XI'AN, China, Nov. 7, 2016 /PRNewswire/ -- SkyPeople Fruit Juice, Inc. (NASDAQ: SPU) ("SkyPeople" or "the Company"), a producer of fruit juice concentrates, fruit juice beverages and other fruit-related products, today announced that it has been granted an extended stay as to the suspension of the Company's shares from trading by the NASDAQ Hearings Panel (the "Panel") until the Company's scheduled hearing before the Panel on December 15, 2016 and issuance of a final Panel decision.
On October 19, 2016, the Company requested a hearing before the Panel to appeal the delisting determination from the staff of the Listing Qualifications Department of NASDAQ (the "NASDAQ Staff"), which request automatically stayed the delisting of the Company's securities for 15 calendar days or until November 3, 2016. At the time of the request, the Company also requested an extension of the stay beyond the 15-day period. On November 2, 2016, the Panel notified the Company that it will extend the stay and maintain the status quo with respect to the Company's listing on the NASDAQ Global Market until it fully reviews the facts of the matter and makes a final determination regarding the Company's listing status following the December 15, 2016 hearing. The Panel also indicated that it will continue to monitor corporate events, and may revisit its determination at any time.
The Company's scheduled hearing before the Hearings Panel is to appeal a delisting determination letter received on October 12, 2016 from NASDAQ Staff. The letter notified the Company that since it had not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2016 and June 30, 2016, respectively, by October 11, 2016, the deadline by which the Company was to file all reports in order to regain compliance with NASDAQ Listing Rule 5250(c)(1) (the "NASDAQ Rule"), the Company's common stock is subject to delisting from the NASDAQ Global Market.
The Company is working assiduously to complete its delayed SEC filings of its financial statements and to regain compliance with the NASDAQ Rule as soon as possible.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a Vanuatu company, and SkyPeople Juice International Holding (HK) Ltd., a company organized under the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly owned subsidiary of Pacific, holds 73.42% ownership interest in SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)") and 100% ownership interest in SkyPeople Foods (China) Co., Ltd. ("SkyPeople Foods China"). SkyPeople (China) and ("SkyPeople Foods China"), together with their operating subsidiaries in China, are engaged in the production and sales of fruit juice concentrates, fruit beverages, and other fruit related products in the PRC and overseas markets. The Company's fruit juice concentrates are sold to domestic customers and exported directly or via distributors. Fruit juice concentrates are used as a basic ingredient component in the food industry. Its brands, "Hedetang" and "SkyPeople," which are registered trademarks in the PRC, are positioned as high quality, healthy and nutritious end-use juice beverages. For more information, please visit http://www.skypeoplefruitjuice.com.
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2014 and otherwise in our SEC reports and filings, including the final prospectus for our offering. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
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SOURCE SkyPeople Fruit Juice, Inc.