BIOSTAR PHARMACEUTICALS, INC. (NASDAQ:BSPM) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On August 16, 2018, Biostar Pharmaceuticals, Inc. (the “Company”) received a notification letter from Nasdaq Listing Qualifications (“Nasdaq”) advising the Company that, since it had not filed its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2018, this matter serves as an additional basis for delisting the Company’s securities from The Nasdaq Stock Market.
As previously disclosed, on April 19, 2018 and May 23, 2018, the Company received notification letters from Nasdaq advising the Company that, since it had not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018, the Company was not in compliance with Nasdaq Listing Rules.
On July 19, 2018, the Company received a delisting determination letter from the Nasdaq advising the Company that following review of the Company’s plan of compliance, the Nasdaq staff determined to delist the Company’s common stock from the Nasdaq Capital Market.
On July 26, 2018, the Company requested a hearing before the Nasdaq Hearings Panel (the “Panel”) to appeal the delisting determination from the Nasdaq staff. On August 10, 2018, the Company was granted an extended stay as to the suspension of the Company's common stock from trading by the Panel until the Company's scheduled hearing before the Panel on September 13, 2018 and issuance of a final Panel decision.
As a result of the latest Form 10-Q filing delinquency, the Panel will consider this matter in rendering a determination regarding the Company's continued listing on The Nasdaq Capital Market. to Listing Rule 5810(d), the Company plans to present its views with respect to this additional deficiency at the hearing.
Item 8.01 Other Events
On August 23, 2018, the Company issued a press release relating to the foregoing event, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Exhibits
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Exhibit No. |
Description |
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99.1 |
Press release dated August 23, 2018 |
Biostar Pharmaceuticals, Inc. ExhibitEX-99.1 2 ex_122718.htm EXHIBIT 99.1 ex_122718.htm Exhibit 99.1 Biostar Pharmaceuticals Announces Receipt of Additional Delisting Determination Letter from Nasdaq XIANYANG,…To view the full exhibit click here
About BIOSTAR PHARMACEUTICALS, INC. (NASDAQ:BSPM)
Biostar Pharmaceuticals, Inc. (Biostar) is a holding company. The Company, through its subsidiary, Shaanxi Biostar Biotech, Ltd. (Shaanxi Biostar), and its variable interest entities (VIEs), Shaanxi Aoxing Pharmaceutical Co., Ltd. (Aoxing Pharmaceutical) and Shaanxi Weinan Huaren Pharmaceuticals Ltd. (Shaanxi Weinan), develops, manufactures and markets pharmaceutical products for various diseases and conditions in the People’s Republic of China (PRC or China). The Company offers over-the-counter (OTC) products and prescription-based pharmaceuticals. The Company’s products are sold in approximately 30 provinces in the PRC through a network of over 60 distributors and through approximately 230 sales people. The Company’s products include XinAoxing Oleanolic Acid Capsule, Ganwang Compound Paracetamol Capsule, Tianqi Dysmenorrhea Capsule, Compound Paracetamol and Amantadine Hydrochloride Tablets, Deafness Tongqiao pills and Huangyangning Tablets.
