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.
Delta Technology Holdings Ltd.
Homing Dong, +86- 511-86733102
Chief Financial Officer
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SOURCE Delta Technology Holdings Ltd