SHENZHEN, China, May 21, 2021 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that it has received a notice from the NASDAQ Stock Market on May 18, 2021 notifying the Company that, because its Form 10-Q for the period ended March 31, 2021 (the "2021 10-Q") was not filed with the Securities and Exchange Commission by the required due date of May 17, 2021, the Company is therefore not in compliance with the periodic filing requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1).
This Notice received has no immediate effect on the listing or trading of the Company's shares. As previously disclosed on the Company's Form 8-K and 8-K/A filed on March 29 and March 31, 2021, respectively, the Company's audit committee, after consultation with the Company's management concluded, that the Company's audited financial statements at and for the periods ended March 31, 2020, June 30, 2020, and September 30, 2020 contained in the Company's Quarterly Reports on Form 10-Q should no longer be relied upon. Nasdaq has provided the Company until June 4, 2021 to submit a plan to regain compliance. The compliance plan is required to provide a summary of the independent investigation into the reasons that led to the Company's conclusion that the previously filed financials should no longer be relied upon. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to September 27, 2021, to regain compliance.
The Company expects and intends to submit to NASDAQ the compliance plan by June 4, 2021.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in commodity trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal product from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information please visit http://ir.tdglg.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations, the demand for the Company's products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
EverGreen Consulting Inc.
Phone: +86 13502048965
SOURCE TD Holdings, Inc.