Nasdaq Grants Borqs’ Request for Continued Listing Borqs Receives Nasdaq Hearings Panel Decision To Extend Filing of 2019 Annual Report Until September 30, 2020
Borqs Technologies, Inc. (Nasdaq: BRQS) received notice from Nasdaq's Hearings Panel, confirming its continued listing on the exchange conditional upon filing a Form 20-F by September 30, 2020. The Panel retains the right to reassess its decision based on future events. Borqs is recognized in the IoT sector for its customizable Android-based devices and is developing 5G products. The company acknowledges the risks associated with timely filing and compliance with the Panel's requirements, focusing on its strategic partnerships and innovative solutions.
- Continued listing on Nasdaq, ensuring access to capital markets.
- Recognition as a leader in IoT solutions with strategic chipset partnerships.
- Potential risks in timely filing of Form 20-F, which could jeopardize listing.
- Dependence on compliance with Nasdaq's conditions for continued listing.
SANTA CLARA, Calif., Sept. 17, 2020 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS), (the “Company”, or “Borqs”), a global leader in embedded software and products for the Internet of Things (IoT) industry, announced it has received a letter dated September 14, 2020 from the Hearings Advisor of the Nasdaq Office of General Counsel as a result of the hearing that took place on August 27, 2020. The Nasdaq Hearings Panel has granted the request of Borqs to remain listed on The Nasdaq Stock Market subject to the condition that on or before September 30, 2020, the Company shall have filed a Form 20-F with the U.S. Securities and Exchange Commission. The Company thanks the Nasdaq Stock Market and intends to comply with the aforementioned condition.
The Panel has the right to reconsider the terms of this decision based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of the Company’s securities on the Nasdaq Stock Market inadvisable or unwarranted. In addition, the Form 20-F will be subject to review by the Panel, which may, in its discretion, request additional information before determining that the Company has complied with the terms of its decision.
About Borqs Technologies, Inc.:
Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio.
Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products. The Company is also currently in development of 5G products like smartphones and hotspots.
Forward-Looking Statements and Additional Information
This press release includes “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect our management’s current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including our inability to file the Form 20-F in a timely manner or in a form satisfactory to the Panel. Except as expressly required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Sandra Dou
Director of Finance
Borqs Technologies, Inc.
sandra.dou@borqs.net
www.borqs.com
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