Ningbo, Zhejiang, China--(Newsfile Corp. - July 27, 2026) - Haoxin Holdings Limited (NASDAQ: HXHX) ("Haoxin" or the "Company") today announced several significant corporate governance developments, including changes to its Board of Directors and an update regarding its Nasdaq listing compliance status.

Board of Directors Changes

Director Resignations

Effective July 8, 2026, Haoxin Holdings Limited announced the resignations of two independent directors from its Board. On June 23, 2026, Mr. Bangjie Hu tendered his resignation as an independent director and Chair of the Audit Committee, as well as a member of the Nominating and Compensation Committees [1]. Also on June 23, 2026, Mr. Mikael Charette tendered his resignation as an independent director and Chair of the Compensation Committee, as well as a member of the Nominating and Audit Committees of the Company [2]. Both resignations became effective on July 8, 2026.

The Company thanks Mr. Hu and Mr. Charette for their dedicated service and valuable contributions to the Board during their respective tenures.

New Independent Director Appointments

To fill the vacancies created by the resignations, the Board of Directors took action on July 20, 2026, appointing two new independent directors [3].

Mr. Rohit Phansalkar has been appointed as an independent director and Chair of the Compensation Committee, as well as a member of the Nominating and Audit Committees of the Company [4].

Mr. Phansalkar has had a long and distinguished career in investment banking. He was a Partner and Co-Head of the Energy Finance Group at Shearson American Express, a Managing Director of Bear Stearns & Co., and a Managing Director and Head of the Energy Finance Group at Oppenheimer & Co., where he was also responsible for expanding Oppenheimer's business in Asia. Mr. Phansalkar was the Founding Chairman of NYSE-listed The India Fund, and the Founder, Vice Chairman and CEO of Newbridge Capital, a firm primarily focused on private equity transactions. He also served as Chairman and CEO of Osicom Technologies, an optical networking company listed on Nasdaq. Currently, Mr. Phansalkar is the Chairman and CEO of RKP Capital, Inc., a merchant banking and financial advisory boutique. Over the years, Mr. Phansalkar has served as a Non-Executive Director of numerous public and private corporations and organizations. He holds a B.S. in Engineering from Michigan Technological University and an MBA from Harvard Business School. Mr. Phansalkar's LinkedIn profile can be found at https://www.linkedin.com/in/rohit-phansalkar-95689/

Ms. Mengzhi Wang has been appointed as an independent director and Chair of the Audit Committee, as well as a member of the Nominating and Compensation Committees of the Company [5].

The Board has determined that both Mr. Phansalkar and Ms. Wang qualify as "independent directors" as defined under Nasdaq Listing Rule 5605(a)(2) [6].

Nasdaq Compliance Update

On June 17, 2026, the Company received a letter from Nasdaq advising that the Company had been granted an additional 180 calendar days extension, or until December 14, 2026, to regain compliance with the minimum bid price requirement [7].

The Company is actively monitoring the closing bid price of its Class A Ordinary Shares and may, if appropriate, consider implementing available options, including implementing a reverse stock split, to regain compliance with the minimum bid price requirement prior to the December 14, 2026 deadline [8]. If the Company does not regain compliance within the extension period, Nasdaq will provide notice that the Company's securities will be subject to delisting, at which point the Company would be entitled to appeal that determination to a Nasdaq hearings panel [9].

The Company remains committed to maintaining its Nasdaq listing and will continue to evaluate all available strategies to achieve compliance.

About Haoxin Holdings Limited

Haoxin Holdings Limited is a leading provider of temperature-controlled truckload transportation and urban delivery services in China, utilizing large and medium-sized logistics vehicles for factory logistics and intra-city deliveries. The company's transportation network covers 30 out of the 34 provinces and autonomous regions in China. For more information, please visit the Company's website: www.ir.haoxinholdings.com

Cautionary Note Regarding Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than statements of historical fact and include, without limitation, statements regarding the Company's intentions, plans, and ability to regain compliance with Nasdaq's continued listing requirements, including any potential reverse stock split. Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the Company's control, that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the Company's ability to successfully implement any of its plans to regain compliance and external market factors. The Company does not undertake any obligation to update any forward-looking statements, except as required by law.

This press release is based on information reported in Haoxin Holdings Limited's Form 6-K filed with the U.S. Securities and Exchange Commission on July 24, 2026.

Sources

[1] ea029920801-6k_haoxinedgar1.docx, p.1
[2] ea029920801-6k_haoxinedgar1.docx, p.1
[3] ea029920801-6k_haoxinedgar1.docx, p.1
[4] ea029920801-6k_haoxinedgar1.docx, p.1
[5] ea029920801-6k_haoxinedgar1.docx, p.1
[6] ea029920801-6k_haoxinedgar1.docx, p.1
[7] ea029920801-6k_haoxinedgar1.docx, p.1
[8] ea029920801-6k_haoxinedgar1.docx, p.1
[9] ea029920801-6k_haoxinedgar1.docx, p.1
[10] ea029920801-6k_haoxinedgar1.docx, p.1

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306625

Source: Haoxin Holdings Limited