FUZHOU,
China, Oct. 28, 2022 /PRNewswire/
-- Pingtan Marine Enterprise Ltd. (Nasdaq: PME),
("Pingtan" or the "Company"), a fishing company based in
the People's Republic of China,
today announced that it has received a notification letter dated
October 25, 2022 (the "Notification
Letter") from the Listing Qualifications Department of The Nasdaq
Stock Market LLC ("Nasdaq"), indicating that for the last 30
consecutive business days from September 9,
2022 through October 24, 2022,
the closing bid price for the Company's ordinary shares was below
the minimum bid price of $1.00 required for continued
listing under Nasdaq Listing Rule 5550(a)(2).
The Notification Letter has no immediate impact on the Company's
listing on the Nasdaq Capital Market. Pursuant to Nasdaq Listing
Rule 5810(c)(3)(A), the Company has a compliance period of 180
calendar days, or until April 24, 2023 (the "Compliance
Period"), to regain compliance with the Nasdaq's minimum bid
price requirement. If the bid price of its ordinary shares closes
at $1.00 or more per share for a minimum of 10 consecutive business
days at any time during the Compliance Period, Nasdaq will provide
the Company written confirmation of compliance and the matter will
be closed. If the Company does not regain compliance by April
24, 2023, subject to the determination by Nasdaq Staff, the Company
may be eligible for additional time to regain compliance by provide
written notice of its intention to cure the deficiency during the
additional compliance period or may face delisting if there any
evidence appears to Nasdaq Staff that the Company will not be able
to cure the deficiency.
The Company intends to monitor the closing bid price of its
ordinary shares between now and April
24, 2023, and is considering its options to regain
compliance with the minimum bid price requirement under the Nasdaq
Listing Rules. The Company is currently in compliance with all
other Nasdaq continued listing standards. The Notification Letter
does not affect the Company's business operations, its U.S.
Securities and Exchange Commission reporting requirements or
contractual obligations.
About Pingtan
Pingtan is a fishing company primarily engaging in ocean fishing
through an operating subsidiary based in the PRC. Pingtan conducts
marine fishing operations in the international waters and the
approved waters in certain countries with owned or licensed
vessels.
Forward-Looking Statements
This press release contains ''forward-looking statements''
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact in this
press release are forward-looking statements, including but not
limited to statements regarding the Company's compliance with
Nasdaq listing rules. Actual results and the timing of
relevant events could differ materially from those anticipated in
such forward-looking statements as a result of these risks and
uncertainties. These forward-looking statements are based on the
Company's current expectations and involve known and unknown risks
and uncertainties. Investors can identify these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar
expressions. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement, and the Company
undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date
hereof.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
ir@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
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SOURCE Pingtan Marine Enterprise Ltd.