BEIJING, Jan. 5, 2024
/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
December 28, 2023, notifying the
Company that it is not in compliance with the Nasdaq Listing Rule
5550(b)(1) for continued listing due to its failure to maintain a
minimum of $2.5 million in
stockholders' equity. In the Company's Form 6-K dated December 27, 2023, the Company reported a
negative stockholders' equity of approximately $0.83 million as of June
30, 2023. Nasdaq has also determined that the Company does
not meet the alternatives of market value of listed securities or
net income from continuing operations for continued listing.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with the
Nasdaq Listing Rule, the Company has been provided 45 calendar
days, or until February 12, 2024, to
submit a plan to regain compliance. If such compliance plan is
accepted by Nasdaq, the Company may be granted a compliance period
of up to 180 calendar days from the date of the Notification Letter
to evidence compliance.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company is looking into
various options available to regain compliance and maintain its
continued listing on the Nasdaq Capital Market. The Company intends
to submit the compliance plan as soon as practicable.
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo Eco-Solutions, Inc., 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 stockholders' equity 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
Tel: +86-010-64827328
Email: ir@retoeco.com or 310@reit.cc
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SOURCE ReTo Eco-Solutions, Inc.