CHANGSHA, China, May 3, 2019 /PRNewswire/ -- Urban Tea Inc.
(the "Company", "we" or "Urban Tea")
(NASDAQ: MYT), a premier retailer of specialty teas and baked goods
in China, today announced that it
has received a letter (the "Notification Letter") from the Nasdaq
Stock Market LLC ("Nasdaq") stating that the Company has regained
compliance with Listing Rule 5550(b).
Nasdaq notified the Company on November
19, 2018 that it did not comply with the minimum
$2.5 million stockholders' equity, or
$35 million market value of listed
securities, or $500,000 of net income
from continuing operations requirements for The Nasdaq Capital
Market set forth in Listing Rules 5550(b)(1), or 5550(b)(2), or
5550(b)(3), respectively.
On April 22, 2019, the Company
received the Notification Letter from Nasdaq notifying the Company
that based on the Change in Shares Outstanding Form submitted on
April 15, 2019 detailing an updated
total shares outstanding amount of 22,810,314, Nasdaq has
determined that the Company complies with the market value of
listed securities requirement and this matter is now closed.
About Urban Tea,
Inc.
Urban Tea, Inc. is an emerging
specialty tea product distributer and retailer headquartered in
Changsha City, Hunan Province, China. Through its wholly owned subsidiary,
Shanghai Ming Yun Tang Tea Limited ("Shanghai MYT") which controls
Hunan Ming Yun Tang Brand Management Co., Ltd. ("Hunan MYT"), the
Company currently market a wide range of trendy tea drinks, light
meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on
not only their taste but also their aesthetic presentation and
health benefits. Our products are currently being offered via our
own stores. We expect to start selling our products in our managed
and JV stores in mid-2019.
Safe Harbor Statement
This press release contains certain statements that may
include "forward-looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
For more information, please contact investor
relations:
Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Urban Tea Inc.