China XD Plastics Company Limited receives delisting from Nasdaq
Harbin, China, September 10, 2021 (GLOBE NEWSWIRE) – China XD Plastics Company Limited (Nasdaq: CXDC, the “Company”) today announced that it has received a letter (the “Letter”) from the Qualifications Department of the list of the Nasdaq Stock Market (“Nasdaq”) indicating that Nasdaq staff (the “Staff”) have decided to deny the Company’s request to continue to be listed on the Nasdaq.
The Company intends to request a hearing before a Nasdaq hearing panel no later than September 14, 2021 in order to request an exception period to complete its filings and thus regain compliance with listing standards. The Company’s request for a hearing will automatically suspend the delisting of its ordinary shares for 15 calendar days from the deadline for requesting a hearing, i.e. until September 29, 2021.
The letter, dated September 7, 2021, states that staff informed the company on April 16, 2021 that it did not comply with the Nasdaq filing requirements for continued inclusion set out in the listing rule. 5250 (c) (1) (the “Rule”) because he had not filed his Form 10-K for the fiscal year ended December 31, 2020 and notified the Company through notices of default of subsequent additional payment for its failure to file its 10-Q Forms for the periods ended March 31, 2021 and June 30, 2021. The Company has submitted documents to Nasdaq regarding its plan to restore compliance (the “Submission”). Based on the staff review and submission, in addition to a telephone discussion on July 26, 2021, staff determined that the company had not provided a definitive plan proving its ability to comply with the Rule. .
If the Company files all of its overdue reports and re-establishes compliance before a hearing before the Nasdaq Hearings Panel, then the Company’s common shares would continue to trade on the Nasdaq. There can be no assurance that the Company will be able to file its infringement reports prior to a Panel hearing or that the Panel will grant the Company a stay of delisting or additional time to restore compliance.
Hearings generally take place within 30 to 45 calendar days of the date of the request, and the Hearing Panel typically issues a written decision approximately 35 days after the hearing. If the panel’s decision is negative, the company also has the option of appealing the decision to the Nasdaq Listing and Hearing Review Council within 15 calendar days of the panel’s decision.
On China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly owned subsidiaries, develops, manufactures and sells polymer composite materials, primarily for automotive applications. The Company’s products are used in exterior and interior trim and functional components for 31 Chinese-made automobile brands including, but not limited to, Audi, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroën, Jinbei, VW Passat, Golf and Jetta. The company’s wholly-owned research center is dedicated to the research and development of polymer composite materials and benefits from its cooperation with renowned scientists from prestigious universities in China. As of March 31, 2021, 688 of the Company’s products were certified for use by one or more automobile manufacturers in China. For more information, please visit the company’s English website at http://chinaxd.irpass.com/ and the Chinese website at http://www.xdholding.com.
China XD Plastics Co., Ltd.
Ms. Chang Yi, Investor Relations
Telephone: +1 (212) 747-1118
Email: [email protected]