SHANGHAI, Dec. 12, 2018 /PRNewswire/ -- JMU Limited ("the
Company" or "JMU") (NASDAQ:
JMU), a leading B2B online e-commerce
platform that provides integrated services to suppliers and
customers in the foodservice industry in China, today announced that the Company had
received a notice from the NASDAQ Stock Market LLC ("NASDAQ"),
dated December 10, 2018, notifying
that, the Company is currently not in compliance with the minimum
market value of publicly held shares (the "Market Value of Publicly
Held Shares") set forth under NASDAQ Listing Rule 5450(b)(1)(c)
(the "Rule"). It has resulted from the fact that the market value
of the Company's publicly held shares was below US$5,000,000 for
the last 30 consecutive business days from October 22, 2018 through
December 7, 2018. The Company has been granted a grace period of
180 calendar days, expiring on June 10, 2019, in which to regain
compliance. The Company will regain compliance if, at any time
during this 180-day period, the market value of the Company's
publicly held shares closes at US$5,000,000 or more for a minimum
of ten consecutive business days. In the event the Company does not
regain compliance with the Rule within 180 calendar days, the
Company may consider applying to transfer its American depositary
shares (the "ADSs") to the NASDAQ Capital Market, or delist its
ADSs.
The Company intends to monitor the market value of its publicly
held shares between now and June 10,
2019 and intends to consider available options to cure the
deficiency and regain compliance with the Rule's minimum market
value of publicly held shares requirement within the prescribed
grace period. The Company's ADSs will continue to be listed and
trade on the NASDAQ Global Market during this period, unaffected by
the receipt of the written notice from NASDAQ.
This announcement is made in compliance with NASDAQ Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About JMU Limited
JMU Limited currently operates China's leading B2B online e-commerce platform
that provides integrated services to suppliers and customers in the
catering industry. With the help of Internet and cloud
technologies, JMU has the vision to
reshape the procurement and distribution pattern and build a fair
business ecosystem in the catering industry in China. JMU keeps
concentrating on its ready-to-cook and ready-to eat products in
China.
Through cooperation with national and local industry
associations and reputable restaurant groups across China, JMU has
formed a leading industrial alliance and has great resource
leverage in China's catering
industry. JMU works closely with
suppliers and customers in the catering industry, providing
one-stop procurement services, as well as other value-added
services. For more information, please visit:
http://ir.ccjmu.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such
as "aim", "anticipate", "believe", "estimate", "expect", "going
forward", "intend", "ought to", "plan", "project", "potential",
"seek", "may", "might", "can", "could", "will", "would", "shall",
"should", "is likely to" and the negative form of these words and
other similar expressions. Among other things, statements that are
not historical facts, including statements about JMU's beliefs and expectations, the business
outlook and quotations from management in this announcement, as
well as JMU's strategic and operational
plans, are or contain forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement,
including but not limited to the following:
The general economic and business conditions in China may deteriorate. The
growth
of Internet and mobile user population in China might not be as strong as expected.
JMU's plan to enhance customer
experience, upgrade infrastructure and increase service offerings
might not be well received. JMU might
not be able to implement all of its strategic plans as expected.
Competition in China may intensify
further. All information provided in this press release is as of
the date of this press release and are based on assumptions that we
believe to be reasonable as of this date, and JMU does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Contact:
Luna Zhang JMU Limited
zhangluna@ccjmu.com
Tel: +86 (021) 6015-1166, ext. 8904
Kristy Meng
ICR Inc.
kristy.meng@icrinc.com
Tel: +86 (10) 6583-7504
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SOURCE JMU Ltd