Qilian International Holding Group Ltd Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

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Qilian International Holding Group Ltd (NASDAQ: QLI) has received a notification from Nasdaq stating that the company is not in compliance with the minimum bid price requirement. The company has been given 180 days to regain compliance by maintaining a closing bid price of at least $1.00 for 10 consecutive business days.

JIUQUAN, China, July 17, 2023 /PRNewswire/ -- Qilian International Holding Group Ltd (NASDAQ: QLI) ("Qilian" or the "Company"), a China-based pharmaceutical and chemical products manufacturer, received notification (the "Notification Letter") from The Nasdaq Stock Market LLC ("Nasdaq"), dated July 13, 2023, that the Company is not in compliance with the minimum bid price requirement set forth in the Nasdaq Listing Rules for continued listing on The Nasdaq Global Market (the "Nasdaq Global Market"). The Notification Letter is only a notification of deficiency and not a notice of delisting.

Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's ordinary shares for the 30 consecutive business days from May 30, 2023 to July 12, 2023, the Company no longer meets the minimum bid price requirement.

The Notification Letter does not impact the Company's listing on the Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until January 9, 2024 (the "Compliance Period"), to regain compliance with Nasdaq Listing Rule 5450(a)(1). To regain compliance, the Company's ordinary shares must have a closing bid price of at least US$1.00 for a minimum for 10 consecutive business days, and shall not have a closing bid price of $0.10 or less for ten consecutive trading days during the Compliance Period. In the event the Company does not regain compliance by January 9, 2024, the Company may be eligible for additional time to regain compliance or may face delisting, as the case may be.

The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

About Qilian International Holding Group Ltd

Qilian International Holding Group Ltd, headquartered in Gansu, China, is a pharmaceutical and chemical products manufacturer in China. It focuses on the development, manufacture, marketing and sale of licorice products, oxytetracycline products, traditional Chinese medicine derivatives product, heparin product, sausage casings, and fertilizers. The Company's products are sold in more than 20 provinces in China. For more information, visit the Company's website at http://ir.qlsyy.net.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; products demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China; the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact: QLI@qlsyy.net.

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SOURCE Qilian International Holding Group Limited

FAQ

What is the notification Qilian International Holding Group Ltd received from Nasdaq?

Qilian International Holding Group Ltd received a notification from Nasdaq stating that the company is not in compliance with the minimum bid price requirement.

What is the minimum bid price requirement for listed securities on Nasdaq?

Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of $1.00 per share.

How long does Qilian International Holding Group Ltd have to regain compliance?

Qilian International Holding Group Ltd has been given 180 calendar days, until January 9, 2024, to regain compliance.

What happens if Qilian International Holding Group Ltd does not regain compliance by January 9, 2024?

If Qilian International Holding Group Ltd does not regain compliance by January 9, 2024, the company may be eligible for additional time to regain compliance or may face delisting.

How can Qilian International Holding Group Ltd regain compliance?

Qilian International Holding Group Ltd can regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.

What options does Qilian International Holding Group Ltd have to regain compliance?

Qilian International Holding Group Ltd may consider implementing available options, including a reverse share split of its outstanding ordinary shares, to regain compliance.