YanGuFang Announces Receipt of Nasdaq Notice of Deficiency Resulting from Resignation of Director
January 25 2024 - 10:05PM
YanGuFang International Group Co., Ltd. (Nasdaq: YGF) (“YanGuFang”
or the “Company”), a health food company primarily engaged in the
production, sourcing, research, development, and sales and
distribution of oat and grain products across China and
internationally, today announced that it received a deficiency
notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”)
on January 19, 2024. The deficiency cited by Nasdaq was due to the
resignation of Mr. Jiangping Xiao, an independent director of the
Company, from the board of directors (the “Board”) and the audit
committee of the Board (the “Audit Committee”). As a result of the
Resignation of Mr. Xiao, the Company is no longer in compliance
with Nasdaq’s independent director and audit committee requirements
as set forth in Listing Rule 5605. The Notice states that,
consistent with Listing Rule 5605(b)(1)(A) and 5605(c)(4), Nasdaq
will provide the Company a cure period until the earlier of the
Company’s next annual shareholders’ meeting or January 16, 2025 to
regain compliance; provided that if the next annual shareholders’
meeting is held before July 15, 2024, then the Company must
evidence compliance no later than July 15, 2024.
If compliance is not achieved by the expiration
of the cure period, the Company’s securities will be subject to
delisting. At that time, the Company may appeal the delisting
determination to a Hearings Panel. The Company plans to search for
candidates and fill in the vacancy on the Board and the Audit
Committee within the cure period provided by Nasdaq. The Notice has
no immediate impact on the listing of the Company’s ordinary shares
on Nasdaq.
About YanGuFang International Group Co.,
Ltd.
YanGuFang International Group Co., Ltd. is an
integrated enterprise engaged in the production, research and
development, sales and marketing of natural oat and whole grain
products. The Company is committed to improving human health
through its research to explore the nutritional benefits of its
products. The Company has developed over 80 products in its natural
oat and whole grain series. For more information, visit the
Company’s website at http://ir.ygfang.com/.
Forward-Looking Statements
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. Investors can
identify these forward-looking statements by words or phrases such
as "approximates," "assesses," "believes," "hopes," "expects,"
"anticipates," "estimates," "projects," "intends," "plans," "will,"
"would," "should," "could," "may" or similar expressions. These
forward-looking statements are not guarantees of future performance
and involve known and unknown risks and uncertainties and are based
on the Company's current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs, which may cause the actual results to differ materially from
the Company's expectations discussed in the forward-looking
statements. The risks and uncertainties relating to these
statements include, but are not limited to, the Company’s ability
to find qualified candidates to fill in the vacancy on the Board
and Audit Committee and regain compliance with Nasdaq requirements;
risks and uncertainties regarding the Company's ability to develop
and sell new or improved products and services, raise capital,
deliver customer orders timely, execute its business plans, and
attract and retain customers and skilled professionals; risks and
uncertainties regarding fluctuations in earnings, fluctuations in
foreign exchange rates, and general economic conditions affecting
the Company's industry and other risks contained in reports filed
by the Company with the U.S. Securities and Exchange Commission
(the "SEC"). The Company undertakes no obligation to update or
revise publicly any 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 filings
with the SEC, which are available, free of charge, on the SEC's
website at www.sec.gov.
For investor and media inquiries please contact:
YanGuFang International Group Co., Ltd.
Investor Relations Department
Email: ir@yangufang.com
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