BIG NECK, NY, May 25, 2022 /PRNewswire/ — Singularity Future Technology Ltd. (“Singularity” or the “Company”) (Nasdaq: SGLY) today announced that it received a Notice of Non-Compliance from Nasdaq Stock Market LLC (“Nasdaq”) on May 24, 2022 advising the Company that, due to the Company’s failure to timely file its quarterly report on Form 10-Q for the quarterly period ended March 31, 2022 (the “Form 10-Q”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires listed companies to timely file all reports periodic financial statements with the US Securities and Exchange Commission (the “SEC”).
Under Nasdaq listing rules, the company has 60 calendar days to submit a plan to restore compliance. If the plan is accepted by Nasdaq, the Company may be granted up to 180 calendar days from the due date of the Form 10-Q, or until November 21, 2022to regain compliance.
The Company is working diligently to complete its Form 10-Q and intends to file the Form 10-Q as soon as possible to restore compliance with the rule. This notice has no immediate effect on the listing or trading of the Company’s common stock on Nasdaq; however, if the Company fails to timely comply with the Rule, the Company’s common stock will be subject to delisting from the Nasdaq.
About Singularity Future Technology Ltd. (Nasdaq: SGLY)
On January 3, 2022, the company changed its name from Sino-Global Shipping America, Ltd. in Singularity Future Technology Ltd. (Nasdaq: SGLY). Since 2020, it plans to develop a presence in the blockchain supply management space focusing on solutions for globally interconnected networks and establishing crypto mining pools. As the Blockchain landscape is constantly evolving, the company strives to provide engagement and an ecosystem for its customers in this ever-changing space. The Company builds on its existence as a global logistics and ship management services company, founded in 2001 in New Yorkwith subsidiaries in New York, Houston, Montreal, hong kong, Shanghaiand Ningbo, China. The company has provided customers with all their shipping and agency logistics needs as a full-service provider. Additional information about the Company is available on the Company’s website at www.singularity.us.
Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 , as amended. . Forward-looking statements include statements regarding the Company’s expectations regarding the Company’s ability to file Form 10-Q with the SEC and regain compliance with the Nasdaq Listing Rule. Forward-looking statements include statements that are not historical facts and can be identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”. of’, ‘may’, ‘plan’, ‘potential’, ‘predict’, ‘project’, ‘seek’, ‘should’, ‘shall’, ‘would’ or similar expressions and the negatives of these terms. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements due to certain risks and uncertainties, including those described in more detail in the Company’s most recent Annual Report on Form 10-K for the financial year ended June 30, 2021 and other documents filed with the SEC, each of which may be viewed on the SEC’s website, www.sec.gov, or the investor relations section of the Company’s website. Except as required by law, the Company undertakes no obligation to update these forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in these forward-looking statements, even if new information become available in the future.
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SOURCE Singularity Future Technology Ltd.