BAODING, China, June 24,
2022 /PRNewswire/ -- IT Tech Packaging, Inc.
(NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a
leading manufacturer and distributor of diversified paper products
in North China, announced today
that, it had received a deficiency letter ("Letter") from NYSE
American LLC ("NYSE American" or the "Exchange") stating that the
Company is not in compliance with the continued listing standards
as set forth in Section 1003(f)(v) of the NYSE American Company
Guide ("Company Guide").
The Letter stated that because the Company's common stock had
been trading for a low price per share for a substantial period of
time, the Company was not in compliance with Section 1003(f)(v) of
the Company Guide. The NYSE American staff determined that the
Company's continued listing is predicated on it effecting a reverse
stock split of its common stock or otherwise demonstrating
sustained price improvement within a reasonable period of time,
which the staff determined to be until December 23, 2022. The Company intends to
complete a reverse stock split in order to regain compliance with
the listing standards set forth in the Company Guide.
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading
manufacturer and distributor of diversified paper products and
single-use face masks in North
China. Using recycled paper as its primary raw material
(with the exception of its tissue paper products), ITP produces and
distributes three categories of paper products: corrugating medium
paper, offset printing paper and tissue paper products. With
production based in Baoding and Xingtai in North China's Hebei
Province, ITP is located strategically close to the
Beijing and Tianjin region, home to a growing base of
industrial and manufacturing activities and one of the largest
markets for paper products consumption in the country. ITP has been
listed on the NYSE American since December
2009. For more information, please visit:
http://www.itpackaging.cn/.
Forward-looking Statement
This release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements give our current expectations, opinion,
belief or forecasts of future events and performance. A statement
identified by the use of forward-looking words including "will,"
"may," "expects," "projects," "anticipates," "plans," "believes,"
"estimate," "should," and certain of the other foregoing statements
may be deemed forward-looking statements. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions, including market and other conditions. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company's filings with the SEC. Investors and security holders are
urged to read these documents free of charge on the SEC's web site
at http://www.sec.gov. The Company undertakes no obligation
to update any such forward-looking statements after the date hereof
to conform to actual results or changes in expectations, except as
required by law.
For more information, please contact:
At the Company
Email: ir@itpackaging.cn
Tel: +86 312 8698215
Investor Relations
Ascent Investor Relations LLC
Ms. Tina
Xiao
Email: tina.xiao@ascent-ir.com
Tel: +1-917-609-0333
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SOURCE IT Tech Packaging, Inc.