JIUQUAN, China, July 17,
2023 /PRNewswire/ -- Qilian International
Holding Group Ltd (NASDAQ: QLI) ("Qilian" or the "Company"), a
China-based pharmaceutical and
chemical products manufacturer, received notification (the
"Notification Letter") from The Nasdaq Stock Market LLC ("Nasdaq"),
dated July 13, 2023, that the Company
is not in compliance with the minimum bid price requirement set
forth in the Nasdaq Listing Rules for continued listing on The
Nasdaq Global Market (the "Nasdaq Global Market"). The Notification
Letter is only a notification of deficiency and not a notice of
delisting.
Nasdaq Listing Rule 5450(a)(1) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the closing bid price of the
Company's ordinary shares for the 30 consecutive business days from
May 30, 2023 to July 12, 2023, the Company no longer meets the
minimum bid price 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)(A), the Company has been provided 180
calendar days, or until January 9, 2024 (the "Compliance Period"),
to regain compliance with Nasdaq Listing Rule 5450(a)(1). To regain
compliance, the Company's ordinary shares must have a closing bid
price of at least US$1.00 for a minimum for 10 consecutive business
days, and shall not have a closing bid price of $0.10 or less for
ten consecutive trading days during the Compliance Period. In the
event the Company does not regain compliance by January 9, 2024,
the Company may be eligible for additional time to regain
compliance or may face delisting, as the case may be.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its ordinary shares and may, if
appropriate, consider implementing available options, including,
but not limited to, implementing a reverse share split of its
outstanding ordinary shares, to regain compliance with the minimum
bid price requirement under the Nasdaq Listing Rules.
About Qilian International Holding Group Ltd
Qilian International Holding Group Ltd, headquartered in
Gansu, China, is a pharmaceutical
and chemical products manufacturer in China. It focuses on the development,
manufacture, marketing and sale of licorice products,
oxytetracycline products, traditional Chinese medicine derivatives
product, heparin product, sausage casings, and fertilizers. The
Company's products are sold in more than 20 provinces in
China. For more information, visit
the Company's website at http://ir.qlsyy.net.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the Company's
future business development; products demand and acceptance;
changes in technology; economic conditions; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China; the COVID-19 outbreak and
its impact on our operations 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 reasons, among others, investors are cautioned not to place
undue reliance upon any forward-looking statements in this press
release. Additional factors are discussed in the Company's filings
with the U.S. Securities and Exchange Commission, which are
available for review at www.sec.gov. The Company
undertakes 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:
QLI@qlsyy.net.
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SOURCE Qilian International Holding Group Limited