Universe Pharmaceuticals INC Announces Receipt of Nasdaq Notification Regarding Minimum Market Value of Publicly Held Shares
August 04 2023 - 7:30AM
Universe Pharmaceuticals INC (NASDAQ: UPC) (“Universe
Pharmaceuticals” or the “Company”), 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 August 1, 2023, notifying the
Company that it is not in compliance with the minimum Market Value
of Publicly Held Shares (“MVPHS”) requirement set forth in the
Nasdaq Listing Rules for continued listing on the Nasdaq Global
Market.
Nasdaq Listing Rule 5450(b)(1)(C) requires
listed securities to maintain a MVPHS of at least $5,000,000, and
Nasdaq Listing Rule 5810(c)(3)(D) provides that a failure to meet
the MVPHS requirement exists if the deficiency continues for a
period of 30 consecutive business days. Based on the Company’s
MVPHS for the 30 consecutive business days from June 16, 2023 to
July 31, 2023, the Company no longer meets the MVPHS
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)(D), the Company has
been provided 180 calendar days, or until January 29, 2024, to
regain compliance with Nasdaq Listing Rule 5450(b)(1)(C). To regain
compliance, the Company's MVPHS needs to close at $5,000,000 or
more for a minimum of 10 consecutive business days at any time
during the compliance period. In the event the Company does not
regain compliance by January 29, 2024, the Company will receive
written notification that its securities are subject to delisting.
Alternatively, the Company may consider applying to transfer its
securities to the Nasdaq Capital Market.
The Company’s business operations are not
affected by the receipt of the Notification Letter. The Company
intends to monitor its MVPHS and will consider using available
options to regain compliance with the MVPHS 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
Certain statements 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.
For more
information, please contact:
Ascent Investor Relations
LLCTina XiaoPresidentPhone: +1 917-609-0333Email:
tina.xiao@ascent-ir.com
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