LISHUI, China, June 4, 2021 /PRNewswire/ -- Farmmi, Inc.
("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products
supplier in China, today announced
that on June 3, 2021, it received a
letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the
Company that it is currently not in compliance with the minimum bid
price requirement set forth under Nasdaq Listing Rule 5550(a)(2).
It resulted from the fact that the closing bid price of the
Company's ordinary shares was below $1.00 per share for a period of 30 consecutive
business days. This press release is issued pursuant to Nasdaq
Listing Rule 5810(b), which requires prompt disclosure of receipt
of a deficiency notification. The notification has no immediate
effect on the listing of the Company's ordinary shares, which will
continue to trade uninterrupted on Nasdaq under the ticker
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until November 30, 2021
(the "Compliance Period"), to regain compliance with Nasdaq's
minimum bid price requirement. If at any time during the Compliance
Period, the closing bid price per share of the Company's ordinary
shares is at least $1.00 for a minimum of 10 consecutive business
days, Nasdaq will provide the Company a written confirmation of
compliance and the matter will be closed. In the event the Company
does not regain compliance with the minimum bid price requirement
within 180 calendar days, the Company may be eligible for
In the event the Company does not regain compliance with the
minimum bid price requirement by November
30, 2021, the Company may be eligible for an additional 180
calendar day grace period.
About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a
leading agricultural products supplier, processor and retailer of
Shiitake mushrooms, Mu Er mushrooms, other edible fungi and other
agricultural products. For further information about the Company,
please visit: http://ir.farmmi.com.cn/.
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including the potential impact of COVID-19 on our
business within and outside of China. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
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SOURCE Farmmi, Inc.