BEIJING, Jan. 6, 2020 /PRNewswire/ -- Lianluo Smart
Limited (the "Company") announced today that it has received a
letter from the staff (the "Staff") of The Nasdaq Stock Market LLC
("Nasdaq") on January 2, 2020,
providing notification that the Company no longer complies with the
minimum of $2.5 million in
stockholders' equity for continued listing on The Nasdaq Capital
Market under Nasdaq's Listing Rule 5550(b)(1) and that the Company
also does not comply with either of the two alternative standards
of Listing Rule 5550(b), the market value standard and the net
income standard.
The notification of noncompliance has no immediate effect on the
listing or trading of the Company's common shares on the Nasdaq
Capital Market. In accordance with Nasdaq Listing Rules, the
Company has 45 calendar days following the date of the
notification, or no later than February 17,
2020, to submit a plan to regain compliance with Nasdaq's
applicable listing standards. If the plan is accepted by Nasdaq,
the Company will have 180 calendar days from the date of the
notification to evidence compliance with an applicable listing
standard. If Nasdaq does not accept our plan, we will have the
opportunity to appeal that decision to a Hearings Panel of
Nasdaq.
The Company intends to monitor the market conditions of its
listed securities and the other requirements under the Nasdaq
listing standards and may, if appropriate, consider implementing
available options to regain compliance under the Nasdaq Listing
Rules.
About Lianluo Smart Limited
Lianluo Smart Limited (Nasdaq: LLIT) is a professional smart
service and products provider, which designs, develops and markets
its own branded medical products and medical components in
China. The Company's business is
divided into four business sectors: medical wearable devices, smart
devices, smart ecosystem platform and Obstructive Sleep Apnea
Syndrome ("OSAS") service.
Safe Harbor Statement
This press release may contain forward looking statements. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Among other things, quotations from management in this
announcement contain forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties that could
cause actual results to differ materially from those contained in
any forward- looking statements. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: our growth strategies; our future business development,
including development of new products and services; our ability to
attract and retain users and customers; changes in our revenues and
certain cost or expense items as a percentage of our revenues; the
outcome of ongoing, or any future, litigation or arbitration,
including those relating to intellectual property rights; general
economic conditions in China.
Further information regarding these and other risks is included in
our annual report on Form 20-F and other documents filed with the
Securities and Exchange Commission. All information provided in
this press release is as of January 6,
2020, and the Company undertakes no duty to update such
information, except as required under applicable law.
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SOURCE Lianluo Smart Limited