Missfresh Announces Receipt of Minimum Bid Price Notice from Nasdaq
June 03 2022 - 4:30PM
Missfresh Limited (NASDAQ: MF) (“Missfresh” or the “Company”), an
innovator and leader in China’s neighborhood retail industry, today
announced that it has received a written notification from the
staff of the Listing Qualifications Department of The Nasdaq Stock
Market LLC (“Nasdaq”) dated June 2, 2022, indicating that for the
last 30 consecutive business days, the closing bid price of the
Company’s American depositary shares (the “ADSs”) was below the
minimum bid price of US$1.00 per share requirement set forth
in Nasdaq Listing Rule 5450(a)(1). The Nasdaq notification
letter has no current effect on the listing or trading of the
Company’s ADSs on Nasdaq.
Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company
is provided with a compliance period of 180 calendar days, or until
November 29, 2022, to regain compliance under the Nasdaq Listing
Rules. If at any time during the 180-day compliance period, the
closing bid price of the Company’s ADSs is US$1.00 per share or
higher for at least ten consecutive business days, Nasdaq will
provide the Company written confirmation of compliance and the
matter will be closed.
In the event the Company does not regain compliance by November
29, 2022, subject to the determination by the staff of Nasdaq, the
Company may be eligible for an additional 180-day compliance
period.
The Nasdaq notification letter does not affect the Company’s
business operations, and the Company will take all reasonable
measures to regain compliance within the prescribed grace
period.
About Missfresh
Missfresh Limited is an innovator and leader in China’s
neighborhood retail industry. The Company invented the Distributed
Mini Warehouse (DMW) model to operate an integrated
online-and-offline on-demand retail business focusing on offering
fresh produce and fast-moving consumer goods (FMCGs). Through the
“Missfresh” mobile application and Mini Program embedded in
third-party social platforms, consumers can easily purchase quality
groceries at their fingertips and have the finest products
delivered to their doorstep in 37 minutes, on average.
Leveraging its core capabilities, Missfresh launched an
intelligent fresh market business in the second half of 2020. This
innovative business model is dedicated to standardizing and
transforming fresh markets into smart fresh malls. Missfresh has
also built up a full stack of proprietary technologies that empower
a wide range of participants in the neighborhood retail business,
such as supermarkets, fresh markets and local retailers, to
jumpstart and efficiently operate their business digitally.
For more information, please visit: http://ir.missfresh.cn.
Safe Harbor Statements
This announcement contains statements that may constitute
“forward-looking” statements which are made pursuant to 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 “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to,”
and similar statements. Statements that are not historical facts,
including statements about the Company’s beliefs, plans, and
expectations, are forward-looking statements. The Company has based
these forward-looking statements largely on its current
expectations and projections about future events and financial
trends, which involve known or unknown risks, uncertainties and
other factors, all of which are difficult to predict and many of
which are beyond the Company’s control. Forward-looking statements
involve inherent risks and uncertainties. Further information
regarding these and other risks is included in the Company’s
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
For investor and media inquiries, please
contact:
In China:
Missfresh Limited Investor Relations Tel: +86 (10)
5954-4422Email: ir@missfresh.cn
The Piacente Group, Inc. Jenny Cai Tel: +86 (10) 6508-0677
E-mail: missfresh@tpg-ir.com
In the United States:
The Piacente Group, Inc. Brandi Piacente Tel: +1-212-481-2050
E-mail: missfresh@tpg-ir.com
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