QMC Press Release: Quantum Materials announces

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Quantum Materials announces trading in its common stock has been temporarily suspended by the Securities and Exchange Commission

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Quantum Materials announces trading in its common stock has been temporarily suspended by the Securities and Exchange Commission
May 18, 2021 21:19 ET
| Source: Quantum Materials Corp




San Marcos, TX, May 18, 2021 (GLOBE NEWSWIRE) -- Quantum Materials Corp. (OTCQB:QTMM), a leading American nanomaterial and cadmium free quantum dot producer and product company, today announced that trading in its common stock has been temporarily suspended by the Securities and Exchange Commission (the “Commission”) due to a lack of current information as a result of the failure to file certain periodic reports under the Company’s reporting obligations with the Commission. The trading halt commenced at 9:30am on May, 13 2021 and will terminate at 11:59pm on May 26, 2021. The Commission also has issued an order instituting administrative proceedings to determine whether it is necessary to revoke the Company’s registration under the Securities Exchange Act of 1934. The Company had previously received correspondence from the Commission in December 2020 related to the delinquency of it filing obligations and had proposed a plan to regain compliance with its reporting obligations by February 2021. Unfortunately, the Company was unable to meet its proposed plan and currently remains delinquent with respect to its filing obligations. The Company trading suspension and order were issued without prior notice to the Company, and the Company retained securities attorneys who have communicated with the SEC in an effort to try to address the Commissions concerns.

While the Company has been delinquent in its filings since the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019, the Company has been taking steps to again become current in its reporting obligations with the Commission. On March 23, 2021, the Company filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2019, and on April 30, 2021, the Company filed its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2019. The Company continues to work with its advisors to prepare the additional missing reports that are required to be filed for the Company to become current in its reporting obligations with the Commission. In addition, management has continued to provide investors with current information by filing other current reports with the Commission as works towards regaining compliance. The Company intends to work with the Commission to address its concerns over the filing of the delinquent reports, however it cannot currently estimate or predict what actions the Commission may take in connection with the pending administrative proceeding and/or when trading in the Company’s common stock will resume, if at all.

Media Contact:
Nikki Franklin
W2O
nfranklin@realchemistry.com

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