QINGDAO, China, July 12, 2019 /PRNewswire/ -- TDH Holdings, Inc.
(NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that
specializes in the development, manufacturing and sales of various
pet food products under multiple established brands in China, Asia
and Europe, today announced that
on July 9, 2019 it received a Staff
Delisting Determination letter from The Nasdaq Stock Market, LLC
setting forth a determination to delist the Company's common shares
from The Nasdaq Capital Market as a result of the Company's
inability to regain compliance with the minimum bid price continued
listing requirement under Listing Rule 5550(a)(2) within the time
previously allotted by the Nasdaq Staff. The Company was also
subsequently notified of its failure to comply with the Listing
Rule 5550(b) which requires a minimum of $2.5 million in stockholders' equity,
$35 million in market value of listed
securities, or $500,000 in net income
from continuing operations for continued listing.
The Delisting Determination stated that such delisting would be
effective at the opening of business on July
18, 2019 unless the Company requests an appeal of the
Delisting Determination. The Company intends to appeal this
Determination by requesting a hearing before a Hearings Panel. A
hearing request will stay the delisting of the Company's
securities. The hearing date will be determined by the Nasdaq
Staff following the hearing request
submission date. The Company plans to address the ongoing
non-compliance matters before the Hearings Panel. There can be no
assurance that, following the hearing, the Panel will grant the
Company's request for additional time to regain compliance with the
Nasdaq continued listing requirements. If the Panel does not grant
the Company's request for additional time, the Company's securities
will be subject to delisting. If the Company is delisted from the
Nasdaq Capital Market, its common shares may be traded
over-the-counter on the OTC Bulletin Board or in the "pink sheets"
if one or more market makers seeks and obtains approval by the
Financial Industry Regulatory Authority to continue quoting in the
Company's common shares. Many over-the-counter stocks trade less
frequently and in smaller volumes than securities traded on the
Nasdaq markets, which would likely have a material adverse effect
on the liquidity and value of the Company's common shares.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b) which requires prompt disclosure of receipt of a Staff
delisting determination.
About TDH Holdings, Inc.
TDH Holdings, Inc. (the "Company") (NASDAQ: PETZ), is a
developer, manufacturer and distributer of a variety of pet food
products under multiple brands that are sold in the China, Asia
and Europe. More information about
the Company can be found at www.tiandihui.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties. Such
forward-looking statements include statements about the risk that
the Company will be unable to regain compliance with the Nasdaq
Capital Market listing requirements and that its appeal to the
Nasdaq listing qualifications panel will not be timely filed or
will be unsuccessful, resulting in the inability of the Company to
maintain its listing on the Nasdaq Capital Market, the risk that an
over-the-counter market will not trade the Company's shares if the
Nasdaq Capital Market delists the Company. Actual events or results
may differ materially from the Company's expectations. Factors that
could cause actual results to differ materially from those stated
or implied by the Company's forward-looking statements are
disclosed in its filings with the Securities and Exchange
Commission. These forward-looking statements represent the
Company's judgment as of the time of this release. The Company
disclaims any intent or obligation to update these forward-looking
statements, other than as may be required under applicable law.
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SOURCE TDH Holdings, Inc.