WUHAN, China, Aug. 11, 2020 /PRNewswire/ -- Kingold Jewelry,
Inc. ("Kingold" or the "Company") (NASDAQ: KGJI), a manufacturer
and designer of gold jewelry, ornaments and investment-oriented
products, today announced that it has notified The NASDAQ Stock
Market ("NASDAQ") of its intention to voluntarily delist its
common stock from the NASDAQ Capital Market.
On August 11, 2020, the Company
notified The NASDAQ Stock Market of the Company's intent to
voluntarily delist its common stock from the NASDAQ Capital
Market. On August 21, 2020,
following a ten-day period that commences after the Company
provided notice of its intent to delist to NASDAQ, the Company
intends to file with NASDAQ and the U.S. Securities and Exchange
Commission (the "SEC"), a Form 25 relating to the delisting of its
common stock from the NASDAQ Capital Market. It is anticipated that trading of the Company's
common stock on the Nasdaq Capital Market will be suspended upon
the filing of the Form 25 on August 21,
2020. The delisting will become effective on August 31, 2020, ten days after the filing
date of the Form 25. The Company expects its common stock to
be quoted and traded on the OTC Markets from the filing of the Form
25 on August 21, 2020, although it
cannot assure that this will be the case.
The decision to delist from NASDAQ resulted from the Board of
Directors' review of numerous factors, particularly the cost and
feasibility of ongoing compliance with the NASDAQ listing
requirements and the Company's current financial condition. In
considering whether to delist from NASDAQ, the Company considered
in particular that it had received written notices dated
June 30, 2020 and July 2, 2020 from the Listing Qualifications
department of The NASDAQ Stock Market (the "Notices") indicating
that the Company is not in compliance with the requirements of
NASDAQ Listing Rule 5250(c)(1) to file its annual report on Form
10-K for the year ended December 31, 2019 and its quarterly report on Form 10-Q
for the period ended March 31, 2020.
Pursuant to the Notices, the Company was required to submit a plan
to regain compliance with Rule 5250(c)(1) for the delinquent Form
10-K and Form 10-Q.
On July 16, 2020, the Company
submitted such plan to the Listing Qualifications department and
was advised by telephone on August 6,
2020 that the plan was not accepted. As such, the Company
understands that it is likely NASDAQ will commence procedures to
delist the Company's common stock from the NASDAQ Capital Market.
Upon being advised of the rejection of the plan, the Board of the
Company weighed the likelihood of prevailing on an appeal of
delisting against the cost of such an appeal and determined to file
a voluntary delisting notice.
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in
Wuhan City, one of China's largest cities, was founded in 2002 as
a designer and manufacturer of gold jewelry, ornaments, and
investment-oriented products. The Company sells both directly to
retailers as well as through major distributors across China. For more information, please visit
www.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as
amended. You can identify these forward - looking statements by
words such as "expects," "believe," "project," "anticipate," or
similar expressions. Readers are cautioned that actual results
could differ materially from those expressed in any forward-looking
statements. Forward-looking statements are subject to a number of
risks, including those contained in Kingold's SEC filings available
at www.sec.gov, including Kingold's most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date on which they are made. Kingold
undertakes no obligation to update or revise any forward-looking
statements for any reason.
View original
content:http://www.prnewswire.com/news-releases/kingold-jewelry-inc-announces-voluntary-delisting-from-nasdaq-capital-market-301110384.html
SOURCE Kingold Jewelry, Inc.
