Golden Heaven Group Holdings Ltd. Announces Receipt of Nasdaq Delisting Determination and Plans to Appeal
August 14 2024 - 4:10PM
Golden Heaven Group Holdings Ltd. ("Golden Heaven" or the
"Company") (Nasdaq: GDHG), an amusement park operator in China,
today announced the Company received a staff determination letter
(the “Letter”), on August 9, 2024, from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the
Company that, due to the Company's failure to regain compliance
with the minimum bid price of $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 Requirement"),
Nasdaq has determined (the “Determination”) that the Company's
securities will be scheduled for delisting from Nasdaq unless the
Company requests an appeal of such Determination to a Hearings
Panel (the "Panel").
On February 8, 2024, the Company received a
letter from Nasdaq (the "Notice"), notifying the Company that,
based upon the closing bid price of its Class A ordinary shares for
the last 30 consecutive business days preceding the Notice, the
Company was not in compliance with the Minimum Bid Requirement. In
accordance with Listing Rule 5810(c)(3)(A), the Notice provided the
Company a period of 180 calendar days from the date of the Notice,
or until August 6, 2024, to regain compliance with the Minimum Bid
Requirement.
According to the Letter, the Company had not
regained compliance with the Minimum Bid Requirement as of August
6, 2024, and is not eligible for a second 180-day period.
Specifically, Nasdaq does not believe the Company will cure the
deficiency and sustain compliance with the Minimum Bid Requirement.
In that regard, Nasdaq notes in the Letter that, as of August 8,
2024, the closing bid price of the Company’s Class A ordinary
shares was $0.12. Unless the Company requests an appeal of the
Determination by August 16, 2024, the Company’s Class A ordinary
shares will be suspended at the opening of business on August 20,
2024, and a Form 25-NSE will be filed with the U.S. Securities and
Exchange Commission, which will remove the Company’s Class A
ordinary shares from listing and registration on Nasdaq.
The Company plans to timely appeal the
Determination to the Panel in due course. A hearing request will
stay the suspension of the Company’s securities and the filing of
Form 25-NSE pending the Panel’s decision. The Company is
considering all options available to it, including a reverse stock
split, and will provide its shareholders with material updates when
they are available.
About Golden Heaven Group Holdings
Ltd.
The Company is an offshore holding company
incorporated in the Cayman Islands with no material
operations of its own. Through its Chinese operating entities, the
Company manages and operates amusement parks, water parks and
complementary recreational facilities. The parks offer a broad
selection of exhilarating and recreational experiences, including
both thrilling and family-friendly rides, water attractions,
gourmet festivals, circus performances, and high-tech facilities.
For more information, please visit the Company's website
at https://ir.jsyoule.com/.
Forward-Looking Statements
This press release contains "forward-looking
statements". Forward-looking statements reflect our current view
about future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "may," "will," "could," "expect," "anticipate," "aim,"
"estimate," "intend," "plan," "believe," "is/are likely to,"
"propose," "potential," "continue" or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
For more information, please
contact:Golden Heaven Group Holdings
Ltd.Email: group@jsyoule.com
Ascent Investors Relations
LLCTina XiaoPhone:
+1-646-932-7242Email: tina.xiao@ascent-ir.com
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