CHANGSHU, China, Oct. 20, 2014 /PRNewswire-FirstCall/
-- Sutor Technology Group Limited (the "Company" or "Sutor")
(Nasdaq: SUTR), a leading provider of fine finished steel products
and services used by steel fabricators and other applications in a
variety of industries, today announced that it received a letter
from the Listing Qualifications Department of The NASDAQ Stock
Market, on October 16, 2014 (the
"Letter"), informing the Company that it no longer complies with
the Nasdaq requirements for continued listing set forth in Nasdaq
Listing Rule 5250(c)(1), which requires the timely filing of
periodic reports. The non-compliance cited in the letter was
the result of the Company's failure to timely file its Annual
Report on Form 10-K for the fiscal year ended on June 30, 2014 (the
"10-K").
The Letter states in part that the Nasdaq Staff has afforded the
Company the opportunity to submit a plan prior to December 15, 2014 that addresses the details of
the Company's plan to regain compliance with the Nasdaq Listing
Rules. The Nasdaq Listing Rules provide that the Staff can
grant the Company an exception of up to 180 calendar days from the
filing's due date, or until April 13,
2015 to regain compliance if Nasdaq accepts the Company's
plan of compliance.
The Letter advises that in determining whether to accept the
Company's plan, the Nasdaq Staff will consider such things as the
likelihood that the 10-K, along with any subsequent periodic filing
that will be due, can be made within the 180 day period, the
Company's past compliance history, the reasons for the late filing
of the 10-K, other corporate events that may occur within the
review period, the Company's overall financial condition, and the
Company's public disclosures.
The Company plans to present its plan of compliance to Nasdaq as
soon as practicable. However, there is no assurance that the
compliance plan will be accepted by the Nasdaq Staff. If the
Company's plan of compliance is not accepted, the Company would
have the opportunity to appeal that decision to a Hearings
Panel.
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. 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sutor-technology-group-limited-receives-nasdaq-non-compliance-letter-due-to-delay-in-filing-annual-report-on-form-10-k-470135997.html
SOURCE Sutor Technology Group Limited