LISHUI, China, April 26,
2024 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the
"Company") (NASDAQ: FAMI), an agriculture products supplier in
China, today announced that on
April 22, 2024, it received a letter
from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company
that it is currently not in compliance with the minimum bid price
requirement set forth under Nasdaq Listing Rule 5550(a)(2). It
resulted from the fact that the closing bid price of the Company's
ordinary shares was below $1.00 per
share for a period of 32 consecutive business days. This press
release is issued pursuant to Nasdaq Listing Rule 5810(b), which
requires prompt disclosure of receipt of a deficiency notification.
The notification has no immediate effect on the listing of the
Company's ordinary shares, which will continue to trade
uninterrupted on Nasdaq under the ticker "FAMI".
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until October 21, 2024
(the "Compliance Period"), to regain compliance with Nasdaq's
minimum bid price requirement. If at any time during the Compliance
Period, the closing bid price per share of the Company's ordinary
shares is at least $1.00 for a minimum of 10 consecutive business
days, Nasdaq will provide the Company a written confirmation of
compliance and the matter will be closed. In the event the Company
does not regain compliance with the minimum bid price requirement
by October 21, 2024, the Company may be eligible for an additional
180 calendar day grace period.
About Farmmi, Inc.
Established in 1998, Farmmi Inc. (Nasdaq: FAMI) is an
agricultural products supplier, processor and retailer of edible
mushrooms like Shiitake and Mu Er, as well as other agricultural
products. Farmmi sells its products both online and offline. For
further information about the Company, please visit Farmmi's
website.
Forward-Looking Statements
No statement made in this press release should be interpreted as
an offer to purchase or sell any security. Such an offer can only
be made in accordance with the Securities Act of 1933, as amended,
and applicable state securities laws. Certain statements in this
press release concerning our future growth prospects are
forward-looking statements regarding our future business
expectations and intended to qualify for the "safe harbor" under
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding lingering effects of
the Covid-19 pandemic on our customers' businesses and our end
purchasers' disposable income, our ability to raise capital on any
particular terms, fulfillment of customer orders, fluctuations in
earnings, fluctuations in foreign exchange rates, our ability to
manage growth, our ability to realize revenue from expanded
operation and acquired assets in China, our ability to attract and retain
skilled professionals, client concentration, industry segment
concentration, and general economic conditions affecting our
industry. Additional risks that could affect our future operating
results are more fully described in our United States Securities
and Exchange Commission filings. These filings are available at
www.sec.gov. Farmmi may, from time to time, make additional written
and oral forward-looking statements, including statements contained
in the Company's filings with the Securities and Exchange
Commission and our reports to shareholders. In addition, please
note that any forward-looking statements contained herein are based
on assumptions that we believe to be reasonable as of the date of
this press release. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or
on behalf of the Company unless it is required by law.
For more information, please contact:
Farmmi, Inc.
Investor Relations
Tel: +86-0578-82612876
ir@farmmi.com
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SOURCE Farmmi, Inc.
