Yoshitsu Co., Ltd Receives Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
December 26 2023 - 3:05PM
Yoshitsu Co., Ltd (“Yoshitsu” or the “Company”) (Nasdaq: TKLF), a
retailer and wholesaler of Japanese beauty and health products,
sundry products, luxury products, electronic products, as well as
other products in Hong Kong, mainland China, Japan, North America,
and the United Kingdom, today announced that the Company received a
written notification letter (the "Notification Letter") from the
Listing Qualifications Department of the Nasdaq Stock Market LLC
("Nasdaq") on December 20, 2023 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 American Depositary Shares
for the 30 consecutive business days from November 6, 2023 to
December 19, 2023, 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 June 17, 2024, to regain
compliance with Nasdaq Listing Rule 5550(a)(2). To regain
compliance, the Company's American Depositary 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 June 17, 2024, 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 American Depositary
Shares and may, if appropriate, consider implementing available
options, including, but not limited to, implementing a reverse
share split of its outstanding American Depositary Shares, to
regain compliance with the minimum bid price requirement under the
Nasdaq Listing Rules.
About Yoshitsu Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd
is a retailer and wholesaler of Japanese beauty and health
products, sundry products, luxury products, electronic products, as
well as other products in Hong Kong, mainland China, Japan, North
America, and the United Kingdom. The Company offers various beauty
products (including cosmetics, skincare, fragrance, and body care
products), health products (including over-the-counter drugs,
nutritional supplements, and medical supplies and devices), sundry
products (including home goods), luxury products (including branded
watches, perfume, handbags, clothes, and jewelry), electronic
products (including entertainment gaming products), and other
products (including food and alcoholic beverages). The Company
currently sells its products through directly-operated physical
stores, through online stores, and to franchise stores and
wholesale customers. For more information, please visit the
Company's website at https://www.ystbek.co.jp/irlibrary/.
Forward-Looking Statements
Certain statements in this press release are
forward-looking statements, within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in
the U.S. Private Securities Litigation Reform Act of 1995. 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. In addition, there is uncertainty about the
further spread of the COVID-19 virus, or the occurrence of another
wave of cases, and the impact it may have on the Company's
operations, the demand for the Company's products, global supply
chains, and economic activity in general. 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.
For more information, please
contact:
Yoshitsu Co., LtdInvestor Relations
DepartmentEmail: ir@ystbek.co.jp
Ascent Investor Relations LLCTina
XiaoPresidentPhone:
1-646-932-7242Email: investors@ascent-ir.com
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