Huitao Technology Co., Ltd. (NASDAQ: HHT), or the “Company,” (NASDAQ CM: HHT) a company which is in the process of disposing its legacy ready-mix concrete materials to an innovative education service provider, announced today that on April 16, 2020, it received a letter from the Nasdaq Stock Market LLC (“Nasdaq”) informing it of a favorable decision from the Nasdaq Hearings Panel (the “Panel”) to grant the Company’s request for continued listing of the Company’s ordinary shares on the Nasdaq Capital Market.
At a hearing held on March 12, 2020, the Company appeared before the Panel to demonstrate it has regained compliance with Nasdaq’s stockholders’ equity requirement under Nasdaq Listing Rule 5550(b) (the “Equity Requirement”) following the completion of a number of transactions previously announced. On April 16, 2020, the Panel confirmed that the Company had regained compliance with the Nasdaq Stock Market’s listing requirements. Accordingly, the Panel determined to allow continued listing of the Company’s securities on the Nasdaq Capital Market.
Yang (Sean) Liu, Chairman and CEO of HHT, stated, “Nasdaq’s decision recognized the viability of our strategy to focus on innovative education services. They also took into account our financial strength. We are on track to complete the disposal of our ready-mix concrete business by the end of this month as previously planned. Going forward, we will be fully focused on the online and offline education services in multiple disciplines, which offer more growth opportunities and will better reward our shareholders. We believe this is the right path to establish HHT as a leading global business.”
The Panel indicated that because of the Company’s new business model, it is appropriate to place the Company under a Panel Monitor (the “Monitor”) that shall last through April 15, 2021. Pursuant to that Monitor and as provided in Nasdaq Listing Rule 5815(d)(4)(A), if at any time during the monitor period the Company fails to maintain compliance with any listing standard, Staff will issue a Staff Delisting Determination and the Hearings Department will promptly schedule a new hearing. The Company believes that it will be able to remain in compliance with all of the Nasdaq Capital Market’s continued listing requirements.
About Huitao Technology Co., Ltd.
Huitao Technology is a holding company whose primary business is currently undergoing a shift to a dedicated education services provider, offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries CACM Group NY, Inc. (“CACM”), Sunway Kids International Education Group Ltd. (“Sunway Kids”), Xin Ao Construction Materials, Inc., Beijing Ao Hang Construction Materials Technology Co., Ltd., Brave Millennium Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and its variable interest entities, Beijing Xin Ao Concrete Group and Chengdu Hengshanghui Education Consulting Co., Ltd. Sunway Kids engages in the early childhood education service business, providing a well-structured system to day cares and preschools in China, including AI and robotic technologies, intellectual campus administration software as a service (SaaS) system and personalized education planning. Through Baytao LLC, a newly formed joint venture, the Company also anticipates providing tutoring programs in New York which includes online learning via a platform being built by CACM. For more information, please visit http://www.china-acm.com.
Written by financial buzz.
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