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

Rhea-AI Summary

China Green Agriculture, Inc. (NYSE: CGA) has announced a failure to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2022, leading to a non-compliance notice from the NYSE. The delay was attributed to COVID-19 impacts, preventing timely filing. The NYSE has granted a six-month period for compliance, during which the company must file its 10-K to avoid delisting potential. Until then, CGA's common stock will remain listed but marked as having a late filing status.

Positive

• The company is actively working to file its 2022 Form 10-K to regain compliance with NYSE listing standards.
• CGA's common stock remains listed on the NYSE, allowing trading to continue during the compliance period.

Negative

• Failure to file the 2022 Form 10-K on time resulted in a notice of non-compliance from the NYSE.
• If the 10-K is not filed within the six-month grace period, CGA may face suspension and delisting.

XI’AN, CHINA, Oct. 20, 2022 (GLOBE NEWSWIRE) -- China Green Agriculture, Inc. 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, 2022 (the “2022 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, 2022, the Company was unable to file its 2022 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, 2022. The Company is unable to meet the filing deadline for its 2022 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 2022 Form 10-K until after October 20, 2022. The Company is currently working closely with its principal accounting firm to complete the filing of its 2022 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 2022 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 2022 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 2022 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 2022 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 2022 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 2022 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 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 is the reason for China Green Agriculture's late filing of its 10-K?

The delay in filing the 10-K was due to COVID-19 impacts affecting the company's accounting processes.

What happens if China Green Agriculture does not file its 2022 Form 10-K in time?

Failure to file within the six-month period could lead to suspension or delisting procedures by the NYSE.

How long does China Green Agriculture have to file its 2022 Form 10-K?

CGA has six months from the October 13, 2022 deadline to file its 2022 Form 10-K.

Is China Green Agriculture's stock still trading on the NYSE?

Yes, CGA's common stock remains listed and will trade under a 'LF' indicator signifying late filing status.

What is the impact of the late filing on CGA's stock?

While still trading, the late filing could lead to future compliance issues and potential delisting if not resolved.