SHENZHEN, China, Oct. 8, 2024
/PRNewswire/ -- BAIYU Holdings, Inc. (Nasdaq: BYU) (the
"Company" or "BAIYU"), a leading B2B bulk commodity
e-commerce platform and supply chain service provider, today
announced that it has filed timely a formal notice of appeal to a
Hearings Panel of a Nasdaq Stock Market Listing Qualifications
Staff's determination to delist the Company's securities from
Nasdaq pursuant to Nasdaq Listing Rules 5101 and IM-5101-1.
Following the receipt of notification from Nasdaq on October 4th, BAIYU determined to appeal the
decision and intends to maintain that the Staff did not consider
all relevant facts in making its delisting decision. BAIYU has
retained Jacob Frenkel, Dickinson Wright, PLLC, as its
lead counsel in the appeal.
The Nasdaq Staff based its delisting decision on concerns
relating to the substance and timing of the Company's recent
disclosures regarding a contract for the sale of electric lithium
batteries to be purchased from a U.S.-based auto supplier and a
letter of intent to build and operate electric vehicle charging
stations in Cairo, Egypt. The
Nasdaq Staff's articulated concerns relate to the adequacy of
the Company's due diligence in the transactions and what it
considered unusual trading activity in the Company's common stock
following the announcements. The Company has not conducted any
marketing or promotional campaigns regarding the Company's
stock during the calendar years of 2023 and 2024, and no
company officer or director traded BAIYU stock in August, September
or October 2024.
Renmei Ouyang, CEO of BAIYU,
commented, "We are appealing the Nasdaq Staff's recent action
because we believe that the Staff had not considered fully and
appreciated the scope of work of the Company's dedicated management
to secure these two significant opportunities. These two projects
are natural extensions of the Company's bulk commodities trading
business and align perfectly with our recent expansion into clean
energy projects, including battery-charging stations. We are a
company that lets the quality of our people, our experience and
business plan speak for themselves."
In connection with the Company's announcement on August 29, 2024 of a purchase and sales contract
for electric lithium batteries with a U.S.-based auto parts
supplier, the Company continues to take steps to put in place the
complementary and component elements of the transaction. The
contract represents the official debut of the Company's proprietary
lithium battery brand into the United
States market, advancing its strategic positioning in the
new energy sector. Separately, in connection with the Company's
announcement on September 4, 2024 of
the entry into a letter of intent, through one of the Company's
subsidiaries with a Cairo,
Egypt-based company to cooperate in the construction and
operation of charging and swapping stations in Cairo, the
Company also continues to take steps advancing the objective of
entering into a definitive agreement. Those collaborative
efforts are ongoing.
Ouyang further stated that "management's prioritization of
expanding the Company's business footprint and building shareholder
value should result in favorable consideration by Nasdaq in our
appeal." Nevertheless, the Company acknowledges that it
cannot predict the outcome of the appeal. Ouyang added that "we are
committed to advancing expeditiously our efforts to maximize
shareholder opportunities and value and pursue our business
strategy uninterrupted."
BAIYU anticipates that its common stock will remain listed on
the Nasdaq pending the outcome of the hearing and subsequent
decision by a hearings panel. There can be no assurance that the
panel will grant the Company's request for continued listing.
Meanwhile, the Company continues to be current with its filings of
periodic reports with the Securities and Exchange Commission, and
expects to maintain the registration of its securities under the
Securities Exchange Act of 1934, as amended. Moreover, the Nasdaq
Staff's notice of determination of delisting does not affect the
Company's business operations, financial position, or ability to
meet all financial obligations to partners and other
counterparties.
BAIYU remains committed to its diverse corporate mission with
its focus on energy by continuing to develop and provide clean
energy alternatives. For more information on BAIYU's ongoing
initiatives and corporate developments, please visit
www.baiyuglobal.com.
About BAIYU Holdings, Inc.
BAIYU Holdings, Inc. (NASDAQ: BYU) is a leading B2B bulk
commodity e-commerce platform and supply chain service provider.
Its commodities trading business primarily involves purchasing
non-ferrous metal products from upstream metal and mineral
suppliers and then selling to downstream customers. Its supply
chain service business primarily has served as a one-stop commodity
supply chain service and digital intelligence supply chain platform
integrating upstream and downstream enterprises, warehouses,
logistics, information, and futures. Currently, the Company is in
the process of expanding its business into clean energy, smart
power, intelligent photovoltaic, and the operation and maintenance
of fast-charging station outlets. To learn more about our work,
please visit www.baiyuglobal.com.
Forward-Looking Statements
This press release contains "forward-looking statements." These
forward-looking statements involve known and unknown risks and
uncertainties and are based on the Company's current expectations
and projections about future events that the Company believes may
affect its financial condition, results of operations, business
strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "could," "would," "should," "expect," "anticipate," "aim,"
"estimate," "intend," "plan," "believe," "is/are likely to,"
"propose," "potential," "continue," "approximates," "assesses,"
"hopes," "projects," "intends," or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct; and, the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results described in the Company's "Risk Factors" section
and other sections in its most recent Annual Report on Form 10-K,
and subsequent quarterly and other filings with the United
States Securities and Exchange Commission.
Contacts
BAIYU Holdings, Inc.
Room 3703, Jingji Binhe Times
Building, Binhe Avenue, Futian District
Shenzhen, Guangdong
People's Republic of China
518000
For media inquiries regarding the subject of this press
release, please contact:
Jacob S.
Frenkel, Esq.
Dickinson Wright PLLC
Email: jfrenkel@dickinsonwright.com
For investor and media inquiries, please contact:
BAIYU Holdings, Inc.
Investor Relations Department
Email: ir@baiyuglobal.com
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SOURCE BAIYU Holdings, Inc.
