WENZHOU, China, March 4, 2019 /PRNewswire/ -- Hebron Technology
Co., Ltd. ("Hebron" or the
"Company") (Nasdaq: HEBT), a developer, manufacturer and installer
of valves and pipe fittings for use in the pharmaceutical,
biological, food and beverage, and other clean industries, today
announced that it has received a letter from the Listings
Qualifications Department of The Nasdaq Capital Market ("Nasdaq")
notifying the Company that the minimum bid price per share for its
Class A common shares was below $1.00
for a period of 30 consecutive business days and that the Company
did not meet the minimum bid price requirement set forth in Nasdaq
Listing Rule 5550(a)(2). This press release is filed pursuant to
Nasdaq Listing Rule 5810(b). The Nasdaq notification letter does
not result in the immediate delisting of the Company's Class A
common shares, and the shares will continue to trade uninterrupted
under the symbol "HEBT."
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until August 28, 2019
(the "Compliance Period"), to regain compliance with Nasdaq's
minimum bid price requirement. If at any time during the Compliance
Period, the closing bid price per share of the Company's Class A
common shares is at least $1.00 for a minimum of 10 consecutive
business days, Nasdaq will provide the Company a written
confirmation of compliance and the matter will be closed.
In the event the Company does not regain compliance by
August 28, 2019, the Company may be
eligible for an additional 180 calendar day grace period. To
qualify, the Company will be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq, with the exception of the bid
price requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, including by effecting a reverse stock split, if necessary.
If the Company chooses to implement a reverse stock split, it must
complete the split no later than ten business days prior to the
expiration of the second compliance period.
About Hebron Technology Co., Ltd.
Established in January 2005 and headquartered in
Wenzhou City, Zhejiang Province, China, Hebron Technology
Co., Ltd. ("Hebron" or the
"Company") engages in research, development, and manufacture of
highly specialized valves and pipe fitting products for use in the
pharmaceutical, biological, food and beverage, and other clean
industries. The Company also offers its customers comprehensive
pipeline design, installation, construction, and ongoing
maintenance services as holistic solution services. For more
information about the Company, please visit www.xibolun.com.
Forward-Looking Statements
This press release contains information
about Hebron's view of its future expectations, plans and
prospects that constitute forward-looking statements. Actual
results may differ materially from historical results or those
indicated by these forward-looking statements as a result of a
variety of factors including, but not limited to, risks and
uncertainties associated with its ability to raise additional
funding, its ability to maintain and grow its business both in
legacy and new segments, variability of operating results, its
ability to maintain and enhance its brand, its development and
introduction of new products and services, the successful
integration of acquired companies, technologies and assets into its
portfolio of products and services, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the technical skills and experience necessary to meet the
requirements of its clients, and its ability to protect its
intellectual property. Hebron encourages you to review other
factors that may affect its future results
in Hebron's registration statement and in its other
filings with the Securities and Exchange Commission.
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SOURCE Hebron Technology Co., Ltd.