Item 8.01. Other Events.
In accordance with the Securities and Exchange Commission Order Under Section 36
of the Securities Exchange Act of 1934 Granting Exemptions from Specified
Provisions of the Exchange Act and Certain Rules, China Carbon Graphite Group,
Inc. (the "Company") plans to submit an exemption application with the
Securities and Exchange Commission to exempt itself from filing the annual
report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"),
on a timely basis, due to the undue burden and hardship caused by the impact of
COVID-19.
Company's subsidiary, Royal Elite New Energy Science and Technology Co., Ltd.,
operates an office and a laboratory located in the City of Shanghai, China. The
Chinese government has implemented a zero-tolerance approach to COVID-19. The
ongoing lockdown and quarantine imposed by the local government in response to
the COVID-19 public health emergency has made it impossible (a) for the Company
and third parties in Shanghai to provide information to the Company's
independent registered public accounting firm to enable the completion of the
audit of the Company's consolidated financial statements in time to allow for,
or (b) to otherwise enable the Company to complete the internal processes
required to approve and file the Annual Report on Form 10-K (the "Annual
Report") on a timely basis.
The Company expects to file its Annual Report within 30 days after the PRC
government has lifted its lockdown policy.
The Company does not believe COVID-19 will have a material impact on its
business, and the reason the Annual Report cannot be filed timely does not
relate to the inability of any person, other than the Company, to furnish any
required opinion, report, or certification.
Forward-Looking Statements
Certain of the statements contained in this report should be considered
forward-looking statements within the meaning of U.S. federal securities laws.
Such forward-looking statements include, but are not limited to, statements
regarding the audit of the financial statements of the Company and the filing of
the Annual Report, as well as the Company's expectations, hopes, beliefs,
intentions, plans, prospects or strategies regarding the future revenues and the
business plans of its management team. Any statements contained herein that are
not statements of historical fact may be deemed to be forward-looking
statements. In addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intends," "may," "might,"
"plan," "possible," "potential," "predict," "project," "should," "would" and
similar expressions may identify forward-looking statements, but the absence of
these words does not mean that a statement is not forward-looking. The
forward-looking statements contained in this report are based on certain
assumptions and analyses made by the management of the Company in light of their
respective experience and perception of historical trends, current conditions
and expected future developments and their potential effects on the Company as
well as other factors they believe are appropriate in the circumstances. There
can be no assurance that future developments affecting the Company will be those
anticipated. These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond the control of the parties) or other
assumptions that may cause actual results or performance to be materially
different from those expressed or implied by these forward-looking statements,
including the mix of services utilized by the Company's customers and such
customers' needs for these services, the ability of the Company to expand what
it does for existing customers as well as to add new customers, that the Company
will have sufficient capital to operate as anticipated, and the impact that the
novel coronavirus and the illness, COVID-19, that it causes, as well as
governmental responses to deal with the spread of this illness, may have on the
Company's operations, the demand for the Company's products, global supply
chains and economic activity in general. Should one or more of these risks or
uncertainties materialize, or should any of the assumptions being made prove
incorrect, actual results may vary in material respects from those projected in
these forward-looking statements. We undertake no obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required under applicable securities laws.
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