LISHUI, China, May 27, 2022
/PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company")
(NASDAQ: FAMI), an agricultural products supplier in China, today appealed the Staff Determination
from the Listing Qualifications Department of The Nasdaq Stock
Market LLC ("Nasdaq"), to a Hearings Panel (the "Panel") to delist
the Company's securities from The Nasdaq Capital Market because the
Company's securities have had a closing bid price below
$0.10 for ten consecutive trading
days, which triggers a notice of delisting pursuant to Nasdaq
Listing Rule 5810(c)(3)(A)(iii)(1) (the "$0.10 Rule"). In addition to the $0.10 Rule delisting notice, the Company also
currently fails to satisfy the requirement that the closing bid
price of its securities remain at $1.00 or higher as required by Nasdaq Listing
Rule 5810(c)(3)(A) (the "Minimum Bid Price Rule"). The Company has
received a period of 180 calendar days and a second period of an
additional 180 calendar days to return to compliance with the
Minimum Bid Price Rule, which compliance period expires on May 30,
2022. If the Company's securities fail to regain compliance with
the Minimum Bid Price Rule, Nasdaq will have an additional basis
for delisting the securities.
As noted in the Company's press release on May 23, 2022, the hearing request will stay the
suspension of the Company's securities and the filing of the Form
25-NSE pending the Panel's decision. In connection with its request
for a hearing, the Company has also requested that the Staff
Determination be further stayed pending the resolution of the
Company's appeal. According to the Staff Determination, hearings
are typically scheduled to occur approximately 30-45 days after the
date of a company's hearing request.
As part of its plan to regain compliance with the applicable
listing requirements, the Company also noted in its
May 23, 2022 press release that that
it expects the recently approved consolidation of its ordinary
shares will take effect on May 31,
2022.
About Farmmi, Inc.
Established in 1998, Farmmi Inc. (NASDAQ: FAMI) is an
agricultural products supplier, processor and retailer of edible
mushrooms like Shiitake and Mu Er, as well as other agricultural
products. In addition to its offline sales, Farmmi sells its
products direct-to-consumer at http://www.farmmi88.com. For
further information about the Company, please visit:
http://ir.farmmi.com.cn/.
Forward-Looking Statements
No statement made in this press release should be interpreted as
an offer to purchase or sell any security. Such an offer can only
be made in accordance with the Securities Act of 1933, as amended,
and applicable state securities laws. Certain statements in this
press release concerning our future growth prospects are
forward-looking statements regarding our future business
expectations and intended to qualify for the "safe harbor" under
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding the outcome of appeal
of a Nasdaq delisting determination, lingering effects of the
Covid-19 pandemic on our customer's businesses and our end
purchaser's disposable income, our ability to raise capital on any
particular terms, fulfillment of customer orders, fluctuations in
earnings, fluctuations in foreign exchange rates, our ability to
manage growth, our ability to realize revenue from expanded
operation and acquired assets in China, our ability to attract and retain
skilled professionals, client concentration, industry segment
concentration, and general economic conditions affecting our
industry. Additional risks that could affect our future operating
results are more fully described in our United States Securities
and Exchange Commission filings. These filings are available at
www.sec.gov. Farmmi may, from time to time, make additional written
and oral forward-looking statements, including statements contained
in the Company's filings with the Securities and Exchange
Commission and our reports to shareholders. In addition, please
note that any forward-looking statements contained herein are based
on assumptions that we believe to be reasonable as of the date of
this press release. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or
on behalf of the Company unless it is required by law.
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SOURCE Farmmi, Inc.