Pingtan Marine Enterprise Receives Nasdaq Extension to Meet Bid Price Requirements


FUZHOU, China, December 30, 2021 / PRNewswire / – Pingtan Marine Enterprise Ltd. (Nasdaq: PME), (“Pingtan” or the “Company”), a fishing company based in the People’s Republic of China, announced today that it had received a notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on December 28, 2021, which granted the company the request for a 180-day extension to re-comply with the Nasdaq minimum bid price requirement under Nasdaq Listing Rule 5550 (a) (2) (the “Rule of the buyer’s price ‘). The Company now has until June 27, 2022 to re-comply with the bid price rule. The Nasdaq extension notice has no immediate effect on the maintenance of the listing status of the Company’s common shares, which remain listed on the Nasdaq Capital Market.

If at any time before June 27, 2022, the bid price of the Company’s common shares closes at $ 1.00 or more per share for at least 10 consecutive trading days, the Company will again comply with the bid price rule. , and the question will be closed. The Company will continue to monitor the bid price of its common share and will review various options available to come into compliance if its common share does not trade at a level that may restore compliance with the bid price rule.

About Pingtan

Pingtan is a fishing company engaged 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 of the Private Securities Litigation Reform Act from 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements, including, but not limited to, statements regarding the company’s compliance with the Nasdaq listing rules. Actual results and the timing of relevant events could differ materially from those anticipated in these forward-looking statements due to 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 may identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “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 does not undertake to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

CONTACT:

Liming Yung (Michael)
Financial director
Pingtan Marine Enterprise Ltd.
Phone. : +86 591 87271753
[email protected]

Maggie Li
Head of Investor Relations
Pingtan Marine Enterprise Ltd.
Phone. : +86 591 8727 1753
[email protected]

RELATIONS WITH INVESTORS
PureRock Communications Limited
[email protected]

Cision

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SOURCE Pingtan Marine Enterprise Ltd.


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