Delta Technology Holdings Limited Received NASDAQ Deficiency Letter
By Business Wire News
By Business Wire News
Delta Technology Holdings Limited (“Delta” or “the Company”), (formerly CIS Acquisition Ltd.) (NASDAQ:CISAW) announced today that on April 21, 2015, it received a notification of deficiency (“Letter”) from Listing Qualifications of The NASDAQ Stock Market LLC (“NASDAQ”) based on the Company’s failure to pay certain fees required by Listing Rule 5250(f).
Pursuant to a decision by the NASDAQ Hearings Panel (the “Panel”) dated December 11, 2014, the Company’s warrants will be subject to delisting if the Company’s ordinary shares underlying the warrants are not approved for trading on NASDAQ on or before April 29, 2015.
In the Letter, NASDAQ informed the Company that this deficiency serves as an additional basis for delisting the Company’s securities from NASDAQ. The Letter also stated that the Panel will consider this matter in their decision regarding the Company’s continued listing on NASDAQ and the Company should present its reviews with respect to this additional deficiency to the Panel no later than April 28, 2015.
The Company subsequently paid the fees required by Listing Rule 5250(f) to NASDAQ.
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 more than 380 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.
Delta Technology Holdings Ltd.
Richard Yan, Chief Financial Officer
Phone: +86 511-8673-3102 (China)