BEIJING, Sept. 18, 2019 /PRNewswire/ -- Lianluo Smart
Limited ("Lianluo Smart" or the "Company") (Nasdaq: LLIT), a China
based professional smart service and products provider announced
today that on September 11, 2019, the
Company received a notification letter from the Nasdaq Listing
Qualifications Staff of the Nasdaq Stock Market LLC ("Nasdaq")
notifying the Company that the minimum bid price per share for its
ordinary shares has been below $1.00
for a period of 30 consecutive business days and the Company
therefore no longer meets the minimum bid price requirements set
forth in Nasdaq Listing Rule 5550(a)(2).
The notification received has no immediate effect on the listing
of the Company's common stock on Nasdaq. Under the Nasdaq Listing
Rules, the Company has until March 9,
2020 to regain compliance. If at any time during such
180-day period the closing bid price of the Company's common shares
is at least $1 for a minimum of 10
consecutive business days, Nasdaq will provide the Company written
confirmation of compliance.
If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provides a written
notice of its intention to cure this deficiency during the second
compliance period, by effecting a reverse stock split, if
necessary.
About Lianluo Smart Limited
Lianluo Smart Limited (Nasdaq: LLIT) is a professional smart
service and products provider, which develops, markets and sells
medical wearable devices, smart devices and ecosystem platform in
China. The Company's business is
divided into three sectors. The medical wearable devices sector's
major product is wearable sleep respiratory device. It provides
medical detection and monitoring to OSA (Obstructive Sleep Apnea)
syndrome patients. The smart devices sector is specialized in
easy-using smart devices for sports, social contact, entertainment,
remote-control and family health management. The smart ecosystem
platform interconnects things and things, things and human. Lianluo
Smart is endeavoring to become a leading provider of smart products
both in domestic and international markets. For more company
information, please visit company official website:
www.lianluosmart.com
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements are subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Statements preceded or followed by
or that otherwise include the words "believes," "expects,"
"anticipates," "intends," "projects," "estimates," "plans," and
similar expressions or future or conditional verbs such as "will",
"should", "would", "may" and "could" are generally forward-looking
in nature and not historical facts. Forward-looking statements in
this release also include statements about business and economic
trends. Investors should also consider the areas of risk described
under the heading "Forward Looking Statements" and those factors
captioned as "Risk Factors" in Lianluo Smart's periodic reports
under the Securities Exchange Act of 1934, as amended, or in
connection with any forward-looking statements that may be made by
Lianluo Smart.
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SOURCE Lianluo Smart Limited