FUZHOU,
China, Dec. 26,
2022 /PRNewswire/ -- E-Home Household Service Holdings
Limited (Nasdaq: EJH) (the "Company" or "E-Home"), a provider of
integrated household services in China, today announced that the Company has
received a written notification (the "Notification Letter") from
the Nasdaq Stock Market LLC ("Nasdaq") on December 20, 2022, notifying the Company that it
is not in compliance with the minimum bid price requirement set
forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on
the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and
Listing Rule 5810(c)(3)(A) provides that a failure to meet the
minimum bid price requirement exists if the deficiency continues
for a period of 30 consecutive business days. Based on the closing
bid price of the Company's ordinary shares for the 30 consecutive
business days from November 7, 2022 to December 19,
2022, the Company no longer meets the minimum bid price
requirement.
The Notification Letter does not impact the Company's listing of
its ordinary shares on the Nasdaq Capital Market at this time. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been provided 180 calendar days, or until June 19, 2023, to
regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain
compliance, the Company's ordinary shares must have a closing bid
price of at least US$1.00 for a minimum of 10 consecutive
business days. If the Company does not regain compliance
during such 180-day period, the Company may be eligible for an
additional 180 calendar days, provided that the Company meets the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for Nasdaq except
for Nasdaq Listing Rule 5550(a)(2), and provide a written notice of
its intention to cure this deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. If the
Company does not qualify for the second compliance period or fails
to regain compliance during the second 180-day period, then Nasdaq
will notify the Company of its determination to delist the
Company's ordinary shares, at which point the Company will have an
opportunity to appeal the delisting determination to a Hearings
Panel.
The Company intends to monitor the closing bid price of its
ordinary shares and may, if appropriate, consider implementing
available options to regain compliance with the minimum bid price
requirement under the Nasdaq Listing Rules.
About E-Home Household Service Holdings Limited
Established in 2014, E-Home Household Service Holdings Limited
is a Nasdaq-listed household service company based in Fuzhou, China. The Company, through its
website and WeChat platform "e-home", provides integrated household
services, including 1) installation and maintenance of home
appliances and smart homes; 2) Housekeeping, nanny, confinement
nurse and cleaning services; 3) Internet elderly care + home-based
elderly care; 4) Hospital care; 5) Nanny delivery platform.
After years of development, the Company has formed two main
services and four auxiliary services targeting at individual
consumers (ToC) and business clients (ToB). 1) The ToC business
focuses on nanny, confinement nurse, home-based elderly care and
cleaning, and family comprehensive service supplemented by other
housekeeping services. At present, it has successfully connected
with metaverse technology to realize metaverse-based customer
service as well as training of domestic workers. The ToB business
focuses on public cleaning and cleaning robotic equipment. Four
auxiliary services include 1) docking and application of metaverse
technology to housekeeping and cleaning industries; 2) online and
offline sales of medicine and health food (including nannies and
nursing workers); 3) training on nannies and nursing workers to
engage in health care in physical stores; 4) human resources
(flexible employment).
E-Home has become a modern enterprise of comprehensive service
for family life. The Company always adheres to the business
philosophy of "solving every issue of customers with heart", and to
the code of conduct of "doing everything well with heart". The
Company aims to set the benchmark of the household service
industry. For more information, visit the Company's website at
http://www.ej111.com/ir.html.
Forward-Looking Statement
All statements other than statements of historical fact in this
announcement are forward-looking statements in nature within the
meaning of the Private Securities Litigation Reform Act of 1995.
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. Words or phrases
such as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions are intended to identify
such forward-looking statements. 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 and encourages investors to consider risk
factors, including those described in the Company's filings with
the SEC, that may affect the Company's future results. All
forward-looking statements attributable to the Company and its
subsidiaries or persons acting on their behalf are expressly
qualified in their entirety by these risk factors.
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SOURCE E-Home Household Service Holdings Limited
