BEIJING, Dec. 6, 2022
/PRNewswire/ -- ReTo Eco-Solutions, Inc. (Nasdaq: RETO) ("ReTo" or
the "Company"), a provider of technology solutions and operation
services for intelligent ecological environments and roadside
assistance services and software development services in
China, today announced that the
Company received a written notification (the "Notification Letter")
from Nasdaq Stock Market LLC ("Nasdaq") on December 1, 2022, notifying the Company that it
is eligible for an additional 180 calendar day period, or until
May 30, 2023 (the "Second Compliance
Period"), to regain compliance with Nasdaq's continued listing
requirement to maintain a minimum bid price of $1.00 per share, as set forth in Nasdaq Listing
Rule 5550(a)(2).
Nasdaq's determination is based on the Company meeting the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing on
the Nasdaq Capital Market with the exception of the bid price
requirement, and the Company's written notice of its intention to
cure the deficiency during the Second Compliance Period by
effecting a reverse share split, if necessary. If at any time
during the Second Compliance Period the closing bid price of the
Company's security is at least $1 per
share for a minimum of 10 consecutive business days, Nasdaq will
provide written confirmation of compliance and this matter will be
closed.
The Company intends to monitor the closing bid price of its
common shares and may, if appropriate, consider implementing
available options, including, but not limited to, implementing a
reverse share split of its common shares, to regain compliance with
the minimum bid price requirement under the Nasdaq Listing
Rules.
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo, through its proprietary technologies,
systems and solutions, is striving to bring clean water and fertile
soil to communities worldwide. The Company, through its operating
subsidiaries in China, is engaged
in the manufacture and distribution of eco-friendly construction
materials (aggregates, bricks, pavers and tiles), made from mining
waste (iron tailings), as well as equipment used for the production
of these eco-friendly construction materials. In addition, the
Company provides consultation, design, project implementation and
construction of urban ecological protection projects and parts,
engineering support, consulting, technical advice and service, and
other project-related solutions for its manufacturing equipment and
environmental protection projects. The Company also offers roadside
assistance services and software development services utilizing
Internet of Things technologies. For more information, please
visit: http://en.retoeco.com.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. Our actual results may differ
materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties. For example, there can be no assurance that we will
be able to regain compliance and maintain our listing Nasdaq. The
reports filed by the Company with the Securities and Exchange
Commission (the "SEC") discuss these and other import factors and
risks that may affect the Company's business, results of operations
and financial conditions. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
For more information, please contact:
ReTo Eco-Solutions, Inc.
Angela Hu
Beijing Phone: +86-010-64827328
ir@retoeco.com or 310@reit.cc
View original
content:https://www.prnewswire.com/news-releases/reto-receives-an-additional-180-day-period-to-regain-compliance-with-the-nasdaq-minimum-bid-price-requirement-301696024.html
SOURCE ReTo Eco-Solutions, Inc.