Molecular Data Inc. Announces Receipt of Nasdaq Non-Compliance Letter
Molecular Data Inc. (NASDAQ: MKD) received a Delinquency Compliance Plan Alert Letter from Nasdaq due to the failure to timely file its annual report on Form 20-F for the year ended December 31, 2021. The company now has 60 days to submit a compliance plan, with a possible extension of up to 180 days if accepted by Nasdaq. This situation highlights the importance of regulatory compliance for the company, which operates in China's chemical industry, providing e-commerce and technology solutions.
- None.
- Non-compliance with Nasdaq Listing Rule 5250(c)(1) due to late filing of Form 20-F.
- The company may face a potential delisting if it fails to regain compliance within the set timeframe.
SHANGHAI, May 20, 2022 /PRNewswire/ -- Molecular Data Inc. (NASDAQ: MKD) (the "Company") announced today that on May 17, 2022, it received a Delinquency Compliance Plan Alert Letter (the "Letter") from The Nasdaq Stock Market LLC ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), because it has not timely filed its annual report on Form 20-F for the period ended December 31, 2021.
In the Letter, Nasdaq stated that the Company has 60 calendar days to submit a plan to regain compliance. If Nasdaq accepts the Company's plan, Nasdaq can grant the Company an exception of up to 180 calendar days from the Company's Form 20-F's filing due date, or until November 14, 2022, to regain compliance.
About Molecular Data Inc.
Molecular Data Inc. is a technology-driven platform in China's chemical industry, connecting participants along the chemical value chain through integrated solutions. The Company delivers e-commerce solutions, financial solutions, warehousing and logistics solutions, and SaaS suite that are intended to solve pain points for participants in the traditional chemical industry. Built upon a comprehensive knowledge engine and artificial intelligence (AI) capabilities, the Company's e-commerce solutions are mainly offered through its online platform, consisting of molbase.com, molbase.cn, Moku Data WeChat account, Chemical Community APP and other ancillary platforms.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under 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," "confident," "potential," "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a variety of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, results of operations and financial condition; the expected growth of the chemical market; the Company's ability to monetize the user base; fluctuations in general economic and business conditions in China; the potential impact of the COVID-19 to the Company's business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
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SOURCE Molecular Data Inc.
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