notify the Company
that its ordinary shares is subject to delisting. Fuwei Films may
then be eligible for an additional 180 day grace period if the
Company meets the Nasdaq Capital Market's initial listing standards
with the exception of the minimum bid price requirement.
During the grace period (as may be extended) Fuwei Films'
ordinary shares will continue to trade on the Nasdaq Capital Market
under the symbol "FFHL".
About Fuwei Films
Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong)
Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei develops, manufactures
and distributes high-quality plastic films using the biaxial
oriented stretch technique, otherwise known as BOPET film
(biaxially oriented polyethylene terephthalate). Fuwei's BOPET film
is widely used to package food, medicine, cosmetics, tobacco, and
alcohol, as well as in the imaging, electronics, and magnetic
products industries.
Safe Harbor
This press release contains information that constitutes
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are subject to risks. Risk factors that could contribute to
such differences include those matters more fully disclosed in the
Company's reports filed with the U.S. Securities and Exchange
Commission which, among other things, include both the possible
delisting of the Company's ordinary shares from the NASDAQ Global
Market; competition in the BOPET film industry; growth of, and
risks inherent in, the BOPET film industry in China; uncertainty as to future profitability
and our ability to obtain adequate financing for our planned
capital expenditure requirements; uncertainty as to our ability to
continuously develop new BOPET film products and keep up with
changes in BOPET film technology; risks associated with possible
defects and errors in our products; uncertainty as to our ability
to protect and enforce our intellectual property rights;
uncertainty as to our ability to attract and retain qualified
executives and personnel; and uncertainty in acquiring raw
materials on time and on acceptable terms, particularly in view of
the volatility in the prices of petroleum products in recent years.
The forward-looking information provided herein represents the
Company's estimates as of the date of the press release, and
subsequent events and developments may cause the Company's
estimates to change. The Company specifically disclaims any
obligation to update the forward-looking information in the future.
Therefore, this forward-looking information should not be relied
upon as representing the Company's estimates of its future
financial performance as of any date subsequent to the date of this
press release. Actual results of our operations may differ
materially from information contained in the forward-looking
statements as a result of the risk factors.
For more information, please contact:
In China:
Ms Xiaoli Yu
Investor Relations Officer
Phone: +86-133-615-59266
Email: fuweiIR@fuweifilms.com
In the U.S.:
Ms. Vivian Chen
Investor Relations
Grayling
Phone: +1-646-284-9427
Email: vivian.chen@grayling.com
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SOURCE Fuwei Films (Holdings) Co., Ltd.