Molecular Data Inc. Receives NASDAQ Notification

Rhea-AI Summary

Molecular Data, Inc. (NASDAQ: MKD) received a notification from Nasdaq regarding non-compliance with Rule 5250(c)(1). The company is already before a Hearings Panel due to its failure to meet the minimum bid price of $1.00 as outlined in Listing Rule 5550(a)(2). Instead of submitting a compliance plan for review, Molecular Data will address compliance issues directly with the Hearings Panel. The company operates a technology-driven platform in China's chemical industry, providing a range of integrated solutions including e-commerce and SaaS.

Positive

• Molecular Data operates a technology-driven platform serving China's chemical industry.
• The company offers integrated e-commerce solutions, financial services, and SaaS.
• Molecular Data has advanced AI capabilities for its services.

Negative

• Molecular Data has not regained compliance with Nasdaq's Rule 5250(c)(1).
• The company is facing a Hearings Panel due to failure to meet the $1.00 minimum bid price requirement.

SHANGHAI, June 24, 2022  /PRNewswire/ -- Molecular Data, Inc. ("Molecular Data" or the "Company") (NASDAQ: MKD), a technology-driven platform in China, announced that it had received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that to date, it has not regained compliance with the Rule 5250(c)(1).

Since the Company is already before a Hearings Panel for its failure to comply with the $1.00 minimum bid price requirement set forth in Listing Rule 5550(a)(2),pursuant to Listing Rule 5810(d)(2), rather than submit a compliance plan for Staff's review, the Company is to address the matter before the Hearings Panel.

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.

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 Molecular Data Inc.

FAQ

What compliance issues is Molecular Data (MKD) facing with Nasdaq?

Molecular Data has not regained compliance with Nasdaq's Rule 5250(c)(1) and is before a Hearings Panel for failing to meet the $1.00 minimum bid price requirement.

When did Molecular Data announce the Nasdaq notification?

Molecular Data announced the Nasdaq notification on June 24, 2022.

What services does Molecular Data (MKD) provide?

Molecular Data offers integrated e-commerce solutions, financial services, warehousing, logistics, and SaaS in China's chemical industry.

What is the current status of Molecular Data's compliance plan with Nasdaq?

Rather than submitting a compliance plan, Molecular Data will address compliance issues directly with the Hearings Panel.