CHANGSHA, China, Nov. 11, 2019 /PRNewswire/
-- Urban Tea, Inc.
(NasdaqCM: MYT) (the "Company", "we" or "Urban Tea"), a premier retailer of specialty
teas and baked goods based in Hunan,
China, announced today that it has regained compliance with
Nasdaq's minimum stockholders' equity requirements.
November 4, 2019, the Company
received a written notification from the NASDAQ Listings
Qualification Staff (the "Staff") indicating that the Company
has regained compliance with the minimum stockholders' equity
requirements for the NASDAQ Capital Market pursuant to Listing Rule
5550(b)(1) (the "Minimum Stockholders' Equity Requirement") as the
Company's stockholders' equity is $9,151,867 as evidenced in the Form 20-F filed by
the Company on October 25, 2019 with
United States Securities and Exchange Commission for the year ended
June 30, 2019.
About Urban Tea, Inc.
Urban Tea, Inc. is an emerging
specialty tea product distributer and retailer headquartered in
Changsha City, Hunan Province, China. Through its wholly owned subsidiary,
Mingyuntang (Shanghai) Tea Co. Ltd
("Shanghai MYT") which controls Hunan Mingyuntang Brand Management
Company ("Hunan MYT"), the Company currently market a wide range of
trendy tea drinks, light meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on
not only their taste but also their aesthetic presentation and
health benefits. Our products are currently being offered via our
own stores. We expect to start selling our products in our managed
and JV stores in mid-2019. For more information, please visit:
http://ir.h-n-myt.com/investor.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
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SOURCE Urban Tea Inc.