GREAT
NECK, N.Y., May 25, 2022
/PRNewswire/ -- Singularity Future Technology Ltd.
("Singularity" or the "Company") (Nasdaq: SGLY) today announced it
received a notice of non-compliance from Nasdaq Stock Market LLC
("Nasdaq") on May 24, 2022 notifying
the Company that, as a result of the Company's failure to timely
file its Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2022 (the "Form
10-Q"), the Company is not in compliance with Nasdaq Listing Rule
5250(c)(1) (the "Rule"), which requires listed companies to timely
file all periodic financial reports with the U.S. Securities and
Exchange Commission (the "SEC").
Under Nasdaq's listing rules, the Company has 60 calendar days
to submit a plan to regain compliance. If the plan is accepted by
Nasdaq, the Company can be granted up to 180 calendar days from
the Form 10-Q due date, or until November 21, 2022, to regain compliance.
The Company is working diligently to complete its Form 10-Q and
intends to file the Form 10-Q as soon as practicable to regain
compliance with the Rule. This notice has no immediate effect on
the listing or trading of the Company's common stock on the Nasdaq;
however, if the Company fails to timely regain compliance with the
Rule, the Company's common stock will be subject to delisting from
Nasdaq.
About Singularity Future Technology Ltd. (Nasdaq:
SGLY)
On January 3, 2022, the Company
changed its name from Sino-Global Shipping America, Ltd. to
Singularity Future Technology Ltd. (Nasdaq: SGLY). Since 2020, it
plans to develop a presence in the Blockchain supply management
area by focusing on solutions for globally interconnected networks
and establishing crypto mining pools. As the Blockchain landscape
constantly shifts, the Company strives to provide involvement and
an ecosystem for its clients in this ever-changing space. The
Company is building on its existence as a global logistics and ship
management services company, founded in 2001 in New York, with subsidiaries in New York, Houston, Montreal, Hong
Kong, Shanghai, and
Ningbo, China. The Company
provided customers with all of their shipping logistics and agency
needs as a full-service provider. Additional information about the
Company can be found on the Company's corporate website at
www.singularity.us.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements regarding the
Company's expectations regarding the Company's ability to file the
Form 10-Q with the SEC and regain compliance with the Nasdaq
Listing Rule. Forward-looking statements include statements that
are not historical facts and can be identified by terms such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "seek," "should,"
"will," "would" or similar expressions and the negatives of those
terms. The Company's actual results and the timing of events could
materially differ from those anticipated in such forward-looking
statements as a result of certain risks and uncertainties including
those described in more detail in the Company's most recent Annual
Report on Form 10-K for the fiscal year ended June 30, 2021 and other documents on file with
the SEC, each of which can be found on the SEC's website,
www.sec.gov, or the investor relations portion of the Company's
website. Except as required by law, the Company assumes no
obligation to update these forward-looking statements, or to update
the reasons actual results could differ materially from those
anticipated in these forward-looking statements, even if new
information becomes available in the future.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/singularity-future-technology-received-nasdaq-delinquency-notice-on-late-filing-of-its-form-10-q-301555392.html
SOURCE Singularity Future Technology Ltd.