JIANGSU, China, April 7, 2016 /PRNewswire/ -- Delta
Technology Holdings Limited ("Delta" or "the Company"), a leading
provider of specialty chemicals (NASDAQ: CISAW), today announced
that it received written notice from the Nasdaq Stock Market
("Nasdaq") stating that the Company is no longer in compliance with
the $1.00 minimum bid price
requirement for continued listing on The Nasdaq Capital Market, as
set forth in Nasdaq Listing Rule 5550(a)(2). The notice has no
immediate effect on the listing of the Company's ordinary shares,
par value $.00001 per share (the
"Ordinary Shares") and the Redeemable Ordinary Share Purchase
Warrants (the "Warrants"), and the Ordinary Shares and Warrants
will continue to trade on The Nasdaq Capital Market under the
symbol "DELT" and "DELTW", respectively, at this time. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has
a grace period of 180 calendar days, or until September 26, 2016
("Compliance Period"), to regain compliance with the minimum bid
price requirement. To regain compliance, the bid price of the
Company's common stock must meet or exceed $1.00 per share for at
least ten consecutive business days during the Compliance
Period.
If the Company does not regain compliance with the minimum bid
price requirement by September 26,
2016, Nasdaq may provide written notification to the Company
that its securities will be subject to delisting. At that time, the
Company may have alternatives to obtain an extension and/or avoid
delisting, including an appeal of Nasdaq's delisting determination
to the Nasdaq Listing Qualifications Panel.
The Company intends to monitor the bid price of its Ordinary
Shares between now and September 26,
2016 and will consider the various options available to it
if its common stock does not trade at a level that is likely to
regain compliance.
About Delta Technology Holdings Ltd.
Founded in 2007, Delta is a leading China-based fine and specialty chemical
company producing and distributing organic compound including
para-chlorotoluene ("PCT"), ortho-chlorotoluene ("OCT"), PCT/OCT
downstream products, unsaturated polyester resin ("UPR"), maleic
acid ("MA") and other by-product chemicals. The end application
markets of the Company's products include Automotive,
Pharmaceutical, Agrochemical, Dye & Pigments, Aerospace,
Ceramics, Coating-Printing, Clean Energy and Food Additives. Delta
has approximately 300 employees, 25% of whom are highly-qualified
experts and technical personnel. The Company serves nearly 400
clients in various industries.
Safe Harbor Statement
This press release contains
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. These statements are
subject to known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Statements preceded or followed by or that otherwise
include the words "believes," "expects," "anticipates," "intends,"
"projects," "estimates," "plans," and similar expressions or future
or conditional verbs such as "will", "should", "would", "may" and
"could" are generally forward-looking in nature and not historical
facts. Forward-looking statements in this release also include
statements about business and economic trends. Investors should
also consider the areas of risk described under the heading
"Forward Looking Statements" and those factors captioned as "Risk
Factors" in Delta's periodic reports under the Securities Exchange
Act of 1934, as amended, or in connection with any forward-looking
statements that may be made by Delta.
Contact:
Delta Technology Holdings Ltd.
Homing Dong, +86- 511-86733102
Chief Financial Officer
dhm@deltath.com
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SOURCE Delta Technology Holdings Ltd