SHANGHAI, March 19, 2018 /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 March 14, 2018, 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 January 30, 2018
through March 13, 2018. The Company
has been granted a grace period of 180 calendar days, expiring on
September 10, 2018, 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 September 10, 2018
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 is
further promoting the use of its platform for small- and
medium-sized restaurants and restaurant chains 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:
Freda Feng, IR Director
JMU Limited
fengxiaohong@ccjmu.com
Tel: +86-21-6015-1166 ext.8904
Bill Zima
ICR Inc.
bill.zima@icrinc.com
Tel: +1(203)-682-8200
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SOURCE JMU Ltd