Meiwu Technology Company Limited Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

On October 25, 2022, Meiwu Technology Company Limited (WNW) announced that it has regained compliance with NASDAQ's minimum bid price requirement. The notice confirmed that as of October 24, 2022, WNW's shares met the minimum closing bid price of $1.00 per share for the last 10 consecutive business days.

This follows an initial notification received on May 13, 2022, regarding its failure to maintain the required bid price. The compliance matter is now closed, allowing the company to continue trading on NASDAQ.

Positive

• Regained compliance with NASDAQ's minimum bid price requirement, ensuring continued listing.
• Achieved a closing bid price of $1.00 or greater for 10 consecutive business days.

Negative

• None.

Shenzhen, China, Oct. 28, 2022 (GLOBE NEWSWIRE) -- Meiwu Technology Company Limited (“WNW” or the “Company”), (NASDAQ: WNW) announced today that on October 25, 2022, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) notifying the Company that it has regained compliance with the Nasdaq's minimum bid price requirement and the matter is closed.

On May 13, 2022, the Company was first notified by Nasdaq its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and was given its first 180-day extension, or until November 9, 2022 to regain compliance.

The letter from Nasdaq dated October 25, 2022 noted that as of October 24, 2022, the Company evidenced a closing bid price of its ordinary shares at or greater than the $1.00 per share minimum requirement for the last 10 consecutive business days, from October 11, 2022 through October 24, 2022. Nasdaq stated that accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2).

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 does WNW's compliance with NASDAQ mean?

WNW has met NASDAQ's requirements for a minimum bid price, allowing it to continue trading without risk of delisting.

When did WNW regain compliance with NASDAQ's minimum bid price?

WNW regained compliance on October 25, 2022.

What was the reason for WNW's initial NASDAQ notification?

WNW was initially notified on May 13, 2022, about failing to maintain a minimum bid price of $1.00 per share.

What is the minimum bid price that WNW must maintain?

WNW must maintain a minimum closing bid price of $1.00 per share to comply with NASDAQ rules.