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China XD Plastics Company Limited (Nasdaq: CXDC) announced it received a notification from Nasdaq denying its request for continued listing due to unmet filing requirements. The company plans to request a hearing before a Nasdaq Hearings Panel by September 14, 2021, hoping for additional time to comply. If granted, the delisting process will be suspended for 15 days. The non-compliance resulted from the failure to file its Form 10-K for fiscal year 2020 and subsequent Forms 10-Q. The company has an option to appeal if the hearing results are unfavorable.
China XD Plastics Company Limited (Nasdaq: CXDC) announced it received a letter from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1). The Company failed to file its Quarterly Report on Form 10-Q for Q2 2021 and its Annual Report on Form 10-K for 2020. Although this letter does not impact the stock's trading status immediately, the Company must submit a written update on its audit work. If accepted, it could have up to 180 days to regain compliance.
China XD Plastics Company Limited (Nasdaq: CXDC) announced it received a letter from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Quarterly Report on Form 10-Q for Q1 2021 and the Annual Report on Form 10-K for 2020. The letter does not impact the current trading of CXDC shares, but the company must submit a compliance plan by June 15, 2021, with a potential 180-day extension to regain compliance if accepted by Nasdaq.
China XD Plastics Company Limited (NASDAQ: CXDC) announced a compliance issue with NASDAQ due to the late filing of its 2020 10-K report. The due date was March 31, 2021, with an extended date of April 15, 2021. The delay was caused by COVID-19 lockdowns in Heilongjiang province, interrupting the audit process. The company has 60 days to submit a compliance plan, with a potential 180 days extension until October 12, 2021, to rectify the issue. China XD specializes in polymer composites for automotive applications, serving major brands like Audi and BMW.
China XD Plastics (NASDAQ: CXDC) reported third-quarter results for 2020, with revenue of $290.1 million, down 22.3% year-over-year but up 2.4% sequentially. Gross profit fell 42.4% to $34.6 million, yielding a gross margin of 11.9%. The company faced a net loss of $38 million compared to net income of $17 million in Q3 2019. Total volume shipped was 83,855 metric tons, down 8.9% year-over-year. The ongoing COVID-19 pandemic impacted operations, affecting both domestic and overseas markets. The merger agreement with Faith Dawn Limited remains subject to closing conditions.
China XD Plastics Company Limited (NASDAQ: CXDC) announced it will release its third quarter 2020 earnings results on November 16, 2020, at 7:30 AM U.S. Eastern Time. The earnings press release will be available on the Company’s Investor Relations webpage. China XD Plastics specializes in polymer composite materials for automotive applications, with products certified for use by 31 automobile brands in China as of September 30, 2020. The Company collaborates with renowned scientists for R&D of its materials.
China XD Plastics Company Limited (NASDAQ: CXDC) announced that stockholders approved a merger agreement with Faith Dawn Limited and its wholly owned subsidiary. The special meeting saw approximately 87.7% of stockholders present, with 85.1% voting in favor. Upon completion, the merger will privatize the company, ending its NASDAQ listing and public trading. As of September 29, 2020, there were 70,548,841 shares of common stock and 1,000,000 shares of preferred stock eligible to vote.
China XD Plastics Company Limited (NASDAQ: CXDC) announced a special meeting for stockholders on November 5, 2020, to vote on a merger agreement with Faith Dawn Limited. The merger will result in CXDC becoming a wholly-owned subsidiary, making it privately held and ceasing its NASDAQ listing. The company's board has unanimously approved the merger, which may affect stock liquidity and trading. Record stockholders as of September 29, 2020 can vote. Stockholders are urged to review related SEC filings for detailed information.
China XD Plastics Company Limited (NASDAQ: CXDC) announced its Q2 2020 financial results, reporting revenue of $283.2 million, down 38.8% YoY but up 95.6% sequentially. Net income fell to $17.6 million from $40.1 million, marking a 56.1% decrease. Despite facing significant impacts from the COVID-19 pandemic, the company saw a sequential recovery in both revenue and gross profit, which stood at $39.9 million. The average selling price rose by 19.7%, indicating a shift towards higher-end products. Moving forward, management remains optimistic about capacity expansion and market positioning.
China XD Plastics Company Limited (NASDAQ: CXDC) announced the release of its Q2 2020 earnings results, scheduled for August 14, 2020. The earnings announcement will be accessible on the company's Investor Relations webpage at approximately 7:30 AM U.S. Eastern Time. Following the release, a conference call will be held at 8:00 AM to discuss the results, and attendees can preregister for dial-in details online. A recording of the call will be available until August 22, 2020.
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