Meiwu Technology Company Limited Received Nasdaq Notification Letter Regarding Bid Price Deficiency

Rhea-AI Summary

On February 7, 2023, Meiwu Technology Company Limited (WNW) received a notification from Nasdaq indicating that its share price has been below the $1.00 minimum requirement for 30 consecutive business days. This notification does not immediately affect its listing, as WNW has until August 7, 2023, to regain compliance by maintaining a share price of at least $1 for 10 consecutive business days. If compliance is not met, the company may be eligible for an additional 180 days provided it meets other listing standards.

Positive

• WNW has until August 7, 2023, to regain compliance with Nasdaq's minimum bid price requirement.
• The company may qualify for an additional 180-day compliance extension.

Negative

• The ordinary shares have been priced below $1 for over 30 consecutive business days.
• Failure to regain compliance may lead to potential delisting risks.

Shenzhen, China, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Meiwu Technology Company Limited (“WNW” or the “Company”), (NASDAQ: WNW) announced today that on February 7, 2023, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) notifying the Company that the minimum bid price per share for its ordinary shares has been below $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2).

The notification received has no immediate effect on the listing of the Company’s ordinary shares on Nasdaq. Under the Nasdaq Listing Rules, the Company has until August 7, 2023, to regain compliance. If at any time during such 180-day period the closing bid price of the Company’s ordinary shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance.

If the Company does not regain compliance during such 180-day period, the Company may be eligible for an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provide a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

About Meiwu Technology Company Limited

Meiwu Technology Company Limited is a British Virgin Islands company incorporated on December 4, 2018, and conduct our business in China through our subsidiaries and variable interest entity, Wunong Technology (Shenzhen) Co., Ltd. Currently we conduct our business through our online retail store on the website www.wnw108.com. Optimizing the Website and real-time data, we are able to respond to and match supply with demand for food products in keeping with consumer trends.

Safe Harbor Statement

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.

Contact
Meiwu Technology Company Limited
Xinliang Zhang
Email: meiwuBS@usmeiwu.com

FAQ

What happened to Meiwu Technology Company Limited (WNW) on February 7, 2023?

WNW received a notification from Nasdaq that it no longer meets the minimum bid price requirement due to its share price being below $1 for 30 consecutive business days.

What is the deadline for WNW to regain Nasdaq compliance?

WNW has until August 7, 2023, to regain compliance with the minimum bid price requirement.

What are the consequences if WNW does not regain compliance?

If WNW does not regain compliance by the deadline, it may be eligible for an additional 180 days to cure the deficiency.

What must WNW achieve to comply with Nasdaq rules?

WNW must maintain a closing bid price of at least $1 for a minimum of 10 consecutive business days.