XIAMEN,
China, Nov. 21,
2022 /PRNewswire/ -- Pop Culture Group Co., Ltd ("Pop
Culture" or the "Company") (Nasdaq: CPOP), a hip-hop culture
company headquartered in China,
received notification (the "Notification Letter") from The Nasdaq
Stock Market LLC ("Nasdaq"), dated November
17, 2022, that the Company is not in compliance with the
minimum bid price requirement set forth in the Nasdaq Listing Rules
for continued listing on The Nasdaq Global Market (the "Nasdaq
Global Market"). The Notification Letter is only a notification of
deficiency and not a notice of delisting.
Nasdaq Listing Rule 5450(a)(1) 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 Class A ordinary shares for the 30 consecutive business
days from October 6, 2022 to
November 16, 2022, the Company no
longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Global Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until May 16, 2023, to regain compliance with
Nasdaq Listing Rule 5450(a)(1). To regain compliance, the Company's
Class A ordinary shares must have a closing bid price of at least
US$1.00 for a minimum for 10 consecutive business days. In the
event the Company does not regain compliance by May 16, 2023, 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 Class A ordinary shares and may, if
appropriate, consider implementing available options, including,
but not limited to, implementing a reverse share split of its
outstanding Class A ordinary shares, to regain compliance with the
minimum bid price requirement under the Nasdaq Listing Rules.
About Pop Culture Group Co., Ltd
Headquartered in Xiamen, China,
Pop Culture Group Co., Ltd is a hip-hop culture company. The
Company aims to promote hip-hop culture and its values, and to
promote cultural exchanges with respect to hip-hop between
the United States and China. With the values of hip-hop culture at
its core and the younger generation as its primary target audience,
the Company hosts entertainment events, operates hip-hop related
online programs, and provides event planning and execution services
and brand promotion services to corporate clients. The Company has
in recent years focused on developing and hosting its own hip-hop
events. For more information, visit the Company's website
at http://ir.cpop.cn/.
Forward-Looking Statements
Certain statements made in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties, including the
further spread of the COVID-19 virus or new variants thereof, or
the occurrence of another wave of cases and the impact that may
have on the Company's operations and the demand for the Company's
services, 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 its
other filings with the SEC.
For more information, please contact:
Pop Culture Group Co., Ltd
Investor Relations
Department
Email: ir@cpop.cn
Ascent Investors Relations LLC
Tina Xiao
President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Pop Culture Group Co., Ltd
