Gulf Resources Faces Nasdaq Delisting Over Unfiled 10-K

TL;DR

Nasdaq's threatening to kick GURE off the exchange for not filing their 2023 10-K by May 27th.

AI Summary

Gulf Resources, Inc. announced on May 21, 2024, that it received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules due to its failure to file its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company has until May 27, 2024, to submit a plan to regain compliance. Failure to do so could lead to the delisting of its common stock from Nasdaq.

Why It Matters

This filing signals potential delisting from Nasdaq, which could significantly impact the liquidity and valuation of Gulf Resources' stock.

Risk Assessment

Risk Level: high — The company is at high risk of delisting from Nasdaq due to failure to meet filing requirements, which could severely impact its stock.

Key Numbers

• 2023 — Fiscal Year (The company failed to file its annual report for this year.)
• May 27, 2024 — Compliance Deadline (The company must submit a plan to regain Nasdaq listing compliance by this date.)

Key Players & Entities

• Gulf Resources, Inc. (company) — Registrant
• Nasdaq Stock Market (company) — Listing Exchange
• May 21, 2024 (date) — Date of Notice
• December 31, 2023 (date) — Fiscal Year End for Unfiled Report
• May 27, 2024 (date) — Deadline for Compliance Plan

FAQ

Key Financial Figures

• $0.0005 — nge on which registered Common Stock, $0.0005 par value GURE NASDAQ Global Select

Filing Documents

• e663642_8k-gulf.htm (8-K) — 27KB
• e663642_ex99-1.htm (EX-99.1) — 7KB
• 0001193805-24-000694.txt ( ) — 208KB
• gure-20240521.xsd (EX-101.SCH) — 3KB
• gure-20240521_lab.xml (EX-101.LAB) — 33KB
• gure-20240521_pre.xml (EX-101.PRE) — 22KB
• e663642_8k-gulf_htm.xml (XML) — 4KB

01. Notice of Delisting or Failure to Satisfy

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed on the Current Report on Form 8-K of Gulf Resources, Inc. (the "Company") filed on April 19, 2024, the Company received a notice (the "Initial Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on April 18, 2024 notifying the Company that due to the Company's failure (the "Initial Delinquent Filing") to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "Form 10-K"), with the Securities and Exchange Commission (the "SEC"), the Company is not in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5250(c)(1) (the "Rule"), which requires the timely filing of all required periodic reports with the SEC. The Company received a delinquency notification letter (the "Notice") from Nasdaq on May 21, 2024 due to the Company's non-compliance with the Rule as a result of the Company's failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the "Form 10-Q"). The Notice states that the Company has until June 17, 2024 to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to October 14, 2024, or 180 days from the due date of the Initial Delinquent Filing, for filing the Form 10-K and the Form 10-Q to regain compliance. If the Company fails to timely regain compliance with Nasdaq Listing Rule 5250(c)(1), the Company's common stock will be subject to delisting from Nasdaq. The Company continues to work diligently to complete the 2023 Form 10-K and the Form 10-Q.

01

Item 7.01 Regulation FD Disclosure On May 22, 2024, the Company issued a press release to comply with the requirements of Nasdaq Listing Rule 5810(b) announcing that the Company had received the Notice. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in that filing. Forward Looking Statements Certain information contained in this report consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict. Words such as "will," "would," "may," "intends," "potential," and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that the Company will regain compliance with the Rule during any compliance period or in the future, or otherwise meet Nasdaq compliance standards, that the Company will be eligible for a second compliance period, or that Nasdaq will grant the Company any relief from delisting as necessary or that the Company can ultimately meet applicable Nasdaq requirements for any such relief. The forward-looking statements contained in this report speak only as of the date of this repor

Financial Statements and Exhibits

Financial Statements and Exhibits. Exhibits 99.1 Press Release of Gulf Resources, Inc. dated May 22, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GULF RESOURCES, INC. By: /s/ Min Li Name: Min Li Title: Chief Financial Officer Dated: May 22, 2024

View Full Filing

View this 8-K filing on SEC EDGAR