Full Press Release Details
Group Ltd. Announces Receipt of a Bid Deficiency Notice from Nasdaq
York, NY, Jan. 31, 2024 (GLOBE NEWSWIRE) -- Fresh2 Group Ltd. (NASDAQ: FRES) ("Fresh2" or "the Company"), a
B2B e-commerce and supply chain management company within the restaurant and food industry, today announced that on January 26, 2024,
it received a deficiency notice (the "Notice") from The Nasdaq Stock Market ("Nasdaq") informing the Company
that it failed to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing
Rule 5550(a)(2) based upon the closing bid price of the American Depositary Shares ("ADSs") of the Company for the 30 consecutive
business days prior to the date of the Notice from Nasdaq.
Notice has no immediate effect on the listing of the Company's ADSs on The Nasdaq Capital Market. Pursuant to the Notice, the Company
has been provided an initial compliance period of 180 calendar days, or until July 24, 2024, to regain compliance with the minimum bid
price requirement. To regain compliance, the closing bid price of the ADSs must meet or exceed $1.00 per share for a minimum of ten consecutive
business days prior to July 24, 2024.
the Company is unable to regain compliance by July 24, 2024, the Company may be eligible for an additional 180 calendar day compliance
period to demonstrate compliance with the bid price requirement. To qualify, the Company will be required to meet the continued listing
requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the
exception of the bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during
the second compliance period, by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance
period or fails to regain compliance during the second 180-day period, Nasdaq will notify the Company of its determination to delist
the ADSs, at which point the Company would have an opportunity to appeal the delisting determination to a Hearings Panel.
Company intends to monitor the closing bid price of the ADSs and may, if appropriate, consider implementing available options to regain
compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
Fresh2 Group Limited
Group Limited is engaged in the business-to-business e-commerce and supply chain sectors. Committed to helping restaurants lower procurement
costs and improve efficiency, Fresh2 utilizes an advanced supply chain management system. By applying strategic digital technologies
and innovative business models, Fresh2 is driving the online transformation of the restaurant supply industry. Fresh2 aims to refine
restaurant operations, adding significant value to the food industry, and building a global network of restaurateurs in the digital age.
For more information, visit: https://fresh2.co/investors.
investor and media inquiries, please contact:
Phone: +1- 917 397 6890
Email: fayeli@fresh2.co
announcement contains forward-looking statements as defined under Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, formulated in accordance with the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995.
These statements, reflecting the Company's projections about its future financial and operational performance, employ terms like believes,'
estimates,' anticipates,' expects,' plans,' projects,' intends,' potential,' target,' aim,' predict,' outlook,' seek,' goal,'
objective,' assume,' contemplate,' continue,' positioned,' forecast,' likely,' may,' could,' might,' will,' should,' approximately,'
and similar expressions to convey the uncertainty of future events or outcomes. These forward-looking statements are based on the Company's
current expectations, assumptions, and projections, involving judgments about future economic conditions, competitive landscapes, market
dynamics, and business decisions, many of which are inherently challenging to predict accurately and are largely beyond the Company's
control. Additionally, these statements are subject to a multitude of known and unknown risks, uncertainties, and other variables that
could significantly diverge the Company's actual results from those depicted in any forward-looking statement. These factors include,
but are not limited to, varying economic conditions, competitive pressures, and regulatory changes. Because of these and other risks,
uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements
speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise
or update publicly any forward-looking statements for any reason.