SAN DIEGO, April 6, 2020 /PRNewswire/ -- Youngevity
International, Inc. (NASDAQ: YGYI), a leading multi-channel
lifestyle company operating in three distinct business segments
including a commercial coffee enterprise, commercial hemp
enterprise and multi-channel lifestyle company,
today announced that it received a letter from the Listing
Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq")
indicating that, as a result of Youngevity's delay in filing its
Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the "Form 10-K"), Youngevity
is not in compliance with the timely filing requirement for
continued listing under Nasdaq Listing Rule 5250(c)(1). The
notification letter has no immediate effect on the listing or
trading of Youngevity's common stock on the Nasdaq Market.
Youngevity filed a Notification of Late Filing on Form 12b-25 on
March 16, 2020, indicating that the
filing of the Form 10-K would be delayed and the company
anticipated filing its 10-K within the 15 day extension period
provided under Rule 12b-25 of the
Securities Exchange Act of 1934, as amended. On March 25, 2020, subsequent to Youngevity's
March 16th Notification of
Late Filing, the Securities and Exchange Commission provided
extended conditional exemptions from reporting requirements for
Public Companies affected by COVID-19, but this exemption and
relief was not made available for companies that already had filed
a Notification of Late Filing so Youngevity was not provided the
relief provided by the SEC. On March
31, 2020, Youngevity issued a press release that advised due
the displacement of staff, including substantially all accounting
staff, restrictions imposed by various governments, and
displacement of our auditors' staff among other areas of impact,
has slowed down the financial reporting and audit process causing
the company to miss the filing date of its 10-K.
Nasdaq has informed Youngevity that it must submit a plan of
compliance (the "Plan") within 60 calendar days of receipt of the
letter addressing how it intends to regain compliance with Nasdaq's
listing rules and, if Nasdaq accepts the Plan, it may grant an
extension of up to 180 calendar days from the Form 10-K original
filing due date to regain compliance.
Youngevity anticipates filing the Form 10-K and regaining
compliance prior to the 60-day period described above to submit a
Plan.
Dave Briskie, President and CFO
of Youngevity International stated, "Our team and our auditors are
diligently working toward the completion of our 10-K Annual Report
and in spite of the challenges presented by COVID-19, we expect to
regain compliance inside of the 60 days afforded by Nasdaq to
submit a plan of compliance."
About Youngevity International, Inc.
Youngevity International, Inc. ( NASDAQ : YGYI ),
is a multi-channel lifestyle company operating in 3 distinct
business segments including a commercial coffee enterprise, a
commercial hemp enterprise, and a multi-vertical omni direct
selling enterprise. The Company features a multi country
selling network and has assembled a virtual Main Street of products
and services under one corporate entity, YGYI offers products from
the six top selling retail categories: health/nutrition,
home/family, food/beverage (including coffee), spa/beauty,
apparel/jewelry, as well as innovative services. For investor
information, please visit YGYI.com. Be sure to like us on Facebook
and follow us on Twitter.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
some cases, forward-looking statements can be identified by
terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and similar expressions, and includes statements
regarding completion of our 10-K Annual Report and regaining
compliance inside of the 60 days afforded by Nasdaq to submit a
plan of compliance. These forward-looking statements are based on
management's expectations and assumptions as of the date of this
press release and are subject to a number of risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, our ability to our ability to complete of
our 10-K Annual Report, our ability to regain compliance inside of
the 60 days afforded by Nasdaq, our ability to develop and grow our
commercial coffee and hemp segments, our ability to continue our
international growth, our ability to leverage our platform and
global infrastructure to drive organic growth, our ability to
return to profitability, expand our liquidity, and strengthen
our balance sheet, our ability to continue to maintain compliance
with the NASDAQ requirements, the acceptance of the omni-direct
approach by our customers, our ability to expand our distribution,
our ability to add additional products (whether developed
internally or through acquisitions), and the other factors
discussed in our Annual Report on Form 10-K for the year ended
December 31, 2018 and our subsequent
filings with the SEC, including subsequent periodic reports on
Forms 10-Q and 8-K. The information in this release is provided
only as of the date of this release, and we undertake no obligation
to update any forward-looking statements contained in this release
on account of new information, future events, or otherwise, except
as required by law.
Contacts:
Youngevity International, Inc.
Dave Briskie
President and Chief Financial Officer
1 800 982 3189 X6500
Investor Relations
YGYI Investor Relations
800.504.8650
investors@ygyi.com
Media Relations
Trendlogic PR
800.992.6299
contact@trendlogicpr.com
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SOURCE Youngevity International, Inc.