Shineco, Inc. Receives Extension of Compliance Period from Nasdaq
December 27 2019 - 9:00AM
Shineco, Inc. ("Shineco" or the "Company"; Nasdaq: TYHT), a
producer and distributor of Chinese herbal medicines, organic
agricultural produce, hemp products, and various health and
well-being focused plant-based products in China, announced
today that the Company received a letter from Nasdaq Listing
Qualifications Staff (“Nasdaq”) that the Company has been granted
an additional 180-day grace period or until June 20, 2020
(“Expiration Date”) to regain compliance with the minimum $1.00 bid
price per share Listing Rule (the “Rule”).
On June 26, 2019, the Company received a written
notification from the Nasdaq indicating that the Company did not
comply with the minimum $1.00 bid price per share requirement for
continued listing on The Nasdaq Capital Market set forth in Listing
Rule 5810.
December 24, 2019, the Company received another
written notification from Nasdaq indicating that the Company is
eligible for an additional 180 calendar day period, or until June
22, 2020, to regain compliance. Nasdaq’s determination is based on
the Company meeting the continued listing requirement for market
value of publicly held shares and all other applicable requirements
for initial listing on the Capital Market with the exception of the
bid price requirement, and the Company’s written notice of its
intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary. If at any
time during this additional time period the closing bid price of
the Company’s security is at least $1 per share for a minimum of 10
consecutive business days, Nasdaq will provide written confirmation
of compliance and this matter will be closed. The Company will
monitor the closing bid price of its common shares and will
consider various options to regain compliance by the Expiration
Date.
About Shineco, Inc.
Incorporated in Delaware in August
1997 and headquartered in Beijing, China, Shineco is
a holding company. Through its subsidiaries and variable
interest entities, Shineco undertakes vertically- and
horizontally-integrated production, distribution, and sales
channels to provide health and well-being focused plant-based
products in China. Utilizing modern engineering technologies
and biotechnologies, Shineco produces, among other products,
Chinese herbal medicines, organic agricultural produce, and
specialized textiles. For more information about Shineco, please
visit http://tianyiluobuma.com.
Forward-Looking Statements
This press release contains information about
Shineco's view of its future expectations, plans and prospects that
constitute forward-looking statements. Actual results may differ
materially from historical results or those indicated by these
forward-looking statements as a result of a variety of factors
including, but not limited to, risks and uncertainties associated
with its ability to raise additional funding, its ability to
maintain and grow its business, variability of operating results,
its ability to maintain and enhance its brand, its development and
introduction of new products and services, the successful
integration of acquired companies, technologies and assets into its
portfolio of products and services, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the technical skills and experience necessary to meet the
requirements of its clients, and its ability to protect its
intellectual property. Shineco encourages you to review other
factors that may affect its future results in Shineco's
registration statement and in its other filings with the Securities
and Exchange Commission.
For more information, please contact:
Tina Xiao Ascent Investor Relations LLC Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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