Farmmi Receives NASDAQ Minimum Bid Price Requirement Extension

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), an agricultural products supplier based in China, announced on April 13, 2023, that it has received a 180-day extension from NASDAQ to meet the minimum bid price requirement. The new deadline is October 9, 2023, by which the closing bid price of FAMI shares must reach at least $1.00 for ten consecutive business days. This extension comes as part of the company’s effort to regain compliance and avoid potential delisting. Farmmi, established in 1998, specializes in the supply, processing, and retail of edible mushrooms and other agricultural products, operating both online and offline.

Positive

• Extension granted until October 9, 2023, for compliance with NASDAQ's minimum bid price requirement.
• Company specializes in a niche market of edible mushrooms, potentially benefiting from increasing demand.

Negative

• Stock price must reach at least $1.00 for ten consecutive days to avoid delisting, presenting a significant challenge.
• Potential for market volatility if compliance is not achieved by the deadline.

LISHUI, China, April 14, 2023 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced that on April 13, 2023, it received notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has been granted an additional 180 calendar day period for compliance under its minimum bid price requirement through October 9, 2023. To regain compliance with NASDAQ's minimum bid price requirement, the closing bid price of the Company's ordinary shares needs to be at least $1.00 per share or greater for at least ten consecutive business days by October 9, 2023.

About Farmmi, Inc.

Established in 1998, Farmmi Inc. (NASDAQ: FAMI) is an agricultural products supplier, processor and retailer of edible mushrooms like Shiitake and Mu Er, as well as other agricultural products. Farmmi sells its products both online and offline. For further information about the Company, please visit Farmmi's website.

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 and intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements 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 our 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, our ability to attract and retain skilled professionals, client concentration, industry segment concentration, 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. Farmmi 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.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/farmmi-receives-nasdaq-minimum-bid-price-requirement-extension-301797961.html

SOURCE Farmmi, Inc.

FAQ

What is the deadline for Farmmi (FAMI) to regain compliance with NASDAQ?

The deadline for Farmmi to regain compliance with the NASDAQ minimum bid price requirement is October 9, 2023.

What is the minimum bid price required for Farmmi (FAMI) shares?

Farmmi must have a closing bid price of at least $1.00 per share for ten consecutive business days.

When did Farmmi (FAMI) receive the extension notification from NASDAQ?

Farmmi received the extension notification from NASDAQ on April 13, 2023.

What market does Farmmi (FAMI) operate in?

Farmmi operates in the agricultural products market, specializing in edible mushrooms and other agricultural items.