SHANGHAI, July 16, 2019 /PRNewswire/ -- JMU Limited (the
"Company" or "JMU") (Nasdaq:
JMU), a B2B online e-commerce platform
that provides integrated services to suppliers and customers in the
foodservice industry in China,
today announced it received a letter (the "Notification Letter")
from Nasdaq notifying the Company that it does not meet the
continued listing requirements for (i) the stockholders' equity as
reported in the Company's annual report on Form 20-F for the period
ended December 31, 2018 is below the
minimum amount of $10,000,000 as
required for continued listing under the equity standard, (ii) the
market value of listed securities of the Company is below
$50 million as required for continued
listing under the market value standard, and (iii) the market value
of publicly held shares is below $15
million as required for continued listing under both the
market value and the total assets/total revenue standards.
The Notification Letter states that the staff of Nasdaq has
determined to apply more stringent criteria and shorten the time
period for the Company to submit its plan to regain compliance (the
"Compliance Plan"). In that regard, the Company must submit its
Compliance Plan no later than July 22,
2019. The Company is working diligently to prepare the
Compliance Plan and expects to submit it to Nasdaq within this
timetable. If the Compliance Plan is accepted, the Company can be
granted an extension of up to 180 calendar days from the date of
the Notification Letter to evidence compliance.
About JMU Limited
JMU Limited operates a B2B e-commerce platform that provides
integrated services to suppliers and customers in the foodservice
industry in China. 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. 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:
Zhengzhen Li
JMU Limited
lizhengzhen@ccjmu.com
Tel: +86 (021) 6015-1166, ext. 8904
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SOURCE JMU Ltd