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Urban Tea Inc. (NASDAQ: MYT) has regained compliance with Nasdaq's minimum bid price requirement as of September 11, 2020. The company's closing bid price was above $1.00 per share for ten consecutive business days from August 27 to September 10, 2020. This achievement ensures the company remains listed on the Nasdaq Capital Market. Urban Tea specializes in trendy tea drinks and baked goods, targeting the new urban generation in Hunan, China.
Urban Tea Inc. (NASDAQ: MYT) has signed a non-binding Letter of Intent to acquire 80% of Guokui Management Inc. for $400,000. Guokui Management operates the casual restaurant Crop Circle in New York City, offering light Chinese meals. This acquisition aims to expand Urban Tea's presence in the U.S. casual dining market and leverage synergies with Guokui Management. The deal is subject to due diligence and board approval, with no guarantee of finalization. Urban Tea is focused on establishing a multicultural brand portfolio.
Urban Tea Inc. (NASDAQ: MYT) announced a non-binding letter of intent (LOI) to acquire a 51% stake in Chuangyeying Brand Management Co., Ltd. (CYY) and Store Master Food Trading Co., Ltd. The acquisition aims to enhance Urban Tea's brand management, sales networks, and supply chain capabilities. If completed, the deal will provide control over over 300 franchisees, boosting R&D capabilities and marketing outreach. The deal is contingent upon due diligence, definitive agreements, and board approvals.
Urban Tea Inc. (NASDAQ: MYT) has issued a clarification regarding its previously announced 1 for 10 reverse stock split. The reverse split will now be effective on August 27, 2020, instead of the previously stated date. Shareholders will receive one new ordinary share for every ten shares they hold, starting on a split-adjusted basis from market opening.
Urban Tea, based in Changsha, China, specializes in retailing trendy tea products and baked goods, aimed at the new urban generation.
Urban Tea Inc. (NASDAQ: MYT) announced a 1 for 10 reverse stock split approved by its board on August 19, 2020. This split will take effect on or around August 26, 2020, reducing shares from approximately 79.4 million to 7.9 million. The reverse split aims to increase share price, but there is no guarantee that the market price will reflect this ratio. Adjustments will also be made to stock options and restricted shares. Shareholders will receive new share certificates, and fractional shares will be rounded up.
Urban Tea, Inc. (NASDAQ: MYT) announced a registered direct offering to sell approximately $6.0 million of ordinary shares at $0.32 per share, totaling about 18.8 million shares. The offering is expected to close on August 18, 2020, pending customary conditions. Proceeds will support Urban Tea's operations, including its expansion into international markets like New York City. Maxim Group LLC is the placement agent for the offering. This offering was filed under a previously effective shelf registration statement with the SEC on September 19, 2018.
Urban Tea Inc. (NASDAQ: MYT) will open its first overseas tea house, MENO, on August 1, 2020, in Manhattan, New York City. This opening is part of the company's international expansion strategy. MENO will offer an array of specialty teas, coffees, juices, and light meals inspired by their 'Buoyance Manor' stores in China. The 15-seat venue will provide takeout and delivery options through various platforms. CEO Long Yi emphasized MENO's aim to create a serene environment for customers amidst the city's fast pace.
Urban Tea, Inc. (NASDAQ: MYT) has announced a registered direct offering of 15 million ordinary shares at $0.40 per share, aiming to raise $6 million before expenses. The offering, facilitated by Maxim Group LLC, is set to close around August 3, 2020, pending customary conditions. The shares will be sold under a previously filed shelf registration statement with the SEC. The funds raised are intended to support the company's growth and expansion efforts, including the opening of its first overseas store in New York City.
Urban Tea, Inc. (NASDAQ: MYT) announced a registered direct offering of approximately $5.0 million in ordinary shares. The company will sell 9 million shares at $0.555 each, with gross proceeds expected to total around $5.0 million before expenses. The offering is set to close on or about June 29, 2020, contingent upon standard closing conditions. Maxim Group LLC is the sole placement agent for this transaction. The offering is made under a previously effective registration statement with the SEC.
Urban Tea Inc. (NASDAQ: MYT) announced progress on its first overseas store, Meno, located in New York City, with a trial opening expected on July 15, 2020, amidst COVID-19 safety measures. The store aims to be a vibrant destination for specialty teas and baked goods, located near NYU in Greenwich Village. The CEO expressed enthusiasm over this expansion, marking a significant milestone despite delays caused by the pandemic. The company will follow health guidelines with social distancing and staff screenings, offering take-out and limited dine-in services.
