JERSEY CITY, NJ / ACCESSWIRE / April 23, 2015 / Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN) ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing, and distribution of narcotic, pain-management, and addiction treatment pharmaceuticals, has received notice from NYSE MKT that Aoxing Pharma is deemed by NYSE MKT to have regained compliance with the NYSE MKT's continued listing standards, subject to final review and confirmation of Aoxing Pharma's representations.
During 2013 and subsequently, NYSE MKT informed Aoxing Pharma that it was out of compliance with the following sections of the NYSE MKT Company Guide:
- Section 1003(a)(i) since it reported stockholders' equity of less than $2,000,000 at September 30, 2014 and has incurred losses from continuing operations and/or net losses in two of its three most recent fiscal years;
- Section 1003(a)(ii) since it reported stockholders' equity of less than $4,000,000 at December 31, 2014 and has incurred losses from continuing operations and/or net losses in three of its four most recent fiscal years; and
- Section 1003(a)(iii) since it reported stockholders' equity of less than $6,000,000 at December 31, 2014 and has incurred losses from continuing operations and/or net losses in its five most recent fiscal years.
Based on the plans of compliance submitted by the Company, the Exchange granted the Company until April 27, 2015 to regain compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii).
This month, Aoxing Pharma notified the NYSE MKT that, based on Aoxing Pharma's preliminary balance sheet as of March 31, 2015, Aoxing Pharma believes that, after giving effect to the sale on April 8, 2015 to investors and a creditor of 1,029,412 common shares for $1,400,000, the Company's stockholders equity balance after completion of these transactions is approximately $6.7 million, which exceeds NYSE MKT continued listing requirements. Accordingly, the NYSE MKT has deemed Aoxing Pharma back in compliance with its continued listing requirements, subject to final review and confirmation of the information to be reported in the Company's Form 10-Q, which is expected to be filed with the SEC on or about May 15, 2015.
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing Pharma has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA). For more information, please visit: www.aoxingpharma.com.
CONTACT:
Aoxing Pharmaceutical Company:
646-367-1747
investor.relations@aoxingpharma.com
SOURCE: Aoxing Pharmaceutical Company
