Le Lézard
Classified in: Business, Covid-19 virus

Farmmi Receives Nasdaq Delisting Determination; Plans to Appeal


LISHUI, China, May 23, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced today that on May 20, 2022, it received a Staff determination letter (the "Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company of the Staff's determination to delist the Company's securities from The Nasdaq Capital Market because the Company's securities have had a closing bid price below $0.10 for ten consecutive trading days, which triggers a notice of delisting pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iii)(1) (the "$0.10 Rule"). In addition to the $0.10 Rule delisting notice, the Company also currently fails to satisfy the requirement that the closing bid price of its securities remain at $1.00 or higher as required by Nasdaq Listing Rule 5810(c)(3)(A) (the "Minimum Bid Price Rule"). The Company has received a period of 180 calendar days and a second period of an additional 180 calendar days to return to compliance with the Minimum Bid Price Rule, which compliance period expires on May 30, 2022. If the Company's securities fail to regain compliance with the Minimum Bid Price Rule, Nasdaq will have an additional basis for delisting the securities.

Pursuant to the Letter, unless the Company requests an appeal of the Letter, trading of the Company's ordinary shares will be suspended at the opening of business on June 1, 2022, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on the Nasdaq Stock Market.

The Company plans to appeal the Staff's determination to a Hearings Panel (the "Panel"), and separately it expects the recently approved consolidation of its ordinary shares will take effect on May 31, 2022. A hearing request will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision.

About Farmmi, Inc.

Established in 1998, Farmmi Inc. (NASDAQ: FAMI) is an agricultural products supplier, processor and retailer of edible mushrooms like Shiitake and Mu Er, as well as other agricultural products. In addition to its offline sales, Farmmi sells its products direct-to-consumer at http://www.farmmi88.com. For further information about the Company, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations and intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customer's businesses and our end purchaser's disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China, our ability to attract and retain skilled professionals, client concentration, industry segment concentration, and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Farmmi may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

SOURCE Farmmi, Inc.


These press releases may also interest you

at 10:30
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES Conclusion of long-term multi-party effort to consolidate 100%...

at 10:25
The "Knee Replacement Market Report with Covid Impact - Global - 2022-2028 - MedCore" report has been added to ResearchAndMarkets.com's offering. The total global knee replacement market is growing at a rate of 4.2%, which will take the 2021 market...

at 10:25
A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Autonomous Last Mile Delivery - Global Market Trajectory & Analytics". The report presents fresh perspectives...

at 10:25
A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "G.Fast Chipsets - Global Market Trajectory & Analytics". The report presents fresh perspectives on...

at 10:20
The "India Automotive Wiring Harness Market, By Vehicle Type (Passenger Cars and Commercial Vehicles), By Component Type, By Material Type, By Application, By Region and Competition, Forecast & Opportunities, 2018- 2028F" report has been added to...

at 10:20
Post Holdings, Inc. (the "Company" or "Post") today announced it has commenced a cash tender offer (the "Tender Offer") to purchase up to $450.0 million (subject to increase, the "Tender Cap") in aggregate cash consideration (excluding accrued...



News published on 23 may 2022 at 07:00 and distributed by: