Singularity Future Technology Announces Receipt of Nasdaq Notice of Additional Staff Determination
On November 22, 2022, Singularity Future Technology Ltd. (Nasdaq: SGLY) disclosed receiving a staff determination notice from Nasdaq due to the non-filing of its Form 10-Q for the quarter ending September 30, 2022. This notice poses additional risks for the Company's continued listing on the Nasdaq Capital Market. The Company has submitted a plan to the Nasdaq Hearings Panel to regain compliance, which includes filing the overdue Form 10-Q. Singularity specializes in logistics solutions primarily for blockchain and crypto mining businesses.
- Company is actively pursuing compliance with Nasdaq listing requirements through a submitted plan.
- Focus on logistics solutions for the growing blockchain and crypto mining industries.
- Non-filing of Form 10-Q raises concerns about potential delisting from Nasdaq.
- Additional staff determination notice may negatively impact investor confidence.
GREAT NECK, N.Y., Nov. 22, 2022 /PRNewswire/ -- Singularity Future Technology Ltd. ("Singularity" or the "Company") (Nasdaq: SGLY) announced today that on November 16, 2022, 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 September 30, 2022, which served as an additional basis for delisting the Company's securities and that Nasdaq Hearings Panel (the "Panel") will consider the additional deficiency in rendering a determination regarding the Company's continued listing on The Nasdaq Capital Market. The Company has submitted to the Panel a plan to regain compliance with the continued listing requirements, including the filing of the Form 10-Q for the quarterly period ended September 30, 2022.
About Singularity Future Technology Ltd. (Nasdaq: SGLY)
On January 3, 2022, the Company changed its name from Sino-Global Shipping America, Ltd. to Singularity Future Technology Ltd. (Nasdaq: SGLY). Singularity is a logistics integrated solution provider, primarily focused on providing logistics, resources, equipment and other logistical support to blockchain and crypto mining businesses. Since 2020, the Company has worked to capitalize on its experience in global logistics management to develop a presence in the blockchain supply management area. At present, Singularity distributes, sells and markets crypto mining machines through its Thor Miner joint venture and maintains a warehouse providing inventory control and management services in Houston, TX.
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.
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SOURCE Singularity Future Technology Ltd.
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