China Pharma Holdings, Inc 8-K, filed Mar 29, 2023
China Pharma Holdings, Inc. (CPHI)
About this 8-K
China Pharma Holdings, Inc filed this 8-K on March 29, 2023, reporting on events of March 27, 2023.
Items reported
- Item 8.01: Other events
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Item 8.01. Other Events.
On March 27, 2023, Company received a notification from the NYSE American stating that the Company is back in compliance with the NYSE American continued listing standards. Specifically, the Company has resolved the continued listing deficiency with respect to low selling price set forth in Section 1003(f)(v) of the Company Guide following a 1-for-10 reverse stock split on March 6, 2023.
However, the below compliance (“.BC”) indicator will remain on the Company’s ticker as the Company continues to be below compliance with Sections 1003(a)(iii) and 1003(a)(ii) of the Company Guide. Specifically, the Company remains subject to the conditions set forth in the letters from the NYSE American dated June 15, 2022 (Initial Equity Notification), and December 1, 2022 (Second Equity Notification) for the stockholders’ equity noncompliance, both of which have been disclosed in the Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on June 22, 2022 and December 2, 2022, respectively. Therefore, the Company remains subject to the Equity Plan (the “Plan”) the NYSE American accepted on August 29, 2022. If the Company is not in compliance with all stockholders’ equity standards by December 15, 2023 or does not make progress consistent with the Plan during the Plan period, NYSE American will initiate delisting proceedings as appropriate. In that case the Company may appeal a staff determination to initiate delisting proceedings in accordance with Section 1010 and Part 12 of the Company Guide.
If in the future the Company falls below the continued listing criterion of a minimum average share price of $0.20 again over a 30-day trading period, the Company’s securities will be subject to immediate review.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 29, 2023
| CHINA PHARMA HOLDINGS, INC. | |||
| By: | /s/ Zhilin Li | ||
| Name: | Zhilin Li | ||
| Title: | President and Chief Executive Officer | ||
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