Gulf Resources Faces Nasdaq Delisting Warning

TL;DR

Nasdaq's warning Gulf Resources for late filings - stock could get booted!

AI Summary

Gulf Resources, Inc. announced on August 20, 2024, that it received a notice from the Nasdaq Stock Market indicating its non-compliance with listing rules due to a failure to file its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company has 60 days to submit a plan to regain compliance.

Why It Matters

This notice could lead to the delisting of Gulf Resources' stock from Nasdaq, potentially impacting its liquidity and investor confidence.

Risk Assessment

Risk Level: high — Failure to file required financial reports and potential delisting from a major exchange poses significant risks to the company and its investors.

Key Numbers

• 60 days — Compliance Period (Timeframe to submit a plan to regain Nasdaq listing compliance.)

Key Players & Entities

• Gulf Resources, Inc. (company) — Registrant
• Nasdaq Stock Market (company) — Listing Exchange
• August 20, 2024 (date) — Date of Notice
• December 31, 2023 (date) — Fiscal Year End for Unfiled Report

FAQ

Key Financial Figures

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

Filing Documents

• e663851_8k-gulf.htm (8-K) — 29KB
• e663851_ex99-1.htm (EX-99.1) — 9KB
• 0001193805-24-001060.txt ( ) — 213KB
• gure-20240820.xsd (EX-101.SCH) — 3KB
• gure-20240820_lab.xml (EX-101.LAB) — 33KB
• gure-20240820_pre.xml (EX-101.PRE) — 22KB
• e663851_8k-gulf_htm.xml (XML) — 4KB

01

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 Reports on Form 8-K of Gulf Resources, Inc. (the " Company ") filed on April 19, 2024 and May 22, 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 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, and the Company subsequently received a notice (the " May 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 ", together with the Form 10-K, the " Delinquent Reports "). The May Notice states that the Company has until June 17, 2024 to submit to Nasdaq a plan to regain compliance with the Rule. As previously disclosed on the Current Report on Form 8-K of the Company filed with the SEC on July 2, 2024, on June 26, 2024, the Company received a letter from Nasdaq indicating that, based on its further review and the plan of compliance submitted by the Company on June 14, 2024, Nasdaq has determined to grant an exception to enable the Company to regain compliance with the Rule. The terms of the exception are as follows: on or before October 14, 2024, the Company must file the Delinquent Reports, as required by the Rule. In the event the Company does not satisfy the terms, Nasdaq will provide written notification that its securities will be delisted. A

01

Item 7.01 Regulation FD Disclosure On August 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

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 report and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this report, unless required by law.

Financial Statements and Exhibits

Financial Statements and Exhibits. Exhibits 99.1 Press Release of Gulf Resources, Inc. dated August 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: August 22, 2024

View Full Filing

View this 8-K filing on SEC EDGAR