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
$1.00 bid price per share requirement
of Nasdaq's Marketplace Rule 5550(a)(2) (the "Rule").
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
$1.00 per share or above for a
minimum of 10 consecutive business days. If the Company does not
regain compliance by the end of this extension period, it will
receive notification from NASDAQ that its shares are subject to
delisting. At that point, the Company may then appeal the delisting
determination to a NASDAQ Hearings Panel.
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.