China Green Agriculture, Inc. Inc. Receives NYSE Notice Regarding Late Form 10-Q Filing

Rhea-AI Summary

China Green Agriculture, Inc. (NYSE: CGA) has received a notice from the NYSE for failing to timely file its Quarterly Report on Form 10-Q for the period ended September 30, 2022. The company cited COVID-19 pandemic restrictions in China as the reason for the delay. While the NYSE allows a six-month window to file, failure to comply may lead to delisting. The company has been assigned a 'LF' indicator for late filing status and is actively working with its accounting firm to complete the report.

Positive

• The company is actively working with its accounting firm to complete the Form 10-Q.
• CGA retains its NYSE listing status under the symbol 'CGA' during the filing extension period.

Negative

• The company failed to file its Form 10-Q in a timely manner, risking delisting.
• The ongoing pandemic restrictions in China have adversely affected operations and filing capabilities.

XI’AN, CHINA, Nov. 30, 2022 (GLOBE NEWSWIRE) -- China Green Agriculture, Inc. Inc. (NYSE: CGA) (the “Company”) announced today that, as a result of its failure to file its Quarterly Report on Form 10-Q for the period ended September 30, 2022 (the “Form 10-Q”) in a timely fashion, it has received a notice from the New York Stock Exchange (the “NYSE”) that the Company was not in compliance with the NYSE’s continued listing requirements under the timely filing criteria established in Section 802.01E of the NYSE Listed Company Manual.

As reported by the Company in its Form 12b-25 filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2022, the Company was unable to file the Form 10-Q within the prescribed time period without unreasonable effort or expense. The extension period provided under Rule 12b-25 expired on November 21, 2022. The Company is unable to meet the filing deadline for the filing of its Form 10-Q due to circumstances related to COVID-19. In the year of 2022, more pandemic restrictions had been tightened throughout China to control the spread of COVID-19 in the community. As the Company’s primary business is in China, its operations had been impacted due to the pandemic restrictions. The Company is currently working closely with its principal accounting firm to complete the filing of its Form 10-Q as soon as reasonably practicable.

The NYSE has informed the Company that, under the NYSE’s rules, the Company will have six months from the filing due date to file its Form 10-Q with the SEC.  The Company can regain compliance with the NYSE listing standards during this six-month period when the Company files its Form 10-Q with the SEC. During the six-month period, the NYSE will closely monitor the status of the Company’s late filing and related public disclosures. If the Company fails to file its Form 10-Q within such six-month period, the NYSE may, in its sole discretion, allow the Company's common stock to trade for up to an additional six months depending on specific circumstances, as outlined in the rule. If the NYSE determines that an additional six-month trading period is not appropriate, suspension and delisting procedures will commence pursuant to Section 804.00 of the Listed Company Manual. If the NYSE determines that an additional trading period of up to six months is appropriate and the Company fails to file its Form 10-Q and any subsequent delayed filings by the end of that period, suspension and delisting procedures will generally commence. Regardless of the procedures described above, the NYSE may commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warrant.

Until the Company files its Form 10-Q for the period ended September 30, 2022, the Company’s common stock will remain listed on the NYSE under the symbol “CGA,” and will be assigned a “LF” indicator to signify late filing status.

As noted above, the Company is working diligently to complete its Form 10-Q for the period ended September 30, 2022. The Company intends to file it as soon as practicable to regain compliance with the NYSE continued listing standards.

About China Green Agriculture, Inc

The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), Beijing Gufeng Chemical Products Co., Ltd (“Gufeng”) and its variable interest entities. For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company’s business, products and financial results. The Company’s actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions; development, shipment, market acceptance, additional competition from existing and new competitors; interest rate and currency exchange rate fluctuations; the impact of the recent global outbreak of novel coronavirus disease (COVID-19); technological advances, new products attained by competitors; challenges inherent in new product development; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of economies and sovereign risk; dependence on the effectiveness of the company’s protections for innovative products; the exposure to litigation and/or regulatory actions, and various other factors beyond the Company’s control.

All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company’s reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations.

For more information, please contact:

China Green Agriculture, Inc.
Tel: +86-29-88266383
Email: info@cgagri.com

FAQ

What does the NYSE notice mean for China Green Agriculture (CGA)?

The NYSE notice indicates that CGA is not in compliance with listing requirements due to late filing of its Form 10-Q.

What is the deadline for CGA to file its Form 10-Q?

CGA has a six-month period from the original due date to file its Form 10-Q without risking delisting.

How is CGA addressing the late filing issue?

CGA is working closely with its accounting firm to complete and file the Form 10-Q as soon as practicable.

What consequences does CGA face if it does not file on time?

If CGA fails to file within the six-month window, delisting proceedings may commence.

What status will CGA's stock have during the late filing period?

CGA's stock will remain listed with an 'LF' indicator to signify its late filing status.