SHANGHAI, May 24, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (NASDAQ: JMU), a
B2B online e-commerce platform that provides integrated services to
suppliers and customers in the foodservice industry in China, today announced it has received a
notice from Nasdaq stating that, as a result of not having timely
filed its annual report on Form 20-F for the year ended
December 31, 2018, JMU is not in compliance with Nasdaq Listing Rule
5250(c)(1), which requires timely filing of periodic financial
reports with the Securities and Exchange Commission (the
"Commission").
The Company is required by Nasdaq to submit its plan to regain
compliance no later than May 31,
2019. If the plan is accepted by Nasdaq, the Company can be
granted up to 180 calendar days from the Form 20-F's due date, or
until November 11, 2019, to regain
compliance.
On April 30, 2019, the Company
filed a Notification of inability to timely file Form 20-F on Form
12b-25 due to the Company's need for additional time to finalize
Form 20-F due to the change of Company's independent auditor.
JMU continues to work diligently to
complete the Form 20-F and file it with the Commission as soon as
reasonably practicable. The Company expects to submit a plan to
regain compliance or file its Form 20-F within the timeline
prescribed by Nasdaq.
In addition, Nasdaq is requesting information regarding changes
to the Company's independent auditor, which the Company announced
in a press release dated April 9,
2019.
About JMU Limited
JMU Limited is a B2B e-commerce platform that provides
integrated services to suppliers and customers in the foodservice
industry in China. 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 harbour" 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:
Zhengzhen Li
JMU Limited
lizhengzhen@ccjmu.com
Tel: +86 (021) 6015-1166, ext. 8904
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SOURCE JMU Ltd