BEIJING, June 9, 2022 /PRNewswire/ -- ReTo
Eco-Solutions, Inc. (Nasdaq: RETO) ("ReTo" or the "Company"), a
provider of technology solutions and operation services for
intelligent ecological environments and roadside assistance
services and software development services in China, today announced that the Company
received a written notification (the "Notification Letter") from
the Nasdaq Stock Market LLC ("Nasdaq") on June 3, 2022, notifying the Company that it is
not in compliance with the minimum bid price requirement set forth
in Nasdaq Rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule
5810(c)(3) (A) provides that a failure to meet the minimum bid
price requirement exists if the deficiency continues for a period
of 30 consecutive business days. Based on the closing bid price of
the Company's common shares for the 30 consecutive business days
from April 21, 2022 to June 2, 2022, the Company no longer meets the
minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until November 30, 2022, to regain compliance
with Nasdaq Listing Rule 5550 (a)(2). To regain compliance, the
Company's common shares must have a closing bid price of at least
US$1.00 for a minimum of 10 consecutive business days. In the event
the Company does not regain compliance by November 30, 2022, the
Company may be eligible for additional time to regain compliance or
may face delisting.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its common shares and may, if appropriate,
consider implementing available options, including, but not limited
to, implementing a reverse share split of its outstanding common
shares, to regain compliance with the minimum bid price requirement
under the Nasdaq Listing Rules.
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo Eco-Solutions, Inc., through its
proprietary technologies, systems and solutions, is striving to
bring clean water and fertile soil to communities worldwide. The
Company offers a full range of products and services, ranging from
the production of environmentally-friendly construction materials,
environmental protection equipment, and manufacturing equipment
used to produce environmentally-friendly construction materials, to
project consulting, design, and installation for the improvement of
ecological environments, such as ecological soil restoration
through solid waste treatment. Through its subsidiary Hainan REIT
Mingde Investment Holding Co., Ltd. and Hainan Yile IoT Technology
Co., Ltd, a high-tech enterprise in Hainan Province, the Company provides roadside
assistance services to drivers within Hainan Province through its network of tow
providers, automotive repair services and other service providers,
and is also engaged in the design, development and sales of
customized software solutions. For more information, please visit:
http://en.retoeco.com.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate," or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
construction industry in China;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing and other
risks contained in reports filed by the Company with the Securities
and Exchange Commission (the "SEC"). For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
ReTo Eco-Solutions, Inc.
Giorgio Zhao
Beijing Phone: +86-010-64827328
ir@retoeco.com or 310@reit.cc
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SOURCE ReTo Eco-Solutions, Inc.