BEIJING, Oct. 18,
2023 /PRNewswire/ -- ReTo Eco-Solutions, Inc.
(Nasdaq: RETO) ("ReTo" or the "Company"), a provider of technology
solutions and operation services for intelligent ecological
environments and internet of things technology development services
in China and other countries,
today announced that the Company received a written notification
(the "Notification Letter") from the Nasdaq Stock Market LLC
("Nasdaq") on October 13, 2023,
notifying the Company that it is not in compliance with the minimum
bid price requirement set forth in Nasdaq Rules for continued
listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the closing bid price of the
Company's common shares for the 30 consecutive business days from
August 31, 2023 to October 12, 2023, the Company no longer meets the
minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until April 10, 2024, to regain compliance with
Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's
common shares must have a closing bid price of at least US$1.00 for
a minimum of 10 consecutive business days. In the event the Company
does not regain compliance by April 10, 2024, the Company may be
eligible for additional time to regain compliance or may face
delisting.
The Company's business operations are not affected by the
receipt of the Notification Letter. 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 outstanding 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 ecological restoration and solid waste treatment,
manufacturing and distribution of eco-friendly construction
materials (aggregates, bricks, pavers and tiles) made from mining
waste (iron tailings), and soil remediation materials transformed
from solid waste (iron tailings), as well as equipment used for the
production of these eco-friendly construction materials and soil
remediation 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 technology 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. These statements include, among
others, statements regarding the Company's plans to regain
compliance with the minimum bid price requirement. The Company's
actual results may differ materially from those expressed in any
forward-looking statements as a result of various factors and
uncertainties. The reports filed by the Company with the Securities
and Exchange Commission discuss these and other important 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. The 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
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SOURCE ReTo Eco-Solutions, Inc.