BEIJING, Aug. 2, 2019 /PRNewswire/ -- China TechFaith
Wireless Communication Technology Limited (NASDAQ: CNTF)
("TechFaith" or the "Company"), today announced that it received a
notification letter from Nasdaq Listing Qualifications ("Nasdaq")
stating that the Company was not in compliance with Nasdaq Listing
Rule 5250(b)(1) due to its failure to disclose certain material
information. The Company made an announcement regarding the
material information identified in the Nasdaq notification letter
earlier today.
The Nasdaq notification letter provides the Company seven
calendar days from the date of the notification, or until
August 5, 2019, to submit a plan to
Nasdaq to regain compliance with the Nasdaq's continued listing
requirements. If Nasdaq does not accept the Company's compliance
plan, the Company will have the opportunity to appeal that decision
to a Hearing Panel under Listing Rule 5815(a). The Nasdaq
notification letter has no immediate effect on the listing of the
Company's American depositary shares on the Nasdaq Stock
Market.
About TechFaith
TechFaith (NASDAQ: CNTF) is a
developer, owner and operator of commercial real estate properties
across China as well as a
China-based mobile solutions
provider for the global mobile handsets market. TechFaith continues
to maintain a team of professional engineers focused on the
development of ruggedized smart devices for both its consumer and
enterprise segments, although it started investing in the
construction of buildings and facilities in 2009 as part of its
growth and business diversification strategy, gradually shifting
away from its traditional focus on the mobile solutions and handset
markets. For more information, please visit
www.techfaithwireless.com.
Safe Harbor Statement
This announcement contains
forward-looking statements. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "confident,"
"outlook" and similar statements. TechFaith may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission on Forms 20-F and 6-K,
among others, and in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about
TechFaith's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, those risks outlined in
TechFaith's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. TechFaith
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
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SOURCE China TechFaith Wireless Technology Limited