Kingold Jewelry Reports Voluntary Delisting Of Common Stock From Nasdaq, Effective Aug. 21, 2020
Kingold Jewelry Reports Voluntary Delisting Of Common Stock From Nasdaq, Effective Aug. 21, 2020
Kingold Jewelry, Inc. ("Kingold" or the "Company") (NASDAQ:KGJI), a manufacturer and designer of gold jewelry, ornaments and investment-oriented products, today announced that it has notified The NASDAQ Stock Market ("NASDAQ") of its intention to voluntarily delist its common stock from the NASDAQ Capital Market.
Kingold珠宝公司。Kingold(“Kingold”或“公司”)(纳斯达克股票代码：KGJI)是一家生产和设计黄金首饰、饰品和投资型产品的公司，该公司今天宣布，它已通知纳斯达克证券市场(“纳斯达克”)，它打算自愿将其普通股从纳斯达克资本市场(NASDAQ Capital Market)退市。
On August 11, 2020, the Company notified The NASDAQ Stock Market of the Company's intent to voluntarily delist its common stock from the NASDAQ Capital Market. On August 21, 2020, following a ten-day period that commences after the Company provided notice of its intent to delist to NASDAQ, the Company intends to file with NASDAQ and the U.S. Securities and Exchange Commission (the "SEC"), a Form 25 relating to the delisting of its common stock from the NASDAQ Capital Market. It is anticipated that trading of the Company's common stock on the Nasdaq Capital Market will be suspended upon the filing of the Form 25 on August 21, 2020. The delisting will become effective on August 31, 2020, ten days after the filing date of the Form 25. The Company expects its common stock to be quoted and traded on the OTC Markets from the filing of the Form 25 on August 21, 2020, although it cannot assure that this will be the case.
2020年8月11日，该公司通知纳斯达克证券市场，公司有意自愿将其普通股从纳斯达克资本市场退市。2020年8月21日，在公司向纳斯达克发出退市意向通知后的10天内，公司打算向纳斯达克和美国证券交易委员会(“证券交易委员会”)提交一份关于其普通股从纳斯达克资本市场退市的25号表格。预计公司普通股在纳斯达克资本市场的交易将在2020年8月21日提交25号表格时暂停。退市将于2020年8月31日生效，也就是25号表格备案日期后10天。该公司预计其普通股将从2020年8月21日提交的25号表格开始在场外交易市场报价和交易，尽管它不能保证情况会是这样。
The decision to delist from NASDAQ resulted from the Board of Directors' review of numerous factors, particularly the cost and feasibility of ongoing compliance with the NASDAQ listing requirements and the Company's current financial condition. In considering whether to delist from NASDAQ, the Company considered in particular that it had received written notices dated June 30, 2020 and July 2, 2020 from the Listing Qualifications department of The NASDAQ Stock Market (the "Notices") indicating that the Company is not in compliance with the requirements of NASDAQ Listing Rule 5250(c)(1) to file its annual report on Form 10-K for the year ended December 31, 2019 and its quarterly report on Form 10-Q for the period ended March 31, 2020. Pursuant to the Notices, the Company was required to submit a plan to regain compliance with Rule 5250(c)(1) for the delinquent Form 10-K and Form 10-Q.
从纳斯达克退市的决定源于董事会对众多因素的审查，特别是持续遵守纳斯达克上市要求的成本和可行性，以及公司目前的财务状况。在考虑是否从纳斯达克退市时，本公司特别考虑到其已收到纳斯达克证券市场上市资格部门于2020年6月30日及2020年7月2日发出的书面通知(“该等通知”)，表明本公司不符合纳斯达克上市规则第5250(C)(1)条的规定，须提交截至2019年12月31日止年度的10-K表格年报及截至2020年3月31日止的10-Q表格季度报告。根据通知，公司被要求提交一份计划，以重新遵守规则第5250(C)(1)条，以处理拖欠的表格10-K和表格10-Q。
On July 16, 2020, the Company submitted such plan to the Listing Qualifications department and was advised by telephone on August 6, 2020 that the plan was not accepted. As such, the Company understands that it is likely NASDAQ will commence procedures to delist the Company's common stock from the NASDAQ Capital Market. Upon being advised of the rejection of the plan, the Board of the Company weighed the likelihood of prevailing on an appeal of delisting against the cost of such an appeal and determined to file a voluntary delisting notice.
2020年7月16日，本公司向上市资质部门提交了该方案，并于2020年8月6日电话通知该方案未被接受。因此，据公司了解，纳斯达克很可能会启动程序，将公司的普通股从纳斯达克资本市场退市。在获悉该计划被否决后，本公司董事会权衡了退市上诉胜诉的可能性与该等上诉的费用，并决定提交自愿退市通知。