TIANJIN, China, Aug. 5, 2020 /PRNewswire/ -- MDJM LTD
(Nasdaq: MDJH) (the "Company" or "MDJH"), an integrated real estate
services company in China,
announced today that on August 3,
2020, it received a Nasdaq staff deficiency letter (the
"Nasdaq Letter") notifying the Company that it was no longer in
compliance with the minimum Public Holders requirement as set forth
in the Nasdaq Listing Rule 5550(a)(3).
Nasdaq Listing Rule 5550(a)(3) requires companies listed on The
Nasdaq Capital Market ("Nasdaq Market") to maintain at least 300
Public Holders for continued listing. Based on the number of Public
Holders prior to the date of the Nasdaq Letter, the Company no
longer meets the minimum Public Holders requirement. The Nasdaq
Letter has no immediate effect on the listing or trading of the
Company's ordinary shares on Nasdaq Market and, at this time, the
Company's ordinary shares will continue to trade on Nasdaq Market
under the symbol "MDJH."
The Nasdaq Letter specified that, under Nasdaq rules, the
Company has 45 calendar days (until September 17, 2020) to submit a plan to regain
compliance with respect to the requirements for continued listing.
If the plan is accepted by Nasdaq, Nasdaq can grant an extension of
up to 180 calendar days from the date of the Nasdaq Letter to
evidence compliance. The Company's management is looking into
various options available to regain compliance and maintain its
continued listing on Nasdaq Market.
The Company is making this announcement in compliance with
Nasdaq Listing Rule 5810(b), which requires prompt disclosure of
receipt of a noncompliance letter.
About MDJM LTD
With branch offices in Tianjin,
Chengdu, Suzhou, and Yangzhou,
China, MDJH provides primary real
estate agency services to real estate developer clients, as well as
as-needed real estate consulting and independent training services.
The Company also provides tourism development services, including
real estate marketing and planning services, real estate agency
services, and advertisement planning services. For more information
regarding the Company, please visit: http://ir.mdjhchina.com.
Forward-Looking Statements
This announcement contains forward-looking statements. All
statements other than statements of historical fact in this
announcement are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations and projections about future
events and financial trends 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," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar
expressions. The Company undertakes no obligation to update
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 in the Company's annual report on Form 20-F and in
its other filings with the Securities and Exchange
Commission.
For more information, please contact Investor Relations at:
Tony Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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SOURCE MDJM LTD