Youngevity International, Inc. Receives Notice of Nasdaq Delisting

Rhea-AI Summary

Youngevity International, Inc. (YGYI) has received a delisting notice from the Nasdaq Hearings Panel due to failure to file required financial reports, including the Form 10-K for 2019 and Forms 10-Q for Q1 and Q2 of 2020. Following this decision, Nasdaq will suspend trading as of November 20, 2020, and plans to file a Form 25 with the SEC to formally delist the company. Youngevity expects to trade on OTC Markets under the same symbols, YGYI and YGYIP. CEO Steve Wallach indicated plans to update shareholders on progress and efforts to relist on a national exchange.

Positive

• Youngevity intends to communicate updates to shareholders regarding business improvements and financial compliance.
• The company plans to transition its trading to the OTC Markets, maintaining its ticker symbols.

Negative

• Non-compliance with Nasdaq filing requirements resulted in a delisting notice.
• The company failed to file essential financial reports, leading to trading suspension.

SAN DIEGO, Nov. 19, 2020 /PRNewswire/ -- Youngevity International, Inc. (NASDAQ: YGYI), a leading multi-channel lifestyle company, today announced that the Company received notice on November 18, 2020 from the Nasdaq Hearings Panel (the "Panel") that it has determined to delist the Company's securities from The Nasdaq Stock Market LLC ("Nasdaq") based upon the Company's non-compliance with the filing requirements set forth in Nasdaq Listing Rule 5250(c)(1) for failing to file its Form 10-K for the year ended December 31, 2019, and Forms 10-Q for the periods ended March 31, 2020 and June 30, 2020. As a result of the Panel's decision, Nasdaq will suspend trading in the Company's securities effective at the open of business on Friday, November 20, 2020 and indicated that it intends to file a Form 25 Notification of Delisting with the Securities and Exchange Commission (the "SEC"), notifying the SEC of Nasdaq's determination to remove the Company's securities shares from listing on Nasdaq under Section 12(b) of the Securities Exchange Act of 1934, as amended.

The formal delisting of the Company's common shares from Nasdaq will become effective ten days after the Form 25 is filed. In connection with the suspension of trading on The Nasdaq Capital Market, the Company expects that its common stock and Series D preferred stock will be eligible to trade on the OTC Markets system effective with the open of the markets on Friday, November 20, 2020. The Company expects that both its common stock and Series D preferred stock will trade under its current trading symbols YGYI and YGYIP on the OTC Markets.

Steve Wallach, CEO of Youngevity International, Inc stated, "We are in the process of preparing a shareholder communication letter which will provide an update on recent progress that has been made at the Company including business highlights, and our plan to become current in our financial reporting and relist on Nasdaq or another national securities exchange."

About Youngevity International, Inc.

Youngevity International, Inc. ( NASDAQ : YGYI ), is a multi-channel lifestyle company operating in 3 distinct business segments including a commercial coffee enterprise, a commercial hemp enterprise, and a multi-vertical omni direct selling enterprise.  The Company features a multi country selling network and has assembled a virtual Main Street of products and services under one corporate entity, YGYI offers products from the six top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, apparel/jewelry, as well as innovative services. For investor information, please visit YGYI.com. Be sure to like us on Facebook and follow us on Twitter.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions.  These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements,  and include statements regarding providing an update on recent progress that has been made at the Company including business highlights, and our plan to become current in our financial reporting and relist on Nasdaq or another national securities exchange.. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to become current in our financial reporting and relist on Nasdaq or another national securities exchange, our ability to continue our coffee segment and hemp segment growth, our ability to continue our international growth, our ability to leverage our platform and global infrastructure to drive organic growth, our ability to improve our profitability, expand our liquidity, and strengthen our balance sheet, the acceptance of the omni-direct approach by our customers, our ability to expand our distribution, our ability to continue our financial performance and the other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2018 and our subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Contacts:

Youngevity International, Inc.
Dave Briskie
President and Chief Investment Officer
1 800 982 3189 X6500

Investor Relations

YGYI Investor Relations
investors@ygyi.com

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SOURCE Youngevity International, Inc.

FAQ

What caused Youngevity (YGYI) to receive a delisting notice from Nasdaq?

Youngevity received a delisting notice due to failure to file its Form 10-K for 2019 and Forms 10-Q for Q1 and Q2 of 2020.

When will Youngevity's (YGYI) securities be delisted from Nasdaq?

Youngevity's securities will be delisted ten days after Nasdaq files a Form 25, with suspension effective November 20, 2020.

Where will Youngevity (YGYI) shares trade after delisting from Nasdaq?

Following the delisting, Youngevity's common stock and Series D preferred stock will trade on the OTC Markets under symbols YGYI and YGYIP.

What is Youngevity's plan after receiving the delisting notice from Nasdaq?

Youngevity plans to update shareholders on business progress and aims to become current in financial reporting to relist on Nasdaq or another exchange.