BIOSTAR PHARMACEUTICALS, INC. (NASDAQ:BSPM) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing
received a notification letter from Nasdaq Listing Qualifications
(Nasdaq) advising the Company that, following Zhongyang Shangs
resignation as an independent director of the Company, the
Company was not in compliance with Nasdaqs continued listing
requirements set forth in Listing Rule 5605 pertaining to the
independent director membership of the Companys Board and its
Audit and Compensation Committees.
Company is extended a cure period to regain compliance with the
foregoing deficiency as follows:
|
Until the earlier of the Companys next annual
shareholders meeting or February 5, 2018, or |
|
If the next annual shareholders meeting is held before
August 4, 2017, then the Company must evidence compliance no later than August 4, 2017 (together, the Compliance Deadline). |
Deadline, the Companys securities will be subject to delisting.
At that time, the Company may appeal the delisting determination
to a Hearings Panel.
disclosed Mr. Shangs departure as a Board and Board committee
member due to severe personal health issues. The Company is
currently going through the process of considering suitable
candidates to fill the vacancy resulting from Mr. Shangs
departure. The Company intends to complete this process in due
course and by the Compliance Deadline so as to regain the
Companys compliance with the Nasdaq continued listing
requirements.
historical fact are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
and the provisions of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of
1934, as amended (which Sections were adopted as part of the
Private Securities Litigation Reform Act of 1995), include, among
others, the Companys expectations relating to regaining
compliance with the Nasdaq continued listing requirements. While
management has based any forward-looking statements contained
herein on its current expectations, the information on which such
expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future
events and are subject to a number of risks, uncertainties, and
other factors, many of which are outside of the Companys control,
that could cause actual results to materially differ from such
statements. Accordingly, investors should not place any reliance
on forward-looking statements as a prediction of actual results.
The Company disclaims any intention to, and undertakes no
obligation to, update or revise any forward-looking statement.
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. BIOSTAR PHARMACEUTICALS, INC. (NASDAQ:BSPM) Recent Trading Information
BIOSTAR PHARMACEUTICALS, INC. (NASDAQ:BSPM) closed its last trading session down -0.07 at 2.79 with 26,014 shares trading hands.
