BEIJING, Oct. 19, 2018 /PRNewswire/ -- China Advanced Construction Materials Group, Inc. (NASDAQ CM: CADC) (the "Company" or "China AMC"), a construction company engaging in the production of advanced construction materials for large scale infrastructure, commercial and residential developments, today said it has received a Notice from the NASDAQ Stock Market notifying the Company that, because its Form 10-K for the fiscal year ended June 30, 2018 (the "2018 10-K") was not filed with the Securities and Exchange Commission by the required due date of October 15, 2018, 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. Since the Company's Audit Committee, after consultation with the Company's independent registered public accounting firm, Friedman LLP ("Friedman") concluded, that the Company's audited financial statements at and for the period ended June 30, 2017 contained in the Company's Annual Report on Form 10-K as well the unaudited financial statements at and for the periods ended March 31, 2018, December 31, 2017 and September 28, 2017 contained in the Company's Quarterly Reports on Form 10-Q should no longer be relied upon, and Friedman subsequently resigned as the Company's independent registered public accounting firm, NASDAQ Staff has applied more stringent criteria pursuant to NASDAQ Listing Rule 5101 and therefore the Company has until November 14, 2018 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 180 days from the prescribed due date for filing the 2018 10-K, or April 15, 2019, to regain compliance.
The Company expects and intends to submit to NASDAQ the compliance plan by November 14, 2018.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About China Advanced Construction Materials Group, Inc.
China ACM is a producer of advanced, certified eco-friendly ready-mix concrete (RMC) and provider of related technical services for large scale, and other complex infrastructure projects. Leveraging its proprietary technology and value-add engineering services model, the Company has won work on many high profile projects including the 30,000 km China HSR expansion, the Olympic Stadium Bird's Nest, Beijing South Railway Station, Beijing International Airport, National Centre for Performing Arts, CCTV Headquarters, Beijing Yintai Building and U.S. and French embassies in China.
This press release contains forward-looking statements, including but not limited to statements that concern the company's ability to comply with Nasdaq Listing Rules and the continued listing of the Company's shares on Nasdaq. These forward-looking statements are not historical facts, and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of such forward-looking statements depends upon future events, and involves risks, uncertainties, and other factors beyond our control that may cause these statements to be inaccurate and cause our actual results, performance, or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the risk that the completion and filing of the periodical reports will take longer than expected or may not be completed at all; the risk that the company will be unable to submit a plan to regain compliance to Nasdaq before the due date or that any such plan may not be accepted by Nasdaq; the risk that the company will be unable to comply with the listing standards for the Nasdaq market; and the risks more fully described in "Item 1A. Risk Factors" in China ACM's Annual Report on Form 10-K for the fiscal year ended June 30, 2017. China ACM does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.