YanGuFang Announces Receipt of Nasdaq Notice of Deficiency Resulting from Resignation of Director
- None.
- Received deficiency notice from Nasdaq due to non-compliance with independent director and audit committee requirements
- Risk of delisting if compliance is not regained by January 16, 2025
SHANGHAI, China, Jan. 25, 2024 (GLOBE NEWSWIRE) -- YanGuFang International Group Co., Ltd. (Nasdaq: YGF) (“YanGuFang” or the “Company”), a health food company primarily engaged in the production, sourcing, research, development, and sales and distribution of oat and grain products across China and internationally, today announced that it received a deficiency notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) on January 19, 2024. The deficiency cited by Nasdaq was due to the resignation of Mr. Jiangping Xiao, an independent director of the Company, from the board of directors (the “Board”) and the audit committee of the Board (the “Audit Committee”). As a result of the Resignation of Mr. Xiao, the Company is no longer in compliance with Nasdaq’s independent director and audit committee requirements as set forth in Listing Rule 5605. The Notice states that, consistent with Listing Rule 5605(b)(1)(A) and 5605(c)(4), Nasdaq will provide the Company a cure period until the earlier of the Company’s next annual shareholders’ meeting or January 16, 2025 to regain compliance; provided that if the next annual shareholders’ meeting is held before July 15, 2024, then the Company must evidence compliance no later than July 15, 2024.
If compliance is not achieved by the expiration of the cure period, the Company’s securities will be subject to delisting. At that time, the Company may appeal the delisting determination to a Hearings Panel. The Company plans to search for candidates and fill in the vacancy on the Board and the Audit Committee within the cure period provided by Nasdaq. The Notice has no immediate impact on the listing of the Company’s ordinary shares on Nasdaq.
About YanGuFang International Group Co., Ltd.
YanGuFang International Group Co., Ltd. is an integrated enterprise engaged in the production, research and development, sales and marketing of natural oat and whole grain products. The Company is committed to improving human health through its research to explore the nutritional benefits of its products. The Company has developed over 80 products in its natural oat and whole grain series. For more information, visit the Company’s website at http://ir.ygfang.com/.
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. Investors can identify these forward-looking statements by words or phrases such as "approximates," "assesses," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or similar expressions. These forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, which may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, the Company’s ability to find qualified candidates to fill in the vacancy on the Board and Audit Committee and regain compliance with Nasdaq requirements; risks and uncertainties regarding the Company's ability to develop and sell new or improved products and services, raise capital, deliver customer orders timely, execute its business plans, and attract and retain customers and skilled professionals; risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, and general economic conditions affecting the Company's industry and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"). The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's filings with the SEC, which are available, free of charge, on the SEC's website at www.sec.gov.
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