Viewtran Group, Inc. Announces Voluntary Delisting from NASDAQ Stock Market0

  • Signs Sale and Purchase Agreement for sale of substantially all of its assets for $70 million

Shenzhen, China, April 22, 2015 /PRNewswire/ — Viewtran Group, Inc. (NASDAQ: VIEW) (“Viewtran” or “the Company”), a provider of medical and healthcare devices, energy saving equipment and complementary technology and engineering services in China, today announced that it has notified The NASDAQ Stock Market LLC (“NASDAQ”) of its intent to delist its common stock from the NASDAQ Stock Market for the following reasons:

  • In recent years, the Company has derived only minimal benefits from being listed on NASDAQ;
  • The Company is planning to sell substantially all of its assets; and
  • On January 7, 2015, the Company received a letter from the Listing Qualifications Department of NASDAQ stating that NASDAQ’s staff had determined that the Company is not in compliance with Listing Rule 5250(c)(2) (the “Rule”), which requires that the Company file its six-month financial information with the SEC on a Form 6-K by no later than six months after the end of the Company’s second fiscal quarter.

The Company intends to file a Form 25 with the SEC on May 4, 2015 relating to the delisting of its common stock, with the delisting of its common stock to be effective ten days thereafter. Accordingly, the Company expects that the last day of trading of its common stock on NASDAQ will be on or about May 14, 2014.

On the effective date of the delisting, the Company believes that it will begin to trade on the over the counter market.

The Company also announced today that the Company has signed a Sale and Purchase Agreement to sell substantially all of its assets to Blueberry Capital Limited, an independent third party, for a purchase price of $70 million.  The closing of the transaction will be subject to a vote of the Company’s shareholders.

 

About Viewtran Group, Inc.:
Viewtran Group, Inc. (VIEW) is a provider of medical and healthcare devices, energy saving equipment and complementary technology and engineering services in China.

Safe Harbor Statement:
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include statements about our proposed discussions related to our business or growth strategy, which are subject to change. Such information is based upon expectations of our management that were reasonable when made, but may prove to be incorrect. All such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. For further descriptions of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC’s electronic data gathering analysis retrieval system (EDGAR) at www.sec.gov.

 

Press Releases