ReTo Receives Notification From Nasdaq Regarding Insufficient Minimum Bid Price
BEIJING, CHINA – September 11, 2021 – ReTo Eco-Solutions, Inc. (NASDAQ: RETO) (“ReTo” or the “Company”), a provider of technology solutions for improving green environments, today announced that the Company has received written notification ( the ‘Notification Letter’) from Nasdaq Stock Market LLC (“Nasdaq”) on September 7, 2021, advising the Company that it is not in compliance with the minimum bid price requirement set out in the Nasdaq rules for the continued listing on the Nasdaq.
Nasdaq Listing Rule 5550 (a) (2) requires listed securities to maintain a minimum bid price of $ 1.00 per share, and Listing Rule 5810 (c) (3) (A) requires that it a breach of the minimum bid price requirement exists. if the fault persists for a period of 30 consecutive working days. Based on the closing bid price of the Company’s ordinary shares for the 30 consecutive business days from July 26, 2021 to September 3, 2021, the Company no longer meets the minimum bid price requirement.
The notification letter does not affect the company’s listing on the Nasdaq Capital Market at this time. Under Nasdaq Listing Rule 5810 (c) (3) (A), the Company has 180 calendar days, or until March 7, 2022, to re-comply with Listing Rule 5550 (a ) (2) of the Nasdaq. To restore compliance, the Company’s common shares must have a closing bid price of at least US $ 1.00 for at least 10 consecutive business days. If the Company does not restore compliance by March 7, 2022, the Company may be entitled to additional time to restore compliance or may be subject to delisting.
The Company’s business operations are not affected by receipt of the notification letter. The Company intends to monitor the closing bid price of its Common Shares and may, from time to time, consider implementing available options, including, but not limited to, the implementation of a consolidation of shares of its outstanding common shares, in order to restore compliance with the minimum bid price. requirement under Nasdaq listing rules.
About ReTo Eco-Solutions, Inc. (NASDAQ: RETO)
Founded in 1999, ReTo (NASDAQ: RETO), through its proprietary technologies, systems and solutions, strives to bring clean water and fertile soils to communities around the world. The Company offers a full range of products and services, ranging from the production of environmentally friendly building materials, environmental protection equipment and manufacturing equipment used to produce environmentally friendly building materials environment, project consultation, design and installation for the improvement of ecological environments, such as ecological restoration of soils through the treatment of solid waste. For more information, please visit: http://en.retoeco.com.
This press release contains forward-looking statements. Forward-looking statements include statements about future plans, objectives, goals, strategies, events or performance, and underlying assumptions and other statements that are other than statements of historical fact. When the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate” or similar expressions that do not relate solely to historical matters, it makes forward-looking statements. Specifically, the Company’s statements regarding: 1) the ability of additional features and custom configurations on its machines and equipment to attract new customers; 2) the ability of the growth of its activity to resume in the near future; and 3) the continued spread of COVID-19 or the occurrence of another wave of cases and the impact this may have on the Company’s operations are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties which may cause actual results to differ materially from the expectations of the Company discussed in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the objectives and strategies of the Company; the future business development of the Company; demand and acceptance of products and services; technological changes; economic conditions; the growth of the construction industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Additional factors are discussed in documents filed by the Company with the United States Securities and Exchange Commission, which can be viewed at www.sec.gov. The Company assumes 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.
Beijing Phone: + 86-010-64827328
ReTo Eco-Solutions Inc. published this content on September 13, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 13, 2021 08:21:10 PM UTC.