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

Rhea-AI Summary

China Green Agriculture, Inc. (NYSE: CGA) has received a notice from the NYSE regarding non-compliance with listing requirements due to the delayed filing of its Annual Report on Form 10-K for fiscal year 2020. The company attributed the delay to COVID-19 impacts. They have until April 2021 to complete the filing, and the stock will remain listed with a 'LF' indicator for late filing. If the report isn't filed within the six-month grace period, delisting procedures may begin. The company is committed to filing the report as soon as feasible.

Positive

• The company has a six-month period to file the 2020 Form 10-K and can regain compliance with NYSE listing standards during this time.
• CGA's stock will remain listed on the NYSE despite the late filing.

Negative

• Failure to file the 2020 Form 10-K by the deadline may lead to delisting from the NYSE.
• The company cited COVID-19 impacts as the reason for the filing delay, indicating potential operational challenges.

XI’AN, CHINA, Oct. 20, 2020 (GLOBE NEWSWIRE) -- China Green Agriculture, Inc. (NYSE: CGA) (the “Company”) announced today that, as a result of its failure to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2020 (the “2020 Form 10-K”) 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 September 30, 2020, the Company was unable to file its 2020 Form 10-K within the prescribed time period without unreasonable effort or expense. The extension period provided under Rule 12b-25 expired on October 13, 2020. The Company is unable to meet the filing deadline for its 2020 Form 10-K due to circumstances and impacts related to COVID-19. As a result, the Company’s accounting team was unable to complete its 2020 Form 10-K until after October 20, 2020. The Company is currently working closely with its principal accounting firm to complete the filing of its 2020 Form 10-K 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 2020 Form 10-K with the SEC.  The Company can regain compliance with the NYSE listing standards during this six-month period when the Company files its 2020 Form 10-K 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 2020 Form 10-K 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 2020 Form 10-K 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 2020 Form 10-K, 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 2020 Form 10-K. 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 a variable interest entities: Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (“Yuxing”), Shaanxi Lishijie Agrochemical Co., Ltd. (“Lishijie”), Songyuan Jinyangguang Sannong Service Co., Ltd. (Jinyangguang”), Shenqiu County Zhenbai Agriculture Co., Ltd. (“Zhenbai Argi”), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. (“Wangtian”), Aksu Xindeguo Agricultural Materials Co., Ltd. (Xindeguo”), Xinjiang Xinyulei Eco-agriculture Science and Technology Co., Ltd. (“Xinyulei”), Sunwu Xiangrong Agricultural Materials Co., Ltd. (Xiangrong), and Anhui Fengnong Seed Co. Ltd. (Fengnong). 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 is the status of China Green Agriculture's stock after the delayed filing of its 2020 Form 10-K?

China Green Agriculture's stock (CGA) will remain listed on the NYSE but will carry a 'LF' indicator for late filing.

How long does China Green Agriculture have to file its 2020 Form 10-K?

CGA has until April 2021 to file its 2020 Form 10-K to regain compliance with NYSE listing standards.

What could happen if China Green Agriculture fails to file its 2020 Form 10-K on time?

If CGA fails to file by the deadline, it may face delisting procedures from the NYSE.

What caused the delay in the filing of China Green Agriculture's 2020 Form 10-K?

The delay was attributed to the impacts of COVID-19, which affected the company's accounting team.