XIANYANG, China, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) (the “Company”),
a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China, announced today that
on August 16, 2018, it received a notification letter from Nasdaq Listing Qualifications (“Nasdaq”) advising the Company that,
since it had not filed its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2018, this matter serves as an
additional basis for delisting the Company’s securities from The Nasdaq Stock Market.
Previously, on April 19, 2018 and May 23, 2018, the Company received notification letters from Nasdaq advising
the Company that, since it had not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and its
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018, the Company was not in compliance with Nasdaq Listing
Rules.
On July 19, 2018, the Company received a delisting determination letter from the Nasdaq advising the Company
that following review of the Company’s plan of compliance, the Nasdaq staff determined to delist the Company’s common stock from
the Nasdaq Capital Market.
On July 26, 2018, the Company requested a hearing before the Nasdaq Hearings Panel (the "Panel") to appeal the
delisting determination from the Nasdaq staff. On August 10, 2018, the Company was granted an extended stay as to the
suspension of the Company's common stock from trading by the Panel until the Company's scheduled hearing before the Panel on
September 13, 2018 and issuance of a final Panel decision.
As a result of the latest Form 10-Q filing delinquency, the Panel will consider this matter in
rendering a determination regarding the Company's continued listing on The Nasdaq Capital Market. Pursuant to Listing Rule 5810(d),
the Company plans to present its views with respect to this additional deficiency at the hearing.
The Company is working assiduously to complete its delinquent filings with SEC and to regain compliance with the
Rule as soon as possible.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary and controlled affiliate in China, develops,
manufactures, and markets pharmaceutical and health supplement products for a variety of diseases and conditions. For more
information please visit: http://www.biostarpharmaceuticals.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties.
Such forward-looking statements include statements about the Company’s receipt of Nasdaq’s deficiency letters and plan to regain
compliance described herein. Actual events or results may differ materially from the Company’s expectations. Factors
that could cause actual results to differ materially from those stated or implied by the Company’s forward-looking statements are
disclosed in its filings with the Securities and Exchange Commission. These forward-looking statements represent the
Company’s judgment as of the time of this release. The Company disclaims any intent or obligation to update these
forward-looking statements, other than as may be required under applicable law.
Investor Relations Contact Please send questions or comments to: Biostar Pharmaceuticals, Inc. Investor Relations Coordinator +86-29-3368-6638 office@aoxing-group.com http://www.biostarpharmaceuticals.com
