XI'AN, China, June 18, 2019 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT; the "Company"), a financial technology company and integrated producer of fruit-related products, today announced that on June 14, 2019, the Company submitted its plan of compliance in connection with its failure to timely file the annual report on Form 10-K for the period ended December 31, 2018 and the quarterly report on Form 10-Q for the period ended March 31, 2019 (the "Delinquent Filings") to NASDAQ.
On April 17, 2019 and May 21, 2019, the Company received notification letters from NASDAQ Listing Qualifications ("NASDAQ") stating the Company was not in compliance with NASDAQ Listing Rule 5250(c)(1), due to its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2018 (the "Form 10-K") and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 (the "Form 10-Q"), respectively. The NASDAQ notification letter provides the Company until June 17, 2019, to submit a plan to NASDAQ to regain compliance with the NASDAQ's continued listing requirements. If the plan is accepted, NASDAQ can grant an exception of up to 180 calendar days, or until October 14, 2019, for the Company to regain compliance. If NASDAQ does not accept the Company's compliance plan, the Company will have the opportunity to appeal that decision to a NASDAQ Hearing Panel under Listing Rule 5815(a).
The compliance plan is currently under review by NASDAQ. The Company will continue to cooperate with NASDAQ staff and provide information and documents requested by NASDAQ. The Company will provide timely updates to the market upon NASDAQ's decision regarding the Company's compliance plan.
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is incorporated in Florida and engages in fruit juice and financial technology businesses. The Company engages in the research and development of digital asset systems based on blockchain technology and also operates an incubator for application projects using blockchain technology. The Company and its subsidiaries are developing blockchain technology and cryptocurrencies for a variety of B2B and B2C real-life applications including a variety of financial businesses and the distribution, marketing and sale of consumer products. FTFT is also developing an operational online shopping mall platform utilizing blockchain technology and the shared economy. For more information, please visit http://www.ftft.top/.
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2017 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
Dragon Gate Investment Partners LLC
SOURCE Future FinTech Group Inc.