eFuture Holding Inc. Announces Receipt of NASDAQ Non-Compliance Letter
29 Janvier 2016 - 11:00PM
eFuture Holding Inc. (NASDAQ:EFUT) (“eFuture” or
the “Company”), a leading software and solution provider and a
mobile business enabler to China's rapidly growing retail and
consumer goods industries today announced that it
received a letter from the Listing Qualifications Department of The
NASDAQ Stock Market, on January 27, 2016 (the “Letter”),
informing the Company of its non compliance of NASDAQ’s audit
committee composition requirement set forth in NASDAQ Listing Rules
5605(c)(2)(A), which requires that an audit committee have at least
three members, each of whom is independent. The reason for the non
compliance resulted from the incumbent director and member of the
audit committee, Roy Zhou, was not re-elected to the Company’s
board at its 2015 annual meeting held on December 31, 2015.
The Letter does not result in the immediate delisting of the
Company’s common stock, and the stock will continue to trade
uninterrupted under its current trading symbol.
As stated in the Letter, pursuant to Listing Rules 5605(c)(4),
the Company has a cure period in order to regain compliance, as
follows:
- Until the earlier of the Company’s next annual shareholders’
meeting or December 31, 2016; or
- If the next annual shareholders’ meeting is held before June
28, 2016, then the Company evidence compliance no later than June
28, 2016.
The Company must submit to NASDAQ documentation, including
biographies of any new directors, evidencing compliance with the
rules no later than this date. In the event the Company does not
regain compliance by this date, the Company could be delisted.
The Company plans to regain compliance and meet the independent
director Audit Committee requirement by holding an extraordinary
general meeting of shareholders in the first quarter which is
presently being planned. At this meeting it is anticipated
that at least one independent director will be elected who will
become a member of the Audit Committee, and the Company will regain
compliance.
ABOUT EFUTURE HOLDING INC.
eFuture Holding Inc. (NASDAQ:EFUT) is a leading software and
solution provider and a mobile business enabler to China's rapidly
growing retail and consumer goods industries. eFuture's clients
include over 1,000 active retailers with more than 50,000 physical
stores across China, of which approximately 45% were ranked among
the top 100 chain retailers during 2014. For more information about
eFuture, please visit http://www.e-future.com.cn.
SAFE HARBOR
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. eFuture may also
make written or oral forward-looking statements in periodic reports
to the Securities and Exchange Commission (the “SEC”),
in its annual report to shareholders, in press releases
and other written materials and in oral statements made
by its officers, directors or employees
to second parties. Statements that are not historical
facts, including statements about eFuture’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: eFuture’s anticipated growth strategies;
eFuture’s future business development, results of operations and
financial condition; expected changes in
the eFuture’s revenue and certain cost or expense items;
eFuture’s ability to attract clients and leverage its brand; trends
and competition in the software
industry; eFuture’s ability to control expenses and
maintain profit margins; eFuture’s ability to hire, train
and retain qualified managerial and other
employees; eFuture’s ability to develop new software and
pilot new business models at desirable locations in a timely and
cost-effective manner; the performance of third parties under
contracts with eFuture; the expected growth of the Chinese
economy software market in retail and consumer goods industries;
and Chinese governmental policies relating to private managers and
operators of software and applicable tax rates.
Further information regarding these and other risks will be
included in eFuture’s annual report on Form 20-F and other
documents filed with the SEC. All information provided in this
press release is as of January 29, 2016, and eFuture
undertakes no duty to update such information or any other
forward-looking information, except as required under applicable
law.
For investor and media inquiries, please contact:
eFuture Holding Inc.
Troe Wen, Company Secretary
eFuture Holding Inc.
+86 10 5293 7699
ir@e-future.com.cn
eFuture Holding Inc. (NASDAQ:EFUT)
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