HAIKOU,
China, July 18, 2022 /PRNewswire/ -- China
Pharma Holdings, Inc. (NYSE American: CPHI) ("China Pharma,"
the "Company" or "We"), a specialty pharmaceutical company, today
announced that on July 15, 2022, the
Company submitted a plan of compliance to NYSE American LLC ("NYSE
American" or the "Exchange") to address the deficiency in the
Company's stockholders' equity as pointed out in the letter from
the Exchange dated June 15, 2022 (the
"Letter").
As previously released in a press release dated June 22, 2022, according to the Letter, in order
to maintain its listing, the Company must submit a plan of
compliance by July 15, 2022
addressing how it intends to regain compliance
with Section 1003(a)(iii) of the Company Guide by
December 15, 2023.
Ms. Zhilin Li, China Pharma's
Chairman and CEO, commented, "The staff of the NYSE American
indicated that they could accept the plan of compliance. During the
next 18 months grace period or by December
15, 2023, we will actively supply additional information as
required by the Exchange, implement the plan and strive to regain
compliance on stockholders' equity as required by the Exchange
listing requirement under as soon as possible."
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. (NYSE American: CPHI) is a specialty
pharmaceutical company that develops, manufactures and markets a
diversified portfolio of products, focusing on conditions with high
incidence and high mortality rates in China, including cardiovascular, CNS,
infectious, and digestive diseases. The Company's cost-effective
business model is driven by market demand and supported by new
GMP-certified product lines covering the major dosage forms. In
addition, the Company has a broad and expanding nationwide
distribution network across all major cities and provinces in
China. The Company's wholly-owned
subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd.,
is located in Haikou City,
Hainan Province. For more
information about China Pharma Holdings, Inc., please visit
www.chinapharmaholdings.com. The Company routinely posts important
information on its website.
Safe Harbor Statement
Certain statements in this press release constitute
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Any statements set forth above that are not historical facts
are forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties may
include, but are not limited to: the achievability of financial
guidance; success of new product development; unanticipated changes
in product demand; increased competition; downturns in the Chinese
economy; uncompetitive levels of research and development; and
other information detailed from time to time in the Company's
filings and future filings with the United States Securities and
Exchange Commission. The forward-looking statements made herein
speak only as of the date of this press release and the Company
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations, except as required by applicable law or
regulation.
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SOURCE China Pharma Holdings, Inc.