GREAT NECK, N.Y., Oct. 7, 2022 /PRNewswire/ — Singularity Future Technology Ltd. (“Singularity” or the “Company”) (Nasdaq: SGLY) introduced right this moment that on October 3, 2022, it obtained a discover (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) advising that the Company’s securities could be topic to delisting until the Company well timed requests a listening to earlier than a Nasdaq Hearings Panel (the “Panel”). Accordingly, the Company intends to well timed request a listening to earlier than the Panel. The listening to request will keep any delisting or suspension motion via October 25, 2022. Pursuant to the Nasdaq Listing Rules, in reference to the listening to request, the Company will request that the automated keep be prolonged via the conclusion of the hearings course of and the expiration of any further extension interval granted by the Panel following the listening to.
As beforehand disclosed within the Company’s Form 8-Ok filed with the Securities and Exchange Commission (the “SEC”) on May 25, 2022, the Company obtained a delinquency discover from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the delay in submitting its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and was supplied 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 info associated to the plan, respectively (collectively, the “Compliance Plan”).
Based on the evaluate of the Compliance Plan in addition to phone conversations with outdoors counsel to the Company and counsel to the Company’s particular committee of the board of administrators, the Staff has decided that the Company didn’t present a definitive plan evidencing its capacity to file the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and the Annual Report on Form 10-Ok for the fiscal yr ended June 30, 2022 (collectively, the “Reports”) inside the 180 calendar day interval obtainable to the Staff underneath the Nasdaq Listing Rules. Specifically, the Notice referenced a number of facets of the Compliance Plan that increase substantial doubts concerning the Company’s capacity to regain compliance: (i) the unreasonably brief timeframe for the Company to file the Reports based mostly on the anticipated timeframe the Company’s particular committee of the board of administrators wants to considerably full its investigation; (ii) the Company’s capacity to have interaction a brand new unbiased registered public accounting agency; and (iii) the departure of each the Company’s Chief Executive Officer and Chief Financial Officer.
While the Company intends to make each effort to keep its itemizing, there could be no assurance that the Panel will grant the Company’s request for an prolonged keep or request for continued itemizing, nor can there be any assurance that the Company will finally regain compliance with all relevant necessities for continued itemizing.
About Singularity Future Technology Ltd. (Nasdaq: SGLY)
On January 3, 2022, the Company modified its identify from Sino-Global Shipping America, Ltd. to Singularity Future Technology Ltd. (Nasdaq: SGLY). Since 2020, the Company plans to develop a presence within the Blockchain provide administration space by specializing in options for globally interconnected networks and establishing crypto mining swimming pools. As the Blockchain panorama continuously shifts, the Company strives to present involvement and an ecosystem for its shoppers on this ever-changing area. The Company is constructing on its existence as a world logistics and ship administration companies firm, based in 2001 in New York, with subsidiaries in New York, Houston, Montreal, Hong Kong, Shanghai, and Ningbo, China. The Company supplies prospects with all of their transport logistics and company wants as a full-service supplier. Additional details about the Company could be discovered on the Company’s company web site at www.singularity.us.
Forward-Looking Statements
Certain statements made herein that aren’t based mostly on historic reality are “forward-looking statements” inside the which means 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 had been adopted as half of the Private Securities Litigation Reform Act of 1995). While the Company’s administration has based mostly any forward-looking statements contained herein on its present expectations, the knowledge on which such expectations had been based mostly might change. These forward-looking statements depend on a quantity of assumptions regarding future occasions and are topic to a quantity of dangers, uncertainties, and different components, many of that are outdoors of the Company’s management, that would trigger precise outcomes to materially differ from such statements. Accordingly, traders shouldn’t place any reliance on forward-looking statements as a prediction of precise outcomes. The Company disclaims any intention to, and undertake no obligation to, replace or revise any forward-looking assertion.
SOURCE Singularity Future Technology Ltd.
