Specialty Chemical Company China XD Plastics Receives NASDAQ Notice on Late Filing of its Form 10-K
HARBIN, China, April 22, 2021 (GLOBE NEWSWIRE) -- China XD Plastics Company Limited (NASDAQ: CXDC) (“China XD,” the “Company” or “we”), one of China’s leading specialty chemical companies engaged
in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced that it has received a Notice from the NASDAQ Stock Market on April
16, 2021 notifying the Company that, because its Form 10-K for the fiscal year ended December 31, 2020 (the "2020 10-K") was not filed with the Securities and Exchange Commission by the required
due date of March 31, 2021 and the extended filing date of April 15, 2021, the Company is therefore not in compliance with the periodic filing requirements for continued listing set forth in NASDAQ
Listing Rule 5250(c)(1).
The delay of filing the Company’s 2020 10K was primarily due to lockdown ordered by the local government in response to the resurgence of COVID-19 outbreak early this year in Heilongjiang province, where the executive office and group accounting staff is based. As a result, the Company’s audit process has been interrupted. The Company has resumed operation since February 25, 2021 and is working with its auditor to complete necessary process and preparation of the 2020 10-K.
In the Notice, Nasdaq indicated that the Company has 60 calendar days from the date of the Notice to submit a plan to regain compliance with Nasdaq’s continued listing requirements. If such a plan is timely submitted by the Company, the Nasdaq staff may grant the Company up to 180 calendar days from the due date of the Form 10-K, or until October 12, 2021, to regain compliance.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 31 automobile brands manufactured in China, including without limitation, Audi, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei and VW Passat, Golf, Jetta, etc. The Company's wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of December 31, 2020, 688 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information, please visit the Company's English website at http://chinaxd.irpass.com/, and the Chinese website at http://www.xdholding.com.