Haikou, China, October 1, 2022 /PRNewswire/ — China Pharma Holdings, Inc. (NYSE American: CPHI; the “Company”) today announced that the September 26, 2022, the Company has received notice (the “Deficiency Letter”) from NYSE AMERICAN LLC (“NYSE American”) advising that the Company is in non-compliance with certain NYSE American Continuous Listing Standards (the “Deficiency Standards”). quoting “). The deficiency letter indicated that the company’s securities had been selling at a low price per share for a long period of time and, more recently, the average price of the company’s common shares had been below $0.20 on average over 30 days from September 22, 2022. Pursuant to Section 1003(f)(v) of the NYSE American Company Guide, NYSE American staff has determined that the Company’s continued listing is based on the completion of a reverse stock split of its common stock. or upon demonstration of sustained price improvement within a reasonable time frame. of time, as determined by staff no later than March 26, 2023. The Company remains subject to the terms set forth in the NYSE American letter dated June 15, 2022 for equity non-compliance, as previously disclosed in the current report on Form 8-K filed with the Securities and Exchange Commission on June 222022. The Company intends to return to compliance with the Listing Standards by undertaking an action or actions that are in the best interests of the Company and its shareholders.
The Company’s common stock will continue to be listed on the NYSE American while it attempts to restore compliance with listing standards, subject to the Company’s compliance with other continuing listing requirements. NYSE American’s notification does not affect the Company’s business operations or its reporting obligations under the regulations and rules of the Securities and Exchange Commission and does not conflict with or cause an event of default under of one of the important agreements of the Company.
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products, focusing on high-incidence, high-fatality conditions in China, including cardiovascular, CNS, infectious and digestive diseases. The Company’s profitable business model is driven by market demand and supported by new GMP certified product lines covering major dosage forms. In addition, the Company has an extensive and growing national distribution network in all major cities and provinces of China. The Company’s wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou Town, Hainan Province. For more information about China Pharma Holdings, Inc., please visit www.chinapharmaholdings.com. The Company regularly posts important information on its website.
Forward-looking statements
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements. that involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may include, but are not limited to: the feasibility of financial guidance; successful new product development; unexpected changes in product demand; increased competition; downturns in the Chinese economy; uncompetitive levels of research and development; and other information detailed from time to time in the Company’s filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or to changes in the expectations of the Company, except as required by applicable law. or regulation.
SOURCEChina Pharma Holdings, Inc.