ITEM 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On September 7, 2021, China XD Plastic Company Limited (the "Company") received
a letter (the "Letter") from the Listing Qualifications Department of the Nasdaq
Stock Market ("Nasdaq") indicating that Nasdaq's staff (the "Staff") has
determined to deny the Company's request for continued listing on Nasdaq.
The Letter states that the Staff has notified the Company on April 16, 2021 that
it did not comply with Nasdaq's filing requirements for continued inclusion set
forth in Listing Rule 5250(c)(1) (the "Rule") because it had not filed its Form
10-K for the fiscal year ended December 31, 2020 and notified the Company
through subsequent additional delinquency notifications for failing to file its
Forms 10-Q for the periods ended March 31, 2021 and June 30, 2021. The Company
submitted materials to Nasdaq relating to its plan to regain compliance (the
"Submission"). Based on the Staff's review and the Submission, in addition to a
telephone discussion on July 26, 2021, the Staff has determined that the Company
did not provide a definitive plan evidencing its ability to achieve compliance
with the Rule.
Unless the Company requests an appeal of this determination pursuant to the
procedures set forth in the Nasdaq Listing Rule 5800 Series, trading of the
Company's common stock will be suspended at the opening of business on September
16, 2021, and a Form 25-NSE will be filed with the Securities and Exchange
Commission, which will remove the Company's securities from listing and
registration on The Nasdaq Stock Market. The Company plans to request such an
appeal and a hearing before a Nasdaq Hearings Panel no later than September 14,
2021 to seek an exception period in which to complete its filings and thereby
regain compliance with listing standards.
On September 10, 2021, the Company issued a press release announcing its receipt
of the Letter. A copy of the press release is attached as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by reference.
ITEM 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
99.1 Press release dated September 10, 2021.
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