Webplus: SPU/20190906/8-K/1/000.htm SEC Original: f8k090419_futurefintech.htm
Date of Report (Date of earliest event reported):
|Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading Symbol(s)||Name of each exchange
on which registered
|Common Stock, par value $0.001 per share||FTFT||Nasdaq Stock Market|
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On September 4, 2019, Future FinTech Group Inc. (the “Company”) received written notice from the NASDAQ Stock Market (“NASDAQ”) stating that the Company does not meet the requirement of maintaining a minimum of $2,500,000 in stockholders’ equity for continued listing on the NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1), the Company also does not meet the alternative of market value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2) or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years under NASDAQ Listing Rule 5550(b)(3), and the Company is no longer in compliance with the NASDAQ Listing Rules.
The NASDAQ notification letter provides the Company until September 18, 2019 to submit a plan to regain compliance. If the plan is accepted, NASDAQ can grant the Company an extension up to 180 calendar days from the date of NASDAQ letter to demonstrate compliance. If NASDAQ does not accept the Company’s compliance plan, the Company will have the opportunity to appeal that decision to a Hearing Panel per NASDAQ Listing Rule 5815(a).
The Company will consider the various options available to it to regain compliance with the NASDAQ Listing Rules.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Future FinTech Group Inc.|
|Date: September 6, 2019||By:||/s/ Yongke Xue|
|Title:||Chief Executive Officer|
Ticker: SPU, Company: Future FinTech Group Inc., Type: 8-K, Date: 2019-09-06CIK: 0001066923, Location: F4, SIC: 2030, SIC Desc: CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES
Business Phone & Address:
16F, CHINA DEVELOPMENT BANK TOWER, NO. 2, GAOXIN 1ST ROAD