NASDAQ Granted China SXT Pharmaceuticals, Inc. 180-Day Extension to Regain Compliance with Bid Price Requirement
China SXT Pharmaceuticals, Inc. (NASDAQ: SXTC) announced it received a 180-day extension from NASDAQ until March 8, 2021, to meet the minimum bid price requirement of $1.00 per share. The extension was granted as the company met other listing requirements, although it still needs to address the bid price issue. The company plans to potentially implement a reverse stock split if necessary. If compliance isn't achieved, delisting could occur, but the stock remains trading on NASDAQ for now. The company focuses on Traditional Chinese Medicine manufacturing and sales.
- Received a 180-day extension from NASDAQ to regain compliance with the $1.00 bid price requirement.
- Met the continued listing requirement for market value of publicly held shares.
- Failure to regain compliance by March 8, 2021 may lead to delisting from NASDAQ.
- Potential need for a reverse stock split indicates ongoing struggles with stock valuation.
TAIZHOU, China, Sept. 9, 2020 /PRNewswire/ -- China SXT Pharmaceuticals, Inc. (NASDAQ: SXTC) ("China SXT" or the "Company"), a specialty pharmaceutical company focusing on the research, development, manufacturing, marketing, and sales of Traditional Chinese Medicine Pieces ("TCMPs"), including Advanced TCMPs (Directly-Oral TCMP and After-Soaking-Oral TCMP), fine TCMPs, regular TCMPs, and TCM Homologous Supplements ("TCMHS") announced today that on September 8, 2020, it received notification from NASDAQ granting the Company an additional 180-day period, or until March 8, 2021, to regain compliance with NASDAQ's minimum
Under NASDAQ Listing Rules, the Company was granted this extension because it met the continued listing requirement for market value of publicly held shares and all other applicable NASDAQ listing requirements, except the bid price requirement. The Company provided written notice to NASDAQ of its intention to cure the bid price deficiency during the second compliance period by affecting a reverse stock split, if necessary.
The Company will regain compliance with the minimum bid requirement if at any time prior to March 8, 2021, the bid price for the Company's common stock closes at
This current notification from Nasdaq has no immediate effect on the listing or trading of the company's common stock, which will continue to trade on the Nasdaq Capital Market under the symbol "SXTC".
About China SXT Pharmaceuticals, Inc.
Founded in 2005 and headquartered in Taizhou City, Jiangsu Province, China, China SXT Pharmaceuticals, Inc. is an innovative pharmaceutical company focusing on the research, development, manufacture, marketing and sales of traditional Chinese medicine pieces, which is a type of Traditional Chinese Medicine that has been processed to be ready for use. For more information, please visit www.sxtchina.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding the closing of the proposed private placement are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; the growth of the pharmaceutical market, particularly the Traditional Chinese Medicine Pieces ("TCMPs") market, in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward - looking statements to reflect events or circumstances that arise after the date hereof.
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SOURCE China SXT Pharmaceuticals, Inc.
FAQ
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