Future FinTech Group Inc. (NASDAQ: FTFT; the “Company”), a company engages in blockchain based e-commerce and fruit juice business, today announced that on September 18, 2019, the Company submitted its plan of compliance in connection with its failure to meet the requirement of maintaining a minimum of $2,500,000 in shareholders’ equity for continued listing on the NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1).
On September 4, 2019, the Company received written notice from the NASDAQ Stock Market (“NASDAQ”) stating that the Company does not meet the requirement of maintaining a minimum of $2,500,000 in stockholders’ equity for continued listing on the NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1), the Company also does not meet the alternative of market value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2) or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years under NASDAQ Listing Rule 5550(b)(3), and the Company is no longer in compliance with the NASDAQ Listing Rules. The NASDAQ notification letter provides the Company until September 18, 2019 to submit a plan to regain compliance. If the plan is accepted, NASDAQ can grant the Company an extension up to 180 calendar days from the date of NASDAQ letter to demonstrate compliance. If NASDAQ does not accept the Company’s compliance plan, the Company will have the opportunity to appeal that decision to a Hearing Panel per NASDAQ Listing Rule 5815(a).
The compliance plan is currently under review by NASDAQ. The Company will continue to cooperate with NASDAQ staff and provide information and documents requested by NASDAQ. The Company will provide timely updates to the market upon NASDAQ’s decision regarding the Company’s compliance plan.
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