China Pharma Announced the Submission of a Plan of Compliance to NYSE American
On July 15, 2022, China Pharma Holdings, Inc. (NYSE American: CPHI) submitted a compliance plan to NYSE American to address stockholders' equity deficiencies identified in a June 15, 2022 letter. The company must demonstrate compliance with Section 1003(a)(iii) by December 15, 2023. CEO Zhilin Li expressed optimism, noting the NYSE's acceptance of the compliance plan. China Pharma focuses on critical health conditions in China, supported by a strong distribution network and GMP-certified products.
- Submission of a compliance plan to NYSE American to address stockholders' equity deficiency.
- Indication of NYSE's acceptance of the compliance plan.
- 18-month grace period to regain compliance until December 15, 2023.
- None.
HAIKOU, China, July 18, 2022 /PRNewswire/ -- China Pharma Holdings, Inc. (NYSE American: CPHI) ("China Pharma," the "Company" or "We"), a specialty pharmaceutical company, today announced that on July 15, 2022, the Company submitted a plan of compliance to NYSE American LLC ("NYSE American" or the "Exchange") to address the deficiency in the Company's stockholders' equity as pointed out in the letter from the Exchange dated June 15, 2022 (the "Letter").
As previously released in a press release dated June 22, 2022, according to the Letter, in order to maintain its listing, the Company must submit a plan of compliance by July 15, 2022 addressing how it intends to regain compliance with Section 1003(a)(iii) of the Company Guide by December 15, 2023.
Ms. Zhilin Li, China Pharma's Chairman and CEO, commented, "The staff of the NYSE American indicated that they could accept the plan of compliance. During the next 18 months grace period or by December 15, 2023, we will actively supply additional information as required by the Exchange, implement the plan and strive to regain compliance on stockholders' equity as required by the Exchange listing requirement under as soon as possible."
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. (NYSE American: CPHI) is a specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products, focusing on conditions with high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. For more information about China Pharma Holdings, Inc., please visit www.chinapharmaholdings.com. The Company routinely posts important information on its website.
Safe Harbor Statement
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties may include, but are not limited to: the achievability of financial guidance; success of new product development; unanticipated changes in product demand; increased competition; downturns in the Chinese economy; uncompetitive levels of research and development; and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations, except as required by applicable law or regulation.
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SOURCE China Pharma Holdings, Inc.
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