Dogness Receives NASDAQ Notification Regarding Minimum Bid Requirements

Rhea-AI Summary

Dogness (International) Corporation (NASDAQ: DOGZ) has received a notification from Nasdaq stating that it is not in compliance with the minimum bid price requirement, as its Class A shares closed below $1.00 for 30 consecutive trading days. The Company has until May 31, 2023, to regain compliance, which includes maintaining a closing bid price of at least $1.00 for 10 consecutive trading days. If non-compliance persists, Dogness may qualify for an additional 180-day grace period. The shares will continue to trade on Nasdaq during this compliance period.

Positive

• Company has a 180-day compliance period to regain Nasdaq listing requirements.

Negative

• Class A shares have been trading below minimum bid price of $1.00 for 30 consecutive days, indicating potential financial instability.

PLANO, Texas, Dec. 6, 2022 /PRNewswire/ -- Dogness (International) Corporation ("Dogness" or the "Company") (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, today announced that on December 2, 2022, it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2) because the closing bid price of the Company's Class A common shares was below $1.00 per share for 30 consecutive trading days. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company's Class A common shares, which will continue to trade uninterrupted on Nasdaq under the ticker "DOGZ".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until May 31, 2023 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's Class A common shares is at least $1.00 for a minimum of 10 consecutive trading days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance with the minimum bid price requirement by May 31, 2023, the Company may be eligible for an additional 180 calendar day grace period.

About Dogness

Dogness (International) Corporation was founded in 2003 from the belief that dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness' technology simplifies pet lifestyles and enhances the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customers' businesses and end purchasers' disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

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SOURCE Dogness (International) Corporation

FAQ

What is the status of Dogness stock regarding Nasdaq compliance?

Dogness is currently not in compliance with Nasdaq's minimum bid price requirement, having traded below $1.00 for 30 consecutive days.

What deadline does Dogness have to regain compliance with Nasdaq?

Dogness has until May 31, 2023, to regain compliance with Nasdaq's minimum bid price requirement.

What happens if Dogness does not regain compliance with Nasdaq by the deadline?

If Dogness does not regain compliance by May 31, 2023, it may be eligible for an additional 180-day grace period.

How long can Dogness continue trading on Nasdaq despite this notification?

Dogness can continue trading on Nasdaq uninterrupted while it works to regain compliance.