Updated on 16 January 2013
NYSE MKT warns China Botanic for not complying with Section 803
Singapore: China Botanic Pharmaceutical (formerly Renhuang Pharmaceuticals) received a warning letter from the NYSE MKT highlighting that the company is not in compliance with Section 803(B)(2)(a)(iii) of the NYSE MKT LLC Company Guide. The warning said that the firm failed to maintain at least one member of the audit committee.
The non-compliance is a result of the previously announced resignation of Mr Zack Pan from the company's board of directors, audit chair and committees. The company had been given the deadline of January 11, 2014, or until the beginning of its next annual shareholders' meeting; whichever comes first, to regain compliance.
The company is continuing its efforts to search for a replacement director who is financially sophisticated and expects that it will appoint a replacement director within the foregoing time period and therefore regain compliance with the applicable listing standards.