Missfresh Announces Receipt of Nasdaq Notice of Market Value of Publicly Held Shares Deficiency
10 Julio 2023 - 4:00PM
Missfresh Limited (NASDAQ: MF) (“Missfresh” or the “Company”) today
announced that it has received written notification from the staff
of the Listing Qualifications Department of The Nasdaq Stock Market
LLC (“Nasdaq”) dated July 3, 2023, indicating that for the last 30
consecutive business days, the market value of publicly held shares
(“MVPHS”) of the Company was below the minimum amount of
US$5,000,000 set forth in Nasdaq Listing Rule 5450(b)(1)(C).
Pursuant to the Nasdaq Listing Rule
5810(c)(3)(D), the Company is provided with a compliance period of
180 calendar days, or until January 2, 2024, to regain compliance
under the Nasdaq Listing Rules. If at any time during the 180-day
compliance period, the MVPHS of the Company closes at US$5,000,000
or higher for a minimum of ten consecutive business days, Nasdaq
will provide the Company written confirmation of compliance and the
matter will be closed.
The Nasdaq notification letter will have no
effect on the Company’s business operations, and the Company will
take all reasonable measures to regain compliance.
In addition, as previously announced, the
Company has requested a hearing as the Company no longer is in
compliance with the minimum $10,000,000 stockholders’ equity
requirement for continued listing or the alternative criteria and
will be presenting its plan to remedy the deficiencies at such
time. However, there can be no assurance that the Nasdaq Hearing
Panel will grant the Company’s request for continued listing or
that the Company will be able to evidence compliance with the
applicable listing criteria within any extension of time that may
be granted by the Nasdaq Hearing Panel following the hearing.
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. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: adverse
changes in general economic or market conditions; potential changes
in laws, regulations and governmental policies or changes in the
interpretation and implementation of laws, regulations and
governmental policies that could adversely affect the industries in
which Missfresh or its business partners operate, including, among
others, initiatives to enhance supervision of companies listed on
an overseas exchange and tighten scrutiny over data privacy and
data security; natural disasters and geopolitical events; and
intensity of competition. 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)
5954-4422E-mail: 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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