Delta Technology Holdings Limited Provides Update on Trading Status
03 November 2014 - 2:30PM
Business Wire
Company working to have its ordinary shares
trade on Nasdaq;Receives delisting notice from NASDAQ Stock
Market concerning publicly traded warrants
Delta Technology Holdings Limited (“Delta” or “the Company”),
(formerly CIS Acquisition Ltd.) (NASDAQ:CISAW)
announced today that the Company is working to have its ordinary
shares resume trading on Nasdaq. The Company completed its initial
business combination on September 19, 2014, and on October 1, 2014,
the Company’s Series A Shares ceased trading on Nasdaq.
As a result of its ordinary shares not being traded on Nasdaq,
the Company recently received notice from NASDAQ that the Company’s
warrants, trading under the symbol “CISAW”, do not comply with
NASDAQ Listing Rule 5560(a). As a result and in accordance with
NASDAQ Listing Rule 5810(c), Nasdaq determined to delist the
Company’s warrants. The Company is appealing the delisting
determination.
Chairman and CEO, Mr. Xin Chao, stated, “We are continuing to
work with NASDAQ and our legal counsel to return our common stock
to active trading as soon as possible. We have worked to keep our
shareholders apprised of the current situation and want to thank
them for their patience. We expect to be transparent throughout
this process, and remain focused on growing in our core operations
and executing on our initiatives as a public company.”
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 more than 380
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 CIS'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 CIS.
Delta Technology Holdings Ltd.Richard Yan, Chief Financial
Officer+86 511-8673-3102 (China)richard@krcprc.com.cnorINVESTOR
RELATIONSThe Equity Group Inc.Katherine Yao, Associate+86
10-6587-6435kyao@equityny.comorAdam Prior, Senior Vice
President212-836-9606aprior@equityny.com
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