SHOUGUANG, China, July 08, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", "we," or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it had received a letter from NASDAQ granting the Company an extension until October 14, 2024 to regain compliance with NASDAQ's listing rules.
As previously disclosed, on April 18, 2024 and May 21, 2024, the Company received letters from NASDAQ indicating that that it did not comply with NASDAQ's filing requirements (the "Rule") because it had not filed its Form 10-K for the period ended December 31, 2023 (the "10-K") and Form 10-Q for the period ended March 31, 2024 (the "10-Q", and together with the 10-K, the "Delinquent Reports").
The Company and its current auditor GGF CPA LIMITED ("GGF") have been working diligently to complete the 2023 year-end audit, the 10-K, as well the 10-Qs for both the first and the second quarters of 2024.
Gulf Resources has submitted the materials to NASDAQ, detailing the steps to be taken and the progress being made to regain compliance.
Based on NASDAQ's further review and the materials submitted by the Company, NASDAQ has granted the Company an extension until October 14, 2024 to file the Delinquent Reports, as required by the Rule.
"We regret the delay in filing our 10-K and 10-Q reports," stated Mr. Xiaobin Liu, the CEO of Gulf Resources. "When we dismissed WWC, P.C. Certified Public Accountants, our prior auditor, on April 16, 2024 and engaged GGF, GGF had to start the audit process from scratch."
"We believe the Company and GGF are making excellent progress," Mr. Liu continued. "We expect to be able to file the 10-K as well as the 10-Qs for both the first and the second quarters of 2024 by October 14, 2024, as requested by NASDAQ."