SAN DIEGO, Aug. 14, 2020 /PRNewswire/ -- Youngevity
International, Inc.: (NASDAQ: YGYI) (the "Company"), a leading
multi-channel lifestyle company operating in three distinct
business segments including a commercial coffee enterprise,
commercial hemp enterprise and multi-channel lifestyle company,
today announced that on August 12,
2020 it received an additional notification letter from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") stating that the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1) because its Quarterly Report on Form
10-Q for the quarter ended June 30,
2020 has not been filed on a timely basis with the
Securities and Exchange Commission. As a result of this additional
delinquency, the Company must submit to Nasdaq an update to its
original plan to regain compliance with respect to the filing
requirement.
On August 11, 2020, the Company
also received an additional notification letter from Nasdaq stating
that the staff (the "Staff") had determined to grant an exception
to enable the Company to regain compliance with Nasdaq Listing Rule
5250(c)(1). To comply with the exception, on or before
September 28, 2020, the Company must
file all delinquent reports, as required by Nasdaq Listing Rule
5250(c)(1). In the event the Company does not satisfy the terms,
Staff will provide written notification that its securities will be
delisted. At that time, the Company may appeal Staff's
determination to a Nasdaq Hearings Panel.
On April 2 and May 14, 2020, the Staff notified the Company that
it did not comply with Nasdaq's filing requirements set forth in
the Rule because it had not filed its Form 10-K for the year ended
December 31, 2019 and Form 10-Q for
the period ended March 31, 2020,
respectively.
The Company's management is working diligently to complete the
Form 10-K, March 31 Form 10-Q and
June 30 Form 10-Q and intends to file
each report as soon as practicable.
About Youngevity International, Inc.
Youngevity International, Inc. (NASDAQ: YGYI), is a
multi-channel lifestyle company operating in 3 distinct business
segments including a commercial coffee enterprise, a commercial
hemp enterprise, and a multi-vertical omni direct selling
enterprise. The Company features a multi country selling
network and has assembled a virtual Main Street of products and
services under one corporate entity, YGYI offers products from the
six top selling retail categories: health/nutrition, home/family,
food/beverage (including coffee), spa/beauty, apparel/jewelry, as
well as innovative services. For investor information, please
visit YGYI.com. Be sure to like us on Facebook and
follow us on Twitter
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
some cases, forward-looking statements can be identified by
terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and similar expressions, and includes statements
regarding completion of our Form 10-K and Form 10-Q. These
forward-looking statements are based on management's expectations
and assumptions as of the date of this press release and are
subject to a number of risks and uncertainties, many of which are
difficult to predict that could cause actual results to differ
materially from current expectations and assumptions from those set
forth or implied by any forward-looking statements. Important
factors that could cause actual results to differ materially from
current expectations include, among others, our ability to continue
our coffee segment and hemp segment growth, our ability to continue
our international growth, our ability to leverage our platform and
global infrastructure to drive organic growth, our ability to
return to profitability, expand our liquidity, and strengthen our
balance sheet, our ability to file our Quarterly Report on Form
10-Q for the period ended March 31,
2020 and Annual Report on Form 10-K for the year ended
December 31, 2019 as soon as possible
to regain compliance with the NASDAQ requirements and
thereafter maintain compliance with the NASDAQ requirements, the
acceptance of the omni-direct approach by our customers, our
ability to expand our distribution, , our ability to add additional
products (whether developed internally or through acquisitions),
and the other factors discussed in our Annual Report on Form 10-K
for the year ended December 31, 2018
and our subsequent filings with the SEC, including subsequent
periodic reports on Forms 10-Q and 8-K. The information in this
release is provided only as of the date of this release, and we
undertake no obligation to update any forward-looking statements
contained in this release on account of new information, future
events, or otherwise, except as required by law.
Contacts:
Youngevity International, Inc.
Dave Briskie
President and Chief Financial Officer
1 800 982 3189 X6500
Investor Relations
YGYI Investor Relations
investors@ygyi.com
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SOURCE Youngevity International, Inc.
