LISHUI, China, April 24, 2020 /PRNewswire/ -- Farmmi, Inc.
("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products
supplier in China, today announced
that in response to recent unprecedented turmoil in U.S. and world
financial markets, The Nasdaq Stock Market LLC ("NASDAQ") has
determined to toll the compliance periods for bid price and market
value of publicly held shares ("MVPHS") requirements (collectively,
the "Price-based Requirements") through June
30, 2020.
NASDAQ noted it believes that the tolling of the compliance
periods will allow companies to focus on running their businesses,
rather than satisfying market-based requirements that are largely
beyond their control in the current environment.
Accordingly, since the Company had 107 calendar days remaining
in its bid price compliance period at the time of the decision on
April 16, 2020, it will, upon
reinstatement of the Price-based Requirements, still have 107
calendar days from July 1, 2020, or
until October 15, 2020, to regain
compliance. To regain compliance with NASDAQ's minimum bid
price requirement the closing bid price per share of the Company's
ordinary shares need be at least $1.00 for a minimum of 10 consecutive business
days during the suspension or during the compliance period.
In the event the Company does not regain compliance with the
minimum bid price requirement by October 15,
2020, the Company may be eligible for an additional 180
calendar day grace period.
About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a
leading agricultural products supplier, processor and retailer of
Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and many
other sought-after agricultural products. The Company's Farmmi
Liangpin Market serves as a global trading platform for Chinese
geographical indication agricultural products and is one of the
largest platforms for consumers to access locally sourced
agricultural products. For further information about the Company,
please visit: http://ir.farmmi.com.cn/.
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. 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.
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SOURCE Farmmi, Inc.