Current Report Filing (8-k)
December 27 2019 - 5:07PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
AND EXCHANGE ACT OF 1934
Date
of report (date of earliest event reported): December 24, 2019
SHINECO,
INC.
(Exact
name of registrant as specified in its charter)
Delaware
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001-37776
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52-2175898
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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Room
1001, Building T5,
DaZu
Square, Daxing District,
Beijing,
People’s Republic of China
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (+86) 10-87227366
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant
under any of the following provisions:
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Common
Stock
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TYHT
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NASDAQ
Capital Market
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Indicate
by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act
of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
3.01
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Notice
of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
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On
June 26, 2019, Shineco, Inc. (“Shineco” or “Company”) received a letter from the Listing Qualifications
Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) notifying Shineco that, for the last 30
consecutive business days, the closing bid price for Shineco’s common stock was below the minimum $1.00 per share requirement
for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price
Requirement”). The Nasdaq letter had no immediate effect on the listing of Shineco‘s common stock on the Nasdaq Capital
Market.
In
accordance with Nasdaq listing rules, Shineco was provided an initial period of 180 calendar days, or until December 23, 2019
(the “Compliance Date”), to regain compliance with the Minimum Bid Price Requirement. If Shineco does not regain compliance
by the Compliance Date, Shineco may be eligible for an additional 180 calendar day compliance period. To qualify for such additional
compliance period, Shineco would have to meet the continued listing requirement for the market value of publicly held shares and
all other initial listing standards for The Nasdaq Capital Market, except for the Minimum Bid Price Requirement, and Shineco would
need to provide written notice of its intention to cure the deficiency during the additional compliance period, by effecting a
reverse stock split, if necessary.
On
December 24, 2019, the Shineco received another written notification from Nasdaq indicating that Shineco is eligible for an additional
180 calendar day period, or until June 22, 2020, to regain compliance. Nasdaq’s determination is based on Shineco 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 Shineco’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 Shineco’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. Shineco will
monitor the closing bid price of its common shares and will consider various options to regain compliance by the Expiration Date.
There can be no assurance that Shineco will regain compliance with the Minimum Bid Price Requirement or maintain compliance with
any of the other Nasdaq continued listing requirements.
SIGNATURE
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
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SHINECO, INC.
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By:
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/s/
Yuying Zhang
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Name:
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Yuying
Zhang
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Its:
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Chief
Executive Officer
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Dated:
December 27, 2019
2
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