FUZHOU, China, Dec. 30, 2021 /PRNewswire/ -- Pingtan Marine
Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a
fishing company based in the People's
Republic of China, today announced that it received a
notification from the Listing Qualifications Department of The
Nasdaq Stock Market LLC ("Nasdaq") on December 28, 2021, which granted the Company's
request for a 180-day extension to regain compliance with Nasdaq's
minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2)
(the "Bid Price Rule"). The Company now has until June 27,
2022 to regain compliance with the Bid Price Rule. Nasdaq's
extension notice has no immediate effect on the continued listing
status of the Company's ordinary shares, which remain listed on The
Nasdaq Capital Market.
If at any time before June 27, 2022, the bid price of the
Company's ordinary shares closes at or above $1.00 per
share for a minimum of 10 consecutive trading days, the Company
will regain compliance with the Bid Price Rule, and the matter will
be closed. The Company will continue to monitor the bid price for
its ordinary share and consider various available options to
achieve compliance if its ordinary share does not trade at a level
that is likely to regain compliance with the Bid Price Rule.
About Pingtan
Pingtan is a fishing company that engages in ocean fishing
through its subsidiary, Fujian Provincial Pingtan County Ocean
Fishing Group Co., Ltd.
Forward-Looking Statements
This press release contains ''forward-looking statements''
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact in this
press release are forward-looking statements, including but not
limited to statements regarding the Company's compliance with
Nasdaq listing rules. Actual results and the timing of
relevant events could differ materially from those anticipated in
such forward-looking statements as a result of these risks and
uncertainties. These forward-looking statements are based on the
Company's current expectations and involve known and unknown risks
and uncertainties. Investors can identify these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar
expressions. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement, and the Company
undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date
hereof.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
mli@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
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SOURCE Pingtan Marine Enterprise Ltd.
