Specialty Chemical Company China XD Plastics Receives NASDAQ Notice on Late Filing of its Form 10-K
22 April 2021 - 3:00PM
China XD Plastics Company Limited (NASDAQ: CXDC) (“China XD,” the
“Company” or “we”), one of China’s leading specialty chemical
companies engaged in the development, manufacture and sale of
polymer composite materials primarily for automotive applications,
today announced that it has received a Notice from the NASDAQ Stock
Market on April 16, 2021 notifying the Company that, because its
Form 10-K for the fiscal year ended December 31, 2020 (the "2020
10-K") was not filed with the Securities and Exchange Commission by
the required due date of March 31, 2021 and the extended filing
date of April 15, 2021, the Company is therefore not in compliance
with the periodic filing requirements for continued listing set
forth in NASDAQ Listing Rule 5250(c)(1).
The delay of filing the Company’s 2020 10K was
primarily due to lockdown ordered by the local government in
response to the resurgence of COVID-19 outbreak early this year in
Heilongjiang province, where the executive office and group
accounting staff is based. As a result, the Company’s audit process
has been interrupted. The Company has resumed operation since
February 25, 2021 and is working with its auditor to complete
necessary process and preparation of the 2020 10-K.
In the Notice, Nasdaq indicated that the Company
has 60 calendar days from the date of the Notice to submit a plan
to regain compliance with Nasdaq’s continued listing requirements.
If such a plan is timely submitted by the Company, the Nasdaq staff
may grant the Company up to 180 calendar days from the due date of
the Form 10-K, or until October 12, 2021, to regain compliance.
About China XD Plastics Company
Limited
China XD Plastics Company Limited, through its
wholly-owned subsidiaries, develops, manufactures and sells polymer
composites materials, primarily for automotive applications. The
Company's products are used in the exterior and interior trim and
in the functional components of 31 automobile brands manufactured
in China, including without limitation, Audi, Mercedes Benz, BMW,
Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei and
VW Passat, Golf, Jetta, etc. The Company's wholly-owned research
center is dedicated to the research and development of polymer
composites materials and benefits from its cooperation with
well-known scientists from prestigious universities in China. As of
December 31, 2020, 688 of the Company's products have been
certified for use by one or more of the automobile manufacturers in
China. For more information, please visit the Company's English
website at http://chinaxd.irpass.com/, and the Chinese website at
http://www.xdholding.com.
Safe Harbor Statement
This announcement contains forward-looking
statements within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact in this
announcement are forward-looking statements, including but not
limited to, the Company’s growth potential in international
markets; the effectiveness and profitability of the Company’s
product diversification strategy; the impact of the Company’s
product mix shift to more advanced products and related pricing
policies; the effectiveness, profitability, and the marketability
of the Company’s ongoing mix shift to more advanced products; the
prospect of the Company’s facilities in various regions. These
forward-looking statements can be identified by terminology such as
“will,” “expect,” “project,” “anticipate,” “forecast,” “plan,”
“believe,” “estimate” and similar statements. Forward-looking
statements involve inherent risks and uncertainties and are based
on current expectations, assumptions, estimates and projections
about the Company and the industry. A number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, the global economic
uncertainty, the fluctuation in automotive sales and productions,
the development of Company’s expansion plans, the slowdown of
China’s automotive industry, the concentration of the Company’s
distributors, customers and suppliers, and other risks detailed in
the Company’s filings with the Securities and Exchange Commission
and available on its website at http://www.sec.gov. The Company
undertakes no obligation to update forward-looking statements to
reflect subsequent occurring events or circumstances, or to changes
in its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the
anticipated results.
Contacts:
China XD Plastics Co., Ltd.Mr. Taylor Zhang, CFO (New
York)Phone: +1 (212) 747-1118Email: cxdc@chinaxd.net
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