CHINA HGS REAL ESTATE INC. (NASDAQ:HGSH) 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.
On June 21, 2019, China HGS Real Estate, Inc. (the “Company”) received a letter from Nasdaq that, based on the previous 30 consecutive business days, the Company’s common stock no longer met the minimum $1.00 bid price per share requirement. Therefore, in accordance with Nasdaq’s Listing Rules, the Company was provided 180 calendar days, or until December 18, 2019, to regain compliance. The Company’s common stock has not regained compliance with the minimum $1.00 bid price per share requirement. However, on December 19, 2019, Nasdaq determined that the Company is eligible for an additional 180 calendar day period, or until June 15, 2020, to regain compliance.
About CHINA HGS REAL ESTATE INC. (NASDAQ:HGSH)
China HGS Real Estate Inc., formerly China Agro Sciences Corp., through its subsidiaries and variable interest entity (VIE), engages in real estate development, primarily in the construction and sale of residential apartments, car parks and commercial properties. The Company’s projects located in Hanzhong City are Mingzhu Garden-Mingzhu Nanyuan, Mingzhu Beiyuan, Oriental Pearl Garden, Mingzhu Xinju and Liangzhou road related projects. In Yang County, its projects are Yangzhou Pearl Garden and Yangzhou Palace. Its Mingzhu Nanyuan project consists of multi-layer residential buildings and sub-high-rise and high-rise residential buildings with commercial shops on the first floors. Its Oriental Pearl Garden project consists of approximately 10 high-rise residential buildings with commercial shops on the first and second floors. Its Yangzhou Pearl Garden project consists of multi-layer residential buildings and sub-high-rise residential buildings with commercial shops on the first floors.