BEIJING, Dec. 20, 2018 /PRNewswire/ -- China New Borun
Corporation (NYSE: BORN; "Borun" or the "Company"), a leading
producer and distributor of corn-based edible alcohol in
China, announces today that on
December 19, 2018, it received notice
from the New York Stock Exchange ("NYSE") that the Company did not
meet the NYSE's price criteria for continued listing standard
because the average closing price of the Company's American
Depositary Shares, or ADSs, was less than $1.00 per ADS over a consecutive 30-trading-day
period.
Under NYSE rules, the Company has six months following receipt
of the notification to regain compliance with the minimum share
price requirement. The Company can regain compliance at any time
during the six-month cure period if the Company's ADSs have a
closing share price of at least $1.00
on the last trading day of any calendar month during the period and
also has an average closing share price of at least $1.00 over the 30 trading-day period ending on
the last trading day of that month or on the last day of the cure
period.
The Company expects to cure this deficiency within the
prescribed timeframe and will duly notify the NYSE of its
intention. The Company's ADSs will continue to be listed and traded
on the NYSE, subject to compliance with other NYSE continued
listing standards and oversight by the NYSE. The Company is
currently in compliance with all other NYSE quantitative continued
listing standards. The NYSE notification does not affect the
Company's business operations or its Securities and Exchange
Commission reporting requirements.
About China New Borun Corporation
China New Borun Corporation (NYSE: BORN) is a leading producer
and distributor of corn-based edible alcohol sold as an ingredient
to producers of baijiu, a popular grain-based alcoholic
beverage in China. The Company
also produces DDGS Feed, liquid carbon dioxide and crude corn oil
as by-products of edible alcohol production, and chlorinated
polyethylene (CPE) that are widely used in chemical
industries. China New Borun is based
in Shouguang, Shandong Province.
Additional information about the company can be found at
http://www.chinanewborun.com and in documents filed with the U.S.
Securities and Exchange Commission, which are available on the
SEC's website at http://www.sec.gov.
Forward-looking Statements
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," similar expressions, and variations or negatives of
these words. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties and
assumptions that could cause our actual results to differ
materially and adversely from those expressed in any
forward-looking statement.
Contact Information
Chief Executive Officer
Jinmiao Wang
Phone: +86-536-545 1199 (China)
Email: Jinmiao.wang@chinanewborun.com
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SOURCE China New Borun Corporation