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Universe Pharmaceuticals Inc. (NASDAQ: UPC) is a Ji'an, China-based pharmaceutical company dedicated to the manufacturing, marketing, sales, and distribution of traditional Chinese medicine derivatives (TCMD). With a focus on addressing the physical conditions associated with aging, the company aims to enhance the well-being and longevity of the elderly. Its product portfolio also includes biomedical drugs, medical instruments, Traditional Chinese Medicine Pieces, and dietary supplements, many of which are sourced from third-party manufacturers.
Universe Pharmaceuticals is noted for its chronic condition treatments and cold and flu medications. Among the flagship products is the Guben Yanling Pill, which aims to improve the health of older individuals. The firm's major brand, Bai Nian Dan, specializes in products designed for the elderly, reflecting the company's commitment to this expanding demographic, particularly in China, where the elderly population has reached 260 million.
Despite fiscal challenges in 2023, including a 19.5% revenue decline to $32.3 million due to economic slowdown and price adjustments, the company achieved a significant increase in sales volume for TCMD products, up by 55.1%. Universe Pharmaceuticals is actively implementing strategic initiatives to strengthen its market position, such as enhancing product lines, boosting marketing efforts, and expanding sales channels. The company also aims to increase brand recognition through academic-driven marketing strategies.
Universe Pharmaceuticals reported a gross profit of $10.3 million for the fiscal year ended September 30, 2023, down from $21.9 million the previous year, with significant reductions in selling expenses and research and development costs. The company saw a net loss of $6.2 million, an improvement from the $8.7 million loss in fiscal year 2022. Financially, the company had $5.3 million in cash reserves as of September 30, 2023.
For more information, visit the company's website at www.universe-pharmacy.com.
Universe Pharmaceuticals (Nasdaq: UPC), a Chinese pharmaceutical producer and distributor, announced receiving a staff determination notice from Nasdaq on February 19, 2025, due to its failure to file the Annual Report (Form 20-F) for the fiscal year ended September 30, 2024.
The delayed filing violates Nasdaq Listing Rule 5250(c)(1) and serves as an additional basis for delisting the company's securities. UPC is already before a Hearings Panel for non-compliance with Listing Rule 5550(a)(2) and has until February 26, 2025, to request a stay of suspension pending the panel's decision. The company plans to request the stay and is working to complete and file the delayed annual report.
Universe Pharmaceuticals (Nasdaq: UPC) has received a delisting notice from Nasdaq on January 29, 2025, due to its share price closing below $1 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). Unlike typical cases where companies get 180 days to comply, UPC is ineligible for this grace period because it already implemented a reverse stock split on November 18, 2024.
The company has until February 5, 2025, to appeal the delisting determination to a hearing panel. If UPC appeals, its shares will continue trading on Nasdaq during the appeal process. Without an appeal, trading will be suspended on February 7, 2025. The company is exploring options to regain compliance, including considering another reverse stock split subject to shareholder approval.
Universe Pharmaceuticals (Nasdaq: UPC) has announced a $15 million registered direct offering, involving the sale of 18,750,000 ordinary shares at $0.80 per share. The agreement includes pre-funded warrants with a $0.001 exercise price and additional warrants to purchase up to 18,750,000 ordinary shares at $0.80 per share, with a 5-year term. Univest Securities is serving as the sole placement agent for the offering, which is expected to close around December 10, 2024. The offering is being conducted under a previously filed shelf registration statement that became effective on November 15, 2022.
Universe Pharmaceuticals (NASDAQ: UPC) announced a 15:1 share consolidation effective November 12, 2024. Each 15 pre-consolidation ordinary shares will automatically combine into one share with a new par value of US$0.28125. Trading under the consolidated shares will begin on November 18, 2024, maintaining the same symbol 'UPC' but with a new CUSIP number G9442G 120. Following consolidation, the company's authorized capital will be US$140,625,000, divided into 450,000,000 ordinary shares and 50,000,000 preferred shares. All fractional shares will be rounded up to whole numbers.
Universe Pharmaceuticals received a notification from Nasdaq on October 25, 2024, indicating non-compliance with the minimum bid price requirement. The company's stock failed to maintain the required $1.00 per share minimum bid price for 30 consecutive business days from September 13 to October 24, 2024. The company has been granted until April 23, 2025, to regain compliance by achieving a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. While this notification doesn't immediately affect the company's Nasdaq listing, failure to comply could lead to delisting. The company is considering options, including a potential reverse share split, to meet the requirement.
Universe Pharmaceuticals INC (Nasdaq: UPC) reported financial results for the first six months of fiscal year 2024 ended March 31, 2024. The company faced business uncertainties and a global economic slowdown, resulting in a 30.2% decrease in revenue to $12.9 million compared to $18.5 million in the same period last year. Key financial highlights include:
- Loss from operations of $1.7 million, compared to an income of $0.1 million in the previous year
- Net loss of $13.1 million, compared to a net loss of $0.7 million in the previous year
- Loss per share of $3.59, compared to $0.20 in the previous year
The company is focusing on developing online sales channels and implementing digital marketing strategies to improve brand recognition and expand its customer base. On July 15, 2024, Universe Pharmaceuticals closed a self-underwritten public offering, raising $25 million before expenses.
On March 2, 2023, Universe Pharmaceuticals INC (Nasdaq: UPC) received a Notification Letter from Nasdaq, indicating it failed to comply with minimum bid price requirements, with shares under $1 for 30 consecutive business days. The company has until August 29, 2023, to regain compliance by maintaining a bid price of at least $1 for 10 consecutive days. This notification does not affect the company's Nasdaq listing status immediately. Universe Pharmaceuticals plans to monitor its stock price and may consider options, including a reverse share split, to meet compliance requirements. The company's operations remain unaffected.
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