Business
Future FinTech Announces Receipt of Letter from Nasdaq and Intent to Submit Plan of Compliance
XI'AN, China, May 28, 2019 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT; the "Company"), a financial technology company and integrated producer of
About this update from Future Fintech Group Inc.
[{"type":"text","content":"XI'AN, China, May 28, 2019 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT; the \"Company\"), a financial technology company and integrated producer of fruit-related products, today announced that on May 21, 2019, the Company received a letter from the Nasdaq Listing Qualifications Staff (the \"Nasdaq Staff\") stating that the Company was not in compliance with NASDAQ Listing Rule 5250(c)(1), due to its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 and its remaining delinquent in the filing of its Annual Report on Form 10-K for the year ended December 31, 2018 (the \"Initial Delinquent Filing\"). \nThe NASDAQ notification letter provides the Company until June 17, 2019, to submit a plan to NASDAQ to regain compliance with the NASDAQ's continued listing requirements. If the plan is accepted, NASDAQ can grant an exception of up to 180 calendar days from the due date of the Initial Delinquent Filing, or until October 14, 2019, for the Company to regain compliance. If NASDAQ does not accept the Company's compliance plan, the Company will have the opportunity to appeal that decision to a Hearing Panel under Listing Rule 5815(a). The Company intends to provide a plan of compliance to the Nasdaq Staff before June 17, 2019. The NASDAQ notification letter has no immediate effect on the listing of the Company's common stock on the NASDAQ Capital Market.\nAbout Future FinTech Group Inc.\nFuture FinTech Group Inc. (\"Future FinTech\", \"FTFT\" or the \"Company\") is incorporated in Florida and engages in fruit juice and financial technology businesses. The Company engages in the research and development of digital asset systems based on blockchain technology and also operates an incubator for application projects using blockchain technology. The Company and its subsidiaries are developing blockchain technology and cryptocurrencies for a variety of B2B and B2C real-life applications including a variety of financial businesses and the distribution, marketing and sale of consumer products. FTFT is also developing an operational online shopping mall platform utilizing blockchain technology and the shared economy. For more information, please visit http://www.ftft.top/. \nSafe Harbor Statement\nCertain of the statements made in this press release are \"forward-looking statements\" within th...