Farmmi Receives NASDAQ Minimum Bid Price Requirement Extension

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI) has been granted a 180-day extension by NASDAQ to comply with the minimum bid price requirement, now effective until April 13, 2021. The company must achieve a closing bid price of $1.00 or higher for at least ten consecutive business days to regain compliance. Farmmi is a leading supplier of agricultural products in China, specializing in Shiitake mushrooms and other edible fungi. The company operates the Farmmi Liangpin Market, connecting consumers to local agricultural products.

Positive

• Granted 180-day extension to comply with NASDAQ's minimum bid price requirement.
• Opportunity to regain compliance by achieving $1.00 closing bid price for ten consecutive business days.

Negative

• Currently not in compliance with NASDAQ's minimum bid price, which may affect investor confidence.

LISHUI, China, Oct. 20, 2020 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced that on October 19, 2020, 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 April 13, 2021. 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 April 13, 2021.

About Farmmi, Inc.

Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a leading agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and many other sought-after agricultural products. The Company's Farmmi Liangpin Market serves as a trading platform for Chinese geographical indication agricultural products and is a large platform for consumers to access locally sourced agricultural products. For further information about the Company, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including the potential impact of COVID-19 on our business within and outside of China.  These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

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SOURCE Farmmi, Inc.

FAQ

What is the current status of Farmmi's compliance with NASDAQ?

Farmmi has received a 180-day extension until April 13, 2021, to meet NASDAQ's minimum bid price requirement.

What must Farmmi do to regain NASDAQ compliance?

Farmmi needs to achieve a closing bid price of $1.00 or greater for at least ten consecutive business days.

What is the significance of the extension granted to Farmmi?

The extension gives Farmmi additional time to stabilize its stock price and potentially avoid delisting.

How does the NASDAQ extension affect Farmmi's stock?

The extension provides Farmmi with a chance to improve its stock price, which can positively impact investor sentiment.