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China Green Agriculture, Inc. Inc. (NYSE:CGA) (the "Company") announced today that, as a result of its failure to file its Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the "Form 10-Q") in a timely fashion, it has received a notice from the New York Stock Exchange (the "NYSE") that the Company was not in compliance with the NYSE's continued listing requirements under the timely filing criteria established in Section 802.01E of the NYSE Listed Company Manual.
As reported by the Company in its Form 12b-25 filed with the Securities and Exchange Commission (the "SEC") on May 17, 2022, the Company was unable to file the Form 10-Q within the prescribed time period without unreasonable effort or expense. The extension period provided under Rule 12b-25 expired on May 23, 2022. The Company is unable to meet the filing deadline for the filing of its Form 10-Q due to circumstances related to COVID-19. In the year of 2022, more pandemic restrictions had been tightened throughout China to control the spread of COVID-19 in the community. As the Company's primary business is in China, its operations had been impacted due to the pandemic restrictions. The Company is currently working closely with its principal accounting firm to complete the filing of its Form 10-Q as soon as reasonably practicable.
The NYSE has informed the Company that, under the NYSE's rules, the Company will have six months from the filing due date to file its Form 10-Q with the SEC. The Company can regain compliance with the NYSE listing standards during this six-month period when the Company files its Form 10-Q with the SEC. During the six-month period, the NYSE will closely monitor the status of the Company's late filing and related public disclosures. If the Company fails to file its Form 10-Q within such six-month period, the NYSE may, in its sole discretion, allow the Company's common stock to trade for up to an additional six months depending on specific circumstances, as outlined in the rule. If the NYSE determines that an additional six-month trading period is not appropriate, suspension and delisting procedures will commence pursuant to Section 804.00 of the Listed Company Manual. If the NYSE determines that an additional trading period of up to six months is appropriate and the Company fails to file its Form 10-Q and any subsequent delayed filings by the end of that period, suspension and delisting procedures will generally commence. Regardless of the procedures described above, the NYSE may commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warrant.
Until the Company files its Form 10-Q for the period ended March 31, 2022, the Company's common stock will remain listed on the NYSE under the symbol "CGA," and will be assigned a "LF" indicator to signify late filing status.
As noted above, the Company is working diligently to complete its Form 10-Q for the period ended March 31, 2022. The Company intends to file it as soon as practicable to regain compliance with the NYSE continued listing standards.
Posted In: CGA
