Urban Tea Regains Compliance with Nasdaq Minimum Bid Price Requirements for Continued Listing

Rhea-AI Summary

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.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement.
• Closing bid price remained above $1.00 for 10 consecutive business days.

Negative

• Risks associated with the spread of COVID-19 impacting operations.
• Uncertainties regarding demand for products and supply chain.

CHANGSHA, China, Sept. 14, 2020 /PRNewswire/ -- Urban Tea Inc. (the "Company," "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods headquartered in Hunan, China, is pleased to announce that it has regained compliance with Nasdaq's minimum bid price requirement.

On September 11, 2020, the Company received a written notification from the Nasdaq Stock Market Listing Qualifications Staff, indicating that the Company has regained compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) based on the Company's closing bid price being $1.00 per share or greater for 10 consecutive business days from August 27 to September 10, 2020.  

About Urban Tea, Inc. 

Urban Tea, Inc. is an emerging specialty tea product distributer and retailer headquartered in Changsha City, Hunan Province, China. Through its wholly owned subsidiary, Mingyuntang (Shanghai) Tea Limited which controls Hunan Ming Yun Tang Brand Management Co., Ltd. and Hunan 39 Pu Tea Co., Ltd., the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. For more information, please visit: http://ir.h-n-myt.com/investor.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations, the demand for the Company's products, supply chains, local government's regulation of restaurants, and economic activity in general. These and other risks and uncertainties are detailed in the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

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SOURCE Urban Tea Inc.

FAQ

What does the compliance regain by Urban Tea mean for MYT shareholders?

Regaining compliance with Nasdaq's minimum bid price maintains the listing of Urban Tea Inc. (MYT) on the Nasdaq Capital Market, which is crucial for investor confidence and accessibility.

When did Urban Tea regain compliance with Nasdaq?

Urban Tea Inc. regained compliance on September 11, 2020, after meeting the minimum bid price requirement.

What was the closing bid price for Urban Tea to regain compliance?

The closing bid price for Urban Tea Inc. was above $1.00 for 10 consecutive business days.

What risks does Urban Tea face despite regaining compliance?

Urban Tea faces risks related to the COVID-19 pandemic which could affect its operations, product demand, and supply chains.