SHANGHAI, Jan. 7, 2019 /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
January 4, 2019, notifying that, the
Company is currently not in compliance with the minimum
bid price requirement set forth under NASDAQ Listing Rule
5450(a)(1) (the "Rule"). It has resulted from the fact that the bid
price of the Company's American depositary shares ("ADSs") closed
below US$1 per share for the last 30 consecutive business
days from November 19, 2018 through January 3, 2019.
The Company has been granted a grace period of 180 calendar days,
expiring on July 3, 2019, in which to regain compliance. The
Company will regain compliance if, at any time during this 180-day
period, the closing bid price of the Company's ADSs is at
least $1 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 be eligible for
additional time.
The Company intends to monitor the closing bid price of its ADSs
between now and July 3, 2019 and intends to consider
available options to cure the deficiency and regain compliance with
the Rule's minimum bid price 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 (010) 6583-7504
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SOURCE JMU Ltd