Huitao Technology Co., Ltd Received Nasdaq Delisting Letter Regarding Stockholders' Equity Deficiency
Huitao Technology Co., Ltd. - Ordinary Shares (HHT)
Company Research
Source: PR Newswire
BEIJING, Jan. 24, 2020 /PRNewswire/ -- Huitao Technology Co., Ltd. (NASDAQ CM: HHT) (the "Company" or "HHT"), a construction company engaging in the production of advanced construction materials for large scale infrastructure, commercial and residential developments, today announced that it has received a notice (the "Notice") from the Nasdaq Stock Market ("Nasdaq") stating that it had not been able to regain compliance with Nasdaq's $2.5 million minimum stockholders' equity requirement (the "Stockholders' Equity Requirement") or the alternative criteria set forth in Nasdaq Listing Rule 5550(b) and that the Staff had determined to seek to delist the Company's securities from Nasdaq unless the Company requests a hearing before the Nasdaq Hearings Panel (the "Panel"). Nasdaq Listing Rule 5550(b) requires the Company maintain either: (1) stockholders' equity of $2.5 million; or (2) market value of listed securities of $35 million; or (3) net income from continuing operations of $500,000
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