GREAT
NECK, N.Y., Oct. 7, 2022
/PRNewswire/ -- Singularity Future Technology Ltd.
("Singularity" or the "Company") (Nasdaq: SGLY) announced today
that on October 3, 2022, it received
a notice (the "Notice") from the Listing Qualifications Department
of The Nasdaq Stock Market LLC ("Nasdaq") advising that the
Company's securities would be subject to delisting unless the
Company timely requests a hearing before a Nasdaq Hearings Panel
(the "Panel"). Accordingly, the Company intends to timely request a
hearing before the Panel. The hearing request will stay any
delisting or suspension action through October 25, 2022. Pursuant to the Nasdaq Listing
Rules, in connection with the hearing request, the Company will
request that the automatic stay be extended through the conclusion
of the hearings process and the expiration of any additional
extension period granted by the Panel following the hearing.
As previously disclosed in the Company's Form 8-K filed with the
Securities and Exchange Commission (the "SEC") on May 25, 2022, the Company received a delinquency
notice from Nasdaq indicating that the Company was not in
compliance with Nasdaq Listing Rule 5250(c)(1) due to the delay in
filing its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2022, and was provided 60 days to submit a plan to regain
compliance. On July 25, 2022, and September 14, 2022, the Company
submitted its plan to regain compliance and supplementary
information related to the plan, respectively (collectively, the
"Compliance Plan").
Based on the review of the Compliance Plan as well as telephone
conversations with outside counsel to the Company and counsel to
the Company's special committee of the board of directors, the
Staff has determined that the Company did not provide a definitive
plan evidencing its ability to file the Quarterly Report on Form
10-Q for the quarter ended March 31,
2022 and the Annual Report on Form 10-K for the fiscal year
ended June 30, 2022 (collectively,
the "Reports") within the 180 calendar day period available to the
Staff under the Nasdaq Listing Rules. Specifically, the Notice
referenced several aspects of the Compliance Plan that raise
substantial doubts about the Company's ability to regain
compliance: (i) the unreasonably short timeframe for the Company to
file the Reports based on the anticipated timeframe the Company's
special committee of the board of directors needs to substantially
complete its investigation; (ii) the Company's ability to engage a
new independent registered public accounting firm; and (iii) the
departure of both the Company's Chief Executive Officer and Chief
Financial Officer.
While the Company intends to make every effort to maintain its
listing, there can be no assurance that the Panel will grant the
Company's request for an extended stay or request for continued
listing, nor can there be any assurance that the Company will
ultimately regain compliance with all applicable requirements for
continued listing.
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, the
Company 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
provides 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 that are not based on historical
fact are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and the provisions
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended
(which Sections were adopted as part of the Private Securities
Litigation Reform Act of 1995). While the Company's management has
based any forward-looking statements contained herein on its
current expectations, the information on which such expectations
were based may change. These forward-looking statements rely on a
number of assumptions concerning future events and are subject to a
number of risks, uncertainties, and other factors, many of which
are outside of the Company's control, that could cause actual
results to materially differ from such statements. Accordingly,
investors should not place any reliance on forward-looking
statements as a prediction of actual results. The Company disclaims
any intention to, and undertake no obligation to, update or revise
any forward-looking statement.
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SOURCE Singularity Future Technology Ltd.