Farmmi Receives NASDAQ Minimum Bid Price Requirement Extension

Rhea-AI Summary

Farmmi (NASDAQ: FAMI), a Chinese agriculture products supplier, has received a 180-day extension from NASDAQ to meet the minimum bid price requirement. The extension, granted on October 22, 2024, gives the company until April 21, 2025 to achieve compliance. To comply, Farmmi's ordinary shares must maintain a closing bid price of at least $1.00 for a minimum of ten consecutive business days.

Positive

• None.

Negative

• Company remains non-compliant with NASDAQ's minimum bid price requirement
• Risk of potential delisting if $1.00 minimum share price is not maintained for 10 consecutive days by April 2025

Insights

Financial Analyst

This NASDAQ compliance extension represents a critical regulatory challenge for Farmmi. The company's continued listing requirements issue, specifically failing to maintain the $1.00 minimum bid price, signals significant underlying concerns about market valuation and investor confidence. While the extension provides breathing room, it typically precedes either a reverse stock split or potential delisting. Historical patterns show companies in similar situations often struggle to organically regain compliance without corporate actions. The extension, while avoiding immediate delisting, puts Farmmi in a precarious position where it must demonstrate fundamental business improvements or consider strategic alternatives to maintain its NASDAQ listing.

LISHUI, China, Oct. 23, 2024 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced that on October 22, 2024, 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 21, 2025. 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 21, 2025.

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.

For more information, please contact Investor Relations:

Farmmi, Inc.
Investor Relations
Tel: +86-0578-82612876
ir@farmmi.com 

View original content:https://www.prnewswire.com/news-releases/farmmi-receives-nasdaq-minimum-bid-price-requirement-extension-302283969.html

SOURCE Farmmi, Inc.

FAQ

What is the deadline for Farmmi (FAMI) to meet NASDAQ's minimum bid price requirement?

Farmmi has until April 21, 2025, to meet NASDAQ's minimum bid price requirement.

What must Farmmi (FAMI) do to maintain NASDAQ listing compliance?

Farmmi's ordinary shares must maintain a closing bid price of at least $1.00 for a minimum of ten consecutive business days.

When did Farmmi (FAMI) receive the NASDAQ extension notice?

Farmmi received the NASDAQ extension notification on October 22, 2024.