HAIKOU,
China, Dec. 2, 2022 /PRNewswire/ -- China
Pharma Holdings, Inc. (NYSE American: CPHI) ("China Pharma,"
the "Company" or "We"), a specialty pharmaceutical company, today
announced that on December 1, 2022,
received a notification (the "Deficiency Letter") from the NYSE
American LLC (the "NYSE American") stating that the Company was not
in compliance with a certain NYSE American continued listing
standard relating to stockholders' equity, or
Section 1003(a)(ii) of the NYSE American Company Guide, which
requires an issuer to have stockholders' equity of $4.0 million or more if it has reported losses
from continuing operations and/or net losses in its four most
recent fiscal years. The Deficiency Letter noted that Company had
stockholders' equity of $2.8 million
as of September 30, 2022, and has
reported losses from continuing operations and/or net losses in its
four most recent fiscal years ended December
31, 2021.
The Company remains subject to several deficiencies and/or
incompliance as disclosed in the current report on Form 8-K dated
June 22, 2022 (Initial Equity
Notification) and the current report on Form 8-K dated September 30, 2022 (Price Noncompliance
Notification) for the price noncompliance. In addition, the Company
remains subject to the Plan Acceptance dated August 29, 2022 in which NYSE American accepted
the Company's plan (the "Plan") for curing the stockholders' equity
noncompliance under Section 1003(a)(iii). Therefore, if the Company
is not in compliance with all stockholders' equity standards by
December 15, 2023 or does not make
progress consistent with the Equity Plan during the Plan period,
the exchange will initiate delisting proceedings as appropriate.
Furthermore, if the Company is not in compliance with the price
standard by March 26, 2023, the
exchange will initiate delisting proceedings as appropriate.
The Company's common stock, par value $0.001 per share ("Common Stock") will continue
to be listed on the NYSE American while it attempts to regain
compliance with the listing standards noted, subject to the
Company's compliance with other continued listing requirements. The
Common Stock will continue to trade under the symbol "CPHI".
However, the Company will continue to be included in the list of
NYSE American noncompliant issuers and the
.BC indicator will continue to be disseminated with the
Company's ticker symbol(s). The website posting and .BC indicator will be removed when the
Company has regained compliance with all applicable continued
listing standards. The NYSE American notification does not affect
the Company's business operations or its SEC reporting requirements
and does not conflict with or cause an event of default under any
of the Company's material agreements.
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. 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.
Forward-Looking Statements
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.