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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.
About Quantum Materials Corp
At Quantum Materials Corp. (OTC Bulletin Board: QTMM), our scientists and engineers believe in the power of innovation. Our goal, whether its applied research into quantum materials, the development of advanced digital platforms, or creating new tools for personal health, is to find inspiration in discovering new solutions to build a better future for all. Quantum Materials is pioneering unique solutions in the area of quantum dot fabrication, quantum tagging, digital trust systems, and most recently, in the development of QMC HealthID™. Our team comprises experts in the areas of quantum materials, nanotechnology, health diagnostics, therapeutic health, digital platforms, advanced logistics, and anti-counterfeiting. As a company, we believe in collaboration. We find that innovation begins with the spark of a new insight that is rigorously pursued in a collegial and interdisciplinary environment. Bringing breakthrough ideas to life and forging new solutions which inspires our work is our continual goal. For more information, visit Quantum Materials Corp at www.quantummaterialscorp.com
Quantum Materials Corp Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Although Quantum Materials Corp management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Quantum Materials Corp that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biological application that may be filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of such product candidates, the fact that product candidates if approved may not be commercially successful, the future approval and commercial success of therapeutic alternatives, Quantum Materials Corp’s ability to benefit from external growth opportunities, to complete related transactions and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and market conditions, cost containment initiatives and subsequent changes thereto, and the impact that COVID-19 will have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the global economy as a whole. Any material effect of COVID-19 on any of the foregoing could also adversely impact us. This situation is changing rapidly, and additional impacts may arise of which we are not currently aware and may exacerbate other previously identified risks. Other than as required by applicable law, Quantum Materials Corp does not undertake any obligation to update or revise any forward-looking information or statements.