Missfresh Regains Compliance with Nasdaq’s Minimum Bid Price Requirement

Rhea-AI Summary

Missfresh Limited (Nasdaq: MF) announced it has regained compliance with Nasdaq's Minimum Bid Price Requirement, as confirmed by a Compliance Notice dated October 31, 2022. Previously, the company received a Deficiency Notice on June 2, 2022, due to its American depositary shares (ADSs) trading below the $1.00 minimum for 30 consecutive business days. The company successfully maintained a closing bid price of at least $1.00 from October 17 to October 28, 2022, resolving the compliance issue.

Positive

• Regained compliance with Nasdaq Listing Rule 5450(a)(1).
• ADSs maintained a closing bid price of $1.00 or greater for 10 consecutive days.

Negative

• N/A

BEIJING, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Missfresh Limited (Nasdaq: MF) (“Missfresh” or the “Company”), an innovator in China’s neighborhood retail industry, today announced that it has received a notification letter (the “Compliance Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market Inc. (“Nasdaq”) dated October 31, 2022, informing the Company that it has regained compliance with the Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”).

As previously announced, Missfresh received a notification letter (the “Deficiency Notice”) from the Nasdaq dated June 2, 2022 indicating that the closing bid price for the Company’s American depositary shares (the “ADSs”) was below the minimum bid price of $1.00 required for continued listing under the Nasdaq Listing Rule 5450(a)(1) for 30 consecutive business days. According to the Deficiency Notice, if at any time during the 180-day compliance period, the closing bid price of the Company’s ADSs is at least $1.00 for a minimum of ten consecutive business days, the Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. According to the Compliance Notice, the closing bid price of the Company’s ADSs has been at $1.00 per ADS or greater for 10 consecutive business days from October 17 to October 28, 2022, and the Company has regained compliance with the Minimum Bid Price Requirement and the matter is closed.

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: adverse changes in general economic or market conditions; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which Missfresh or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; impact of the COVID-19 pandemic; natural disasters and geopolitical events; and intensity of competition. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Missfresh Limited
Investor Relations
Tel: +86 (10) 5954-4422
Email: ir@missfresh.cn

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: missfresh@tpg-ir.com

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: missfresh@tpg-ir.com

FAQ

What recent compliance news has Missfresh (MF) reported?

Missfresh (MF) announced on November 1, 2022, that it has regained compliance with Nasdaq's Minimum Bid Price Requirement.

When did Missfresh receive the Compliance Notice from Nasdaq?

Missfresh received the Compliance Notice on October 31, 2022.

What was the reason for Missfresh's compliance notice?

Missfresh was previously notified of a deficiency because its ADSs traded below the minimum bid price of $1.00 for 30 consecutive business days.

How long did Missfresh maintain the required bid price to regain compliance?

Missfresh maintained the required closing bid price of at least $1.00 for 10 consecutive days from October 17 to October 28, 2022.