HARBIN, China, April 2, 2013 /PRNewswire/ -- China Botanic Pharmaceutical Inc. (AMEX: CBP) (formerly Renhuang Pharmaceuticals, Inc.) ("China Botanic" or the "Company"), a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and traditional Chinese medicines ("TCM") in China, announced today that on March 27, 2013, the Company received a notice of failure to satisfy a continued listing standard (the "Letter") from the NYSE MKT LLC (the "Exchange") for its failure to timely file a Form 10-Q for the period ended January 31, 2013 by the deadline of March 25, 2013.
The Company has previously been advised by a letter from the Exchange dated January 31, 2013, that the Company is currently subject to the procedures and requirements of Section 1009 of the NYSE MKT Company Guide ("Company Guide") because of its failure to meet certain continued listing standards under Part 10 of the Company Guide, resulting from its inability to timely its Form 10-K for the period ended October 31, 2012. In response to the January 31, 2013 letter, the Company submitted a plan of compliance (the "Plan") on February 14, 2013, outlining actions that the Company has taken and intended to take to bring it back into compliance as of May 1, 2013. The Plan was accepted on March 1, 2013.
The timely filing of the Form 10-K and Form 10-Q are a condition for the Company's continued listing on the Exchange under Sections 134 and 1101 of the Company Guide. In addition, this failure will be a material violation of its listing agreement with the Exchange, and under Section 1003(d) of the Company Guide the Exchange is authorized to suspend and unless prompt corrective action is taken, remove the Company's securities from the Exchange.
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