CHINA XD PLASTICS COMPANY LIMITED (NASDAQ:CXDC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

CHINA XD PLASTICS COMPANY LIMITED (NASDAQ:CXDC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.

(b) On May 17, 2017, China XD Plastics Company Limited (“China
XD Plastics” or the “Company”) notified Nasdaq, Inc.
(“Nasdaq”) that a member of its board of directors and the
Chairman of the Audit Committee, Lawrence W. Leighton, has
resigned from the board of directors of the Company. Mr. Leighton
was also designated the “audit committee financial expert”, as
defined in the Securities Exchange Act of 1934, as amended. The
Company acknowledged that the resignation of Mr. Leighton meant
the Company was not compliant with Nasdaq Marketplace Rule
5605(c)(2)(A), which requires the Audit Committee to be comprised
of at least three independent directors, one of whom has past
employment experience in finance or accounting, requisite
professional certification in accounting, or any other comparable
experience or background which results in the individual’s
financial sophistication, including being or having been a chief
executive officer, chief financial officer or other senior
officer with financial oversight responsibilities.
Nasdaq confirmed that the Company would not be in compliance with
Nasdaq Marketplace Rule 5605(c)(2)(A). Nasdaq confirmed to the
Company that Nasdaq Marketplace Rule 5605(c)(4) provides for a
cure period until the earlier of the Company’s next annual
shareholders meeting or May 15, 2018; provided, however, that if
the Company’s annual shareholders meeting occurs before November
13, 2017, the Company shall regain compliance no later than
November 13, 2017. The Company intends to regain compliance with
Nasdaq Marketplace Rule 5605(c)(2)(A) as promptly as possible but
no later than the Company’s next annual meeting of shareholders.
The information set forth in item 5.02 of this current report on
Form 8-K is incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On May 15, 2017, Lawrence W. Leighton tendered his resignation
from our board of directors for personal reason, effective
immediately.
There were no disagreements between Mr. Leighton and the Company
on any matter relating to the Company’s operations, policies or
practices which resulted in his resignation.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Exhibit Description
99.1
Press Release dated May 19, 2017.


About CHINA XD PLASTICS COMPANY LIMITED (NASDAQ:CXDC)

China XD Plastics Company Limited (China XD) is a specialty chemical company. The Company is engaged in the research, development, manufacture and sale of modified plastics for automotive applications in China and to a lesser extent, in Dubai, the United Arab Emirates (UAE). The Company operates in the modified plastics segment. Through its subsidiaries, Heilongjiang Xinda Enterprise Group Company Limited (HLJ Xinda Group) and AL Composites Materials FZE (Dubai Composites), the Company manufactures and sells polymer composite materials (including modified plastics), for automotive applications. The Company’s products categories include Modified Polypropylene (PP), Modified Acrylonitrile Butadiene Styrene (ABS), Modified Polyamide 66 (PA66), Modified Polyamide 6 (PA6), Modified Polyoxymethylenes (POM), Modified Polyphenylene Oxide (PPO), Plastic Alloy, Modified Polyphenylene Sulfide (PPS), Modified Polyimide (PI), Modified Polylactic Acid (PLA) and Poly Ether Ether Ketone (PEEK).

CHINA XD PLASTICS COMPANY LIMITED (NASDAQ:CXDC) Recent Trading Information

CHINA XD PLASTICS COMPANY LIMITED (NASDAQ:CXDC) closed its last trading session 00.00 at 4.70 with 9,170 shares trading hands.

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