Attis to Appeal Staff Determination Regarding Delinquent Reports
MILTON, GA, April 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Attis Industries Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company, today announced that Nasdaq has informed the Company by letter (the “April Nasdaq Letter”) that it is not in compliance with Nasdaq’s filing requirements set forth in Listing Rule 5250(c)(1) because it has failed to file its Quarterly Report on Form 10-Q for the period ending September 30, 2018 and its Annual Report on Form 10-K for the period ending December 31, 2018 by April 16, 2019. The Company intends to appeal this determination and request an extended stay of suspension of the Company’s securities, which, if granted, would require that the Company become current in its filings prior to the date of the hearing with the Nasdaq Appeals Panel, which is expected to occur during the period between May 24, 2019 and June 10, 2019. In the event that the extended stay of suspension is rejected, the initial stay will last only until on or about May 9, 2019, at which time the Company’s securities would be suspended from The Nasdaq Capital Market and a Form 25-NSE will be filed with the Securities and Exchange Commission, which would remove the Company’s securities from the listing and registration on The Nasdaq Stock Market, unless all outstanding filings have been submitted prior to that date. The April Nasdaq Letter has no immediate effect on the listing or trading of the Company’s common stock.
The delay in the Company’s filings is a result of efforts to continue to assess the accounting related to certain historical transactions that took place in 2017 and the first half of 2018 and the Company believes it is important that the aforementioned transactions are presented accurately to our shareholders. The Company has benefited from these transactions through the acquisition of valuable intellectual property and licenses related to ethanol coproduct technology and absorbing an engineering team with extensive process and civil engineering experience in the green technology market; however, the process of quantifying certain fair values within these transactions has proven extremely labor-intensive and time-consuming.
Attis Industries, Inc.
Attis Industries Inc. (NASDAQ: ATIS) is a diversified innovation and technology holding company focused on developing and building businesses in the healthcare, sustainable materials and renewable fuel markets. We strive to encourage our employees to be entrepreneurs focused on innovation and technology. We will remain dynamic, persistent and motivated to our mission of winning. The growth of our company will rely on our integrity and our vision for the future. Today, each of Attis business sectors provide high growth opportunities that collectively account for more than a third of our nations GDP. For more information, visit: www.attisind.com
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” “would” or similar words. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements are subject to certain risks, uncertainties, and assumptions, including, but not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies; the ability of the Company to continue to meet the listing requirements of NASDAQ; the ability of the Company to execute on a business plan that permits the technologies and innovations businesses to provide sufficient growth, revenue, liquidity and cash flows for sustaining the Company’s go-forward business, and the risks identified and discussed under the caption “Risk Factors” in the Attis Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”) on April 16, 2018 and the other documents Attis files with the SEC from time to time. There will be events in the future, however, that Attis is not able to predict accurately or control. Attis’s actual results may differ materially from the expectations that Attis describes in its forward-looking statements. Factors or events that could cause Attis’s actual results to materially differ may emerge from time to time, and it is not possible for Attis to accurately predict all of them. Any forward-looking statement made by Attis in this press release speaks only as of the date on which Attis makes it. Attis undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.