Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule
or Standard; Transfer of Listing.
On June 15, 2022, China Pharma Holdings, Inc. (the "Company") received a
notification (the "Deficiency Letter") from the NYSE American LLC (the "NYSE
American") stating that the Company was not in compliance with a certain NYSE
American continued listing standard relating to stockholders' equity.
Specifically, the Deficiency Letter stated that the Company is not in compliance
with Section 1003(a)(iii) of the NYSE American Company Guide, which requires an
issuer to have stockholders' equity of $6.0 million or more if it has reported
losses from continuing operations and/or net losses in its five most recent
fiscal years. The Deficiency Letter noted that Company had stockholders' equity
of $5.3 million as of March 31, 2022, and has reported net losses from
continuing operations in its five most recent fiscal years ended December 31,
2021.
The Company is required to submit a plan to the NYSE American by July 15, 2022
advising of actions it has taken or will take to regain compliance with the
continued listing standards by December 15, 2023. The Company intends to submit
a plan by the deadline. If the Company fails to submit a plan or if the
Company's plan is not accepted, or if the Company does not make progress
consistent with the plan, or if the Company fails to regain compliance by the
deadline, the NYSE American may commence delisting procedures.
The Company's common stock, par value $0.001 per share ("Common Stock") will
continue to be listed on the NYSE American while it attempts to regain
compliance with the listing standard noted, subject to the Company's compliance
with other continued listing requirements. The Common Stock will continue to
trade under the symbol "CPHI," but will have an added designation of ".BC" to
indicate that the Company is not in compliance with the NYSE American's listing
standards. The NYSE American notification does not affect the Company's business
operations or its SEC reporting requirements and does not conflict with or cause
an event of default under any of the Company's material agreements.
Item 9.01. Financial Statements and Exhibits.
(d). Exhibits
Exhibit No. Description
99.1 Press Release dated June 22, 2022, announcing the receipt of notice
of noncompliance from NYSE American.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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