Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule
or Standard; Transfer of Listing.
On September 26, 2022, China Pharma Holdings, Inc. (the "Company") received
notification (the "Deficiency Letter") from the NYSE AMERICAN LLC ("NYSE
American") informing it that the Company is not in compliance with certain NYSE
American continued listing standards (the "Listing Standards").
The Deficiency Letter indicated that the Company's securities had been selling
for a low price per share for a substantial period of time and most recently the
average price of the Company's common stock had been below $0.20 on a 30-day
average price as of September 22, 2022. Pursuant to Section 1003(f)(v) of the
NYSE American Company Guide, the NYSE American staff determined that the
Company's continued listing is predicated on it effecting a reverse stock split
of its common stock or otherwise demonstrating sustained price improvement
within a reasonable period of time, which the staff determined to be no later
than March 26, 2023. The Company remains subject to the conditions set forth in
the NYSE American's letter dated June 15, 2022 for stockholders' equity
noncompliance, as previously reported on the Current Report on Form 8-K filed
with the Securities and Exchange Commission on June 22, 2022. The Company
intends to regain compliance with the Listing Standards by undertaking a measure
or measures that are for the best interests of the Company and its stockholders.
The Company's common stock will continue to be listed on the NYSE American while
it attempts to regain compliance with the Listing Standards, subject to the
Company's compliance with other continued listing requirements. The NYSE
American notification does not affect the Company's business operations or its
reporting obligations under the Securities and Exchange Commission regulations
and rules and does not conflict with or cause an event of default under any of
the Company's material agreements.
The Company issued a press release on the same day of this report announcing
that it had received the Deficiency Letter. A copy of the press release is
attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d). Exhibits
Exhibit No. Description
99.1 Press Release dated September 30, 2022, announcing the receipt of
notice of noncompliance from NYSE.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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