Shineco Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

On June 27, 2024, Shineco announced that it has regained compliance with Nasdaq's minimum bid price requirement. The company received formal notice from Nasdaq on June 5, 2024, confirming that its common stock closed at or above $1.00 per share for 10 consecutive business days from May 20 to June 4, 2024. This compliance ensures that Shineco remains listed on the Nasdaq stock market, closing the matter as per Nasdaq Listing Rule 5550(a)(2).

Positive

• Regained compliance with Nasdaq's minimum bid price requirement.
• Stock price closed at or above $1.00 per share for 10 consecutive business days.

Negative

• None.

BEIJING, June 27, 2024 (GLOBE NEWSWIRE) -- Shineco Inc. (“Shineco” or the “Company”; NASDAQ: SISI), a producer of innovative diagnostic medical products and related medical devices, announced today that on June 5, 2024, the Company received a formal notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). The notice indicated that as a result of the closing bid price of the Company’s common stock having been at least $1.00 per share for the period of 10 consecutive business days, from May 20, 2024 through June 4, 2024, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and advised that this matter is now closed.

About Shineco, Inc.

Shineco Inc. (“Shineco” or the “Company”) aims to ‘care for a healthy life and improve the quality of life’, by providing safe, efficient and high-quality health and medical products and services to society. Shineco, operating through subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. For more information about Shineco, please visit www.biosisi.com/.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Forward-looking statements should not be relied upon because they are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Examples of forward-looking statements include, among others, statements we make regarding the innovativeness and market position of our products and services, our competitive strengths, and our expectation that the healthy meals replacement joint venture will be a competitive products in its field. You are cautioned not to rely on any forward-looking statements. Actual results may differ materially from historical results or those indicated by the forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with the Company’s ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the ability to obtain all necessary regulatory approvals in the jurisdictions where it intends to market and sell its products the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulations, economic conditions, the impact of the COVID-19 pandemic, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in its filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based only on information currently available to us and speak only as of the date of this press release, and Shineco assumes no obligation to update any forward-looking statements except as required by the applicable rules and regulations.

For more information, please contact:

Shineco,Inc.
secretary@shineco.tech
Mobile: +86-010-68130220

Precept Investor Relations LLC

David J. Rudnick
david.rudnick@preceptir.com
Mobile: +1-646-694-8538

FAQ

What recent compliance update did Shineco receive from Nasdaq?

Shineco received a notice on June 5, 2024, confirming it has regained compliance with Nasdaq's minimum bid price requirement.

What is the significance of Shineco's stock price closing above $1.00?

Shineco's stock price closing above $1.00 for 10 consecutive business days means the company complies with Nasdaq Listing Rule 5550(a)(2).

When did Shineco regain compliance with the Nasdaq minimum bid price requirement?

Shineco regained compliance on June 5, 2024, after meeting the requirement from May 20 to June 4, 2024.

How does Shineco's compliance with Nasdaq rules affect its stock symbol SISI?

Compliance ensures that Shineco's stock symbol SISI remains listed on the Nasdaq stock market.