UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
August 8, 2014
SUTOR
TECHNOLOGY GROUP LIMITED
(Exact name
of registrant as specified in its charter)
Nevada |
001-33959 |
87-0578370 |
|
|
|
(State of Incorporation) |
(Commission File No.) |
(IRS Employer ID No.) |
No. 8, Huaye Road
Dongbang Industrial Park
Changshu, China 215534
(Address of Principal Executive Offices)
(86) 512-52680988
Registrant’s Telephone Number, Including
Area Code:
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.01 Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 8, 2014, Sutor Technology Group
Limited (the “Company”) received notice from the Listing Qualifications Department of The NASDAQ Stock Market indicating
that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum
$1.00 per share required for continued inclusion on The NASDAQ Capital Market under the NASDAQ Listing Rule 5550(a)(2). The notification
letter states that the Company will be afforded 180 calendar days, or until February 4, 2015, to regain compliance with the minimum
bid price requirement. In order to regain compliance, shares of the Company’s common stock must maintain a minimum closing
bid price of at least $1.00 per share for a minimum of ten consecutive business days. The Company intends to actively monitor the
bid price for its common stock between now and February 4, 2015, and will consider all available options to resolve the deficiency
and regain compliance with the NASDAQ minimum bid price requirement.
On August 12, 2014, the Company issued
a press release announcing the receipt of the notice from NASDAQ. A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated herein by reference.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits
Exhibit |
|
Description |
99.1 |
|
Press release dated August 12, 2014. |
SIGNATURES
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.
Sutor Technology Group Limited |
|
|
|
Date: August 12, 2014 |
|
|
|
/s/ Zhuo Wang |
|
Chief Executive Officer |
|
EXHIBIT INDEX
Exhibit |
|
Description |
99.1 |
|
Press release dated August 12, 2014. |
Exhibit 99.1
Sutor Technology Group Limited Receives
Nasdaq Notification of Non-compliance with Minimum Bid Price Rule
CHANGSHU, China, August 12, 2014 - Sutor
Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading China-based manufacturer and
distributor of high-end fine finished steel products used by a variety of downstream applications, today announced that on August
8, 2014 it received a letter from the staff of the Listing Qualification of the NASDAQ Stock Market LLC (the "Staff"),
indicating that the Company is not in compliance with the $1.00 minimum closing bid price requirement under the NASDAQ Listing
Rules (the “Listing Rules”).
The Listing Rules require listed securities
to maintain a minimum bid price of $1.00 per share. If a NASDAQ-listed company trades below the minimum bid price requirement for
30 consecutive business days, it will be notified of the deficiency. Based upon the Staff's review, the Company no longer meets
this requirement. However, the Listing Rules provide the Company with a compliance period of 180 calendar days, or until February
4, 2015 in which to regain compliance with this requirement.
To regain compliance with the minimum bid
price requirement, the Company must have a closing bid price of $1.00 per share or more for a minimum of ten consecutive business
days during this compliance period.
In the event that the Company does not
regain compliance within this period, it may be eligible for additional time to regain compliance by satisfying certain requirements.
However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not
eligible, the Staff will notify the Company that its securities will be delisted from the NASDAQ Capital Market. However, the Company
may still appeal the Staff's determination to delist its securities to a Hearing Panel. During any appeal process, the Company's
common stock would continue to trade on the NASDAQ Capital Market.
The NASDAQ notification letter has no immediate
effect on the listing or trading of the Company's common stock on the NASDAQ Capital Market. The Company is currently looking at
all of the options available with respect to regaining such compliance.
About Sutor Technology Group Limited
Sutor is one of the leading China-based
manufacturers and distributors of high-end fine finished steel products used by a variety of downstream applications. The Company
utilizes a variety of in-house developed processes and technologies to convert steel manufactured by third parties into fine finished
steel products, including hot-dip galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded
steel pipe products. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements
that are not descriptions of historical facts, but are forward-looking statements in nature within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include, among others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a
number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied
in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk
Factors" section of our Annual Report on Form 10-K for the fiscal year ended June 30, 2013, and other risks mentioned in
our other reports filed with the Securities and Exchange Commission (“SEC”). Copies of filings made with the SEC are
available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov. The words
"believe," "expect," "anticipate," "project," "targets," "optimistic,"
"intend," "aim," "will" or similar expressions are intended to identify forward-looking statements.
All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company
assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For more information, please contact:
Investor Relations
Sutor Technology Group Limited
Tel: +86-512-5268-0988
Email: investor_relations@sutorcn.com
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