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AOXING PHARMACEUTICAL COMPANY, INC. FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

August 6, 2014



Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or

Standard



As previously reported, the Registrant has received notice from NYSE MKT LLC that, based upon the financial statements contained in Aoxing Pharma's Annual Report on Form 10-K for the year ended June 30, 2013 and its Quarterly Reports on Form 10-Q for the periods ended September 30, 2013 and December 31, 2013, Aoxing Pharma is not in 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 December 31, 2013 and has incurred losses from continuing operations and/or net losses in two of its three most recent fiscal years ended June 30, 2013;



Section 1003(a)(ii) since it reported stockholders' equity of less than

$4,000,000 at September 30, 2013 and has incurred losses from continuing operations and/or net losses in three of its four most recent fiscal years ended June 30, 2013;



Section 1003(a)(iii) since it reported stockholders' equity of less than

$6,000,000 at June 30, 2013 and has incurred losses from continuing operations

and/or net losses in its five most recent fiscal years then ended; and

Section 1003(a)(iv) since it has sustained losses that are so substantial in

relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the NYSE MKT, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.



The Registrant was afforded the opportunity to submit plans of compliance to the Exchange. Based on the plans of compliance submitted by the Registrant, the Exchange granted the Registrant an extension until April 27, 2015 to regain compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii). The Exchange also granted the Registrant an extension until June 30, 2014 to regain compliance with Section 1003(a)(iv).

On August 4, 2014, the Exchange notified the Registrant that the period during which it will be permitted to regain compliance with Section 1003(a)(iv) has been extended to September 21, 2014. The Registrant will be subject to periodic review by the Exchange Staff during the extension periods. Failure to make progress consistent with the plans or to regain compliance with the listing standards by the ends of the extension periods could result in the Registrant being delisted from the NYSE MKT LLC.


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Source: Edgar Glimpses


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