BEIJING, March 10, 2020 /PRNewswire/ -- JMU Limited
(the "Company") (Nasdaq: MFH) today announced that the Company had
received a notice from the NASDAQ Stock Market
LLC ("NASDAQ"), dated March 2,
2020, notifying that, the Company is currently not in
compliance with the minimum bid price requirement set forth
under NASDAQ Listing Rule 5550(a)(2) (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 January 15,
2020 to February 28, 2020. The
Company has been granted a grace period of 180 calendar days,
expiring on August 31, 2020, 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 US$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 August 31, 2020 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 Capital 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.
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," "hope,"
"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 the Company's beliefs and expectations 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. All information provided in this press
release is as of the date of this press release and is based on
assumptions that the Company believes to be reasonable as of this
date, and the Company does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
Contact:
Xingyan
Gao
JMU Limited
ir@ccjmu.com
Tel: +86 (021) 6015-1166, ext. 8904
For more information about JMU Limited, please visit:
http://ir.ccjmu.com.
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SOURCE JMU Ltd