SHENZHEN, China, Aug. 9,
2024 /PRNewswire/ -- Big Tree Cloud Holdings Limited
(the "Company"), a company devoted to the development, production,
and sales of personal care products and other consumer goods in
China, announced today that it has
received a written notification (the "Notification Letter") from
the Nasdaq Stock Market LLC ("Nasdaq") dated August 5, 2024, notifying the Company that it is
not in compliance with the minimum market value of publicly held
shares ("MVPHS") requirement set forth in Nasdaq Listing
Rules for continued listing on the Nasdaq Global Market.
Nasdaq Listing Rule 5550(b)(2) requires companies to
maintain a minimum MVPHS of US$15
million and Nasdaq Listing
Rule 5810(c)(3)(D) provides that the failure to meet the
minimum MVPHS requirement exists if the deficiency continues for a
period of 30 consecutive business days. Based on the MVPHS of the
Company for the last 33 consecutive business days, the Company did
not meet the minimum MVPHS requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Global Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(D), the Company is provided 180
calendar days, or until February 1, 2025, to regain compliance with
Nasdaq Listing Rule 5550(b)(2). To regain compliance, the
Company's MVPHS must exceed US$15 million for a minimum of 10
consecutive business days. In the event the Company does not regain
compliance by February 1, 2025, the Company may be eligible for
additional time to regain compliance, or may face delisting.
The Company intends to monitor its MVPHS between now and
February 1, 2025, and intends to
cure the deficiency within the prescribed period. During this time,
the Company expects that Class A ordinary shares of the Company
will continue to be listed and trade on the Nasdaq Global Market.
The Company's management is looking into various options available
to regain compliance and maintain its continued listing.
The Company's business operations are not affected by the
Notification Letter.
About Big Tree Cloud Holdings Limited
Big Tree Cloud is a consumer-oriented and mission-driven company
dedicated to the development, production and sales of personal care
products and other consumer goods in China. Founded in 2020, Big Tree Cloud is
committed to delivering high-quality products that cater to the
needs of modern, health-conscious, and independent consumers. Big
Tree Cloud's innovative approach and strong community engagement
set it apart in the industry, making it a trusted brand in the
personal care market.
For more information, please visit
https://ir.bigtreeclouds.com/.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions. Without limiting the generality of the
foregoing, the forward-looking statements in this press release
include descriptions of the Company's future commercial operations.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company's inability to implement its business
plans, identify and realize additional opportunities, or meet or
exceed its financial projections and changes in the regulatory or
competitive environment in which the Company operates. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the Company's registration statement on
Form F-4, as amended, which was declared effective by the U.S.
Securities and Exchange Commission (the "SEC") on March 29, 2024 and other documents to be
filed by the Company with the SEC from time to time, which could
cause actual events and results to differ materially from those
contained in the forward-looking statements. All information
provided herein is as of the date of this press release, and the
Company undertakes no obligation to update any forward-looking
statement, except as required under applicable law.
Investor Relations Contact
ICR, LLC
Robin Yang
Phone: +1 (646) 308-1649
Email: BigTreeCloud.IR@icrinc.com
View original
content:https://www.prnewswire.com/news-releases/big-tree-cloud-holdings-limited-receives-nasdaq-notification-regarding-minimum-market-value-deficiency-302218722.html
SOURCE Big Tree Cloud Holdings Limited