Singularity Future Technology Announces Receipt of Nasdaq Notice of Additional Staff Determination

Rhea-AI Summary

Singularity Future Technology Ltd. (Nasdaq: SGLY) received a notice from Nasdaq indicating it has not submitted its Form 10-Q for the quarter ended December 31, 2022, which could lead to delisting. The Nasdaq Hearings Panel will review this deficiency in its assessment of the company's continued listing. The company has proposed a compliance plan and has until February 28, 2023, to file all overdue reports, including the 10-Q.

Singularity provides integrated logistics solutions for steel companies and e-commerce in China and the U.S., with services including freight and warehousing.

Positive

• The company has submitted a plan to regain compliance with Nasdaq's listing requirements.
• A grace period has been granted to file delinquent reports.

Negative

• Failure to submit Form 10-Q may lead to delisting from Nasdaq.
• Additional deficiencies could adversely affect the company's stock performance.

Great Neck, N.Y., Feb. 27, 2023 (GLOBE NEWSWIRE) -- Singularity Future Technology Ltd. (the “Company”) (Nasdaq: SGLY) announced today that on February 21, 2023, it received an additional staff determination notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”), advising that it had not received the Company’s Form 10-Q for the quarterly period ended December 31, 2022, which served as an additional basis for delisting the Company’s securities and that the Nasdaq Hearings Panel (the “Panel”) will consider the additional deficiency in rendering a determination regarding the Company’s continued listing on Nasdaq. The Company has submitted to the Panel a plan to regain compliance with the continued listing requirements and has been granted a grace period to file all the delinquent reports, including the filing of the Form 10-Q for the quarterly period ended December 31, 2022, on or before February 28, 2023.
   
About Singularity Future Technology Ltd.

The Company is an integrated logistics solutions provider with a focus on servicing steel companies and e-commerce businesses in China and the United States. The Company’s operations consist of freight services and warehouse services. The freight services include shipping and other freight-related services and is operated by the Company's subsidiaries in China. The warehouse services encompass a wide range of services such as warehouse, collection, first-mile delivery, drop shipping, customs clearance, and international shipping and is operated by the Company's subsidiary out of Houston, Texas.

Forward-Looking Statements

Certain statements made herein that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to materially differ from such statements. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertake no obligation to, update or revise any forward-looking statement.

For more information, please contact:

IR@singularity.us
Phone number: 718-888-1814

FAQ

What recent notice did Singularity Future Technology Ltd. receive from Nasdaq?

Singularity Future Technology Ltd. received a notice indicating it has not submitted its Form 10-Q, which could result in delisting.

What is the deadline for Singularity Future Technology Ltd. to file its Form 10-Q?

The deadline to file the Form 10-Q is February 28, 2023.

What type of solutions does Singularity Future Technology Ltd. provide?

The company provides integrated logistics solutions focusing on freight and warehouse services for steel companies and e-commerce in China and the U.S.

How might the notice from Nasdaq impact Singularity Future Technology Ltd.'s stock?

The notice regarding potential delisting may negatively impact the stock's performance if not resolved.