Full Press Release Details
Universe Pharmaceuticals INC Receives Nasdaq
Notification Regarding Minimum Bid Price Deficiency
Ji'an, Jiangxi, China, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Universe Pharmaceuticals INC (the "Company") (Nasdaq: UPC), a pharmaceutical producer and distributor
in China, today announced that the Company received a written notification (the "Notification Letter") from the Nasdaq Stock
Market LLC ("Nasdaq") on October 25, 2024, notifying the Company that it is not in compliance with the minimum bid price requirement
set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed
securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet
the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing
bid price of the Company's ordinary shares for the 30 consecutive business days from September 13, 2024 to October 24, 2024, the Company
no longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company's
listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided
180 calendar days, or until April 23, 2025, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's
ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company
does not regain compliance by April 23, 2025, the Company may be eligible for additional time to regain compliance or may face delisting.
The Company's business operations are not affected
by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate,
consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary
shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
About Universe Pharmaceuticals INC
Universe Pharmaceuticals INC, headquartered in
Ji'an, Jiangxi, China, is a pharmaceutical producer and distributor in China. The Company specializes in the manufacturing, marketing,
sales and distribution of traditional Chinese medicine derivatives products targeting the elderly with the goal of addressing their physical
conditions in the aging process and to promote their general well-being. The Company also distributes and sells biomedical drugs, medical
instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party pharmaceutical companies. Currently,
the Company's products are sold in 30 provinces of China. For more information, visit the company's website at http://www.universe-pharmacy.com/.
Forward-Looking Statements
All statements other than statements of historical
fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties
and are based on current expectations and projections about future events and financial trends that the Company believes may affect its
financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements
by words or phrases such as "may," "will," "expect," "anticipate," "aim,"
"estimate," "intend," "plan," "believe," "potential," "continue,"
"is/are likely to" or other similar expressions. The Company undertakes no obligation to update 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 registration statement and
in its other filings with the U.S. Securities and Exchange Commission.
Chief Financial Officer of Universe Pharmaceuticals INC