CASI PHARMACEUTICALS STATEMENT ON STATUS UNDER HOLDING FOREIGN COMPANIES ACCOUNTABLE ACT
CASI Pharmaceuticals, Inc. (Nasdaq: CASI) announced on March 30, 2022, that it was provisionally identified by the SEC under the Holding Foreign Companies Accountable Act (HFCAA) for using an auditor not subject to PCAOB inspection.
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Rhea-AI Summary
CASI Pharmaceuticals, Inc. (Nasdaq: CASI) announced on March 30, 2022, that it was provisionally identified by the SEC under the Holding Foreign Companies Accountable Act (HFCAA) for using an auditor not subject to PCAOB inspection. This was expected by CASI following their recent Form 10K filing on March 28, 2022. The company is exploring strategic options to comply with HFCAA requirements. CASI focuses on developing therapeutics in oncology, particularly for the Greater China market, leveraging its subsidiary in Beijing.
Positive
- None.
Negative
- Provisionally identified by SEC under HFCAA, indicating potential risks for compliance.
- Using an auditor not subject to PCAOB inspection may lead to further scrutiny and operational challenges.
Details
News Market Reaction – CASI
The recorded move for CASI in the trading session of this news was -12.81%.
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ROCKVILLE, Md. and BEIJING, April 1, 2022 /PRNewswire/ -- CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, announced today that on March 30, 2022, the Securities and Exchange Commission (SEC) provisionally identified CASI Pharmaceuticals Inc (CASI) on the list, pursuant to the Holding Foreign Companies Accountable Act (HFCAA), that uses an auditor not subject to Public Company Accounting Oversight Board (PCAOB) inspection.
This identification was anticipated, by the Company, as a routine application of the HFCAA, as we recently filed an annual report, via Form 10K, with the SEC on March 28, 2022. We are evaluating strategic options, which include but are not limited to adding business processes and control to meet the requirements of the HFCAA.
About CASI Pharmaceuticals
CASI Pharmaceuticals, Inc. is a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products in China, the United States, and throughout the world. The Company is focused on acquiring, developing, and commercializing products that augment its hematology oncology therapeutic focus as well as other areas of unmet medical need. The Company intends to execute its plan to become a leader by launching medicines in the Greater China market, leveraging the Company's China-based regulatory and commercial competencies and its global drug development expertise. The Company's operations in China are conducted through its wholly-owned subsidiary, CASI Pharmaceuticals (China) Co., Ltd., located in Beijing, China. The Company has built a commercial team of more than 100 hematology and oncology sales and marketing specialists based in China. More information on CASI is available at www.casipharmaceuticals.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance, revenue growth, strategies, expectations and goals. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to update forward-looking statements. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of factors.
COMPANY CONTACT: Rui Zhang CASI Pharmaceuticals, Inc. 240.864.2643 | INVESTOR CONTACT: Xuan Yang Solebury Trout 646.378.2975 |
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SOURCE CASI Pharmaceuticals, Inc.
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