http://www.prnewswire.com/news-releases/huitao-technology-co-ltd-received-nasdaq-notification-letter-regarding-stockholders-equity-deficiency-300963534.html

BEIJING, Nov. 21, 2019 /PRNewswire/ -- Huitao Technology Co., Ltd. (NASDAQ CM: HHT) (the "Company" or "HHT"), a construction company engaging in the production of advanced construction materials for large scale infrastructure, commercial and residential developments, announced today that on November 18, 2019, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that it is no longer in compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market set forth in Nasdaq Listing Rule 5550(b)(1) (the "Nasdaq Listing Rules"). The Nasdaq Listing Rules requires listed companies to maintain stockholders' equity of at least $2.5 million. In the Company's Form 20-F for the period ended June 30, 2019, the Company reported a stockholders' equity of approximately $0.5 million, which is below the minimum stockholders' equity required for continued listing pursuant to the Nasdaq Listing Rules.

The notification received has no immediate effect on the listing of the Company's common stock on Nasdaq. Nasdaq has provided the Company with 45 calendar days, or until January 2, 2020, to submit a plan to regain compliance with the minimum stockholders' equity standard. If the Company's plan to regain compliance is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the notification letter, or until May 16, 2019, to evidence compliance.