SHOUGUANG CITY, China - Gulf Resources, Inc., a chemical products manufacturer, has regained compliance with NASDAQ's listing rules following the submission of overdue financial reports. The company, which had previously received notices of non-compliance due to delayed filings for its annual and quarterly reports, submitted the required documents and is now considered compliant.
The NASDAQ Listing Qualifications Staff confirmed on Monday that Gulf Resources had filed its Annual Report for the year ended December 31, 2023, and its Quarterly Reports for the periods ending March 31 and June 30, 2024. These reports, collectively known as the Delinquent Filings, were a condition for the company to meet the continued listing requirements.
Gulf Resources had been granted an extension until October 14, 2024, to file the Delinquent Filings and avoid potential delisting. The successful submission by the October 15 deadline led to the NASDAQ Staff concluding that the company is now in compliance with the Rule for continued listing on the NASDAQ Global Select Market, where its common stock is traded under the ticker symbol NASDAQ:GURE.
The company, headquartered in Shouguang City, Shandong, China, operates under the industrial classification of Chemicals & Allied Products. Gulf Resources, Inc., incorporated in Nevada and formerly known as Diversifax Inc., has been publicly traded and subject to SEC reporting requirements.
InvestingPro Insights
While Gulf Resources has regained compliance with NASDAQ's listing rules, recent financial data from InvestingPro paints a challenging picture for the company. As of the last twelve months ending Q2 2024, Gulf Resources reported a significant revenue decline of 72.05%, with revenues standing at $16.43 million. The company's gross profit margin is deeply negative at -99.44%, indicating severe profitability issues.
InvestingPro Tips highlight that Gulf Resources is "quickly burning through cash" and "not profitable over the last twelve months." These factors align with the company's recent struggles in filing timely financial reports. The stock's performance has also been poor, with InvestingPro data showing a 54.4% decline over the past year.
Despite these challenges, one InvestingPro Tip notes that Gulf Resources "holds more cash than debt on its balance sheet," which could provide some financial flexibility as the company works to address its operational issues. For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Gulf Resources, providing deeper insights into the company's financial health and market position.
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