HONG KONG, Oct. 12, 2018 /PRNewswire/ -- Sharing Economy
International Inc. ("SEII" or "the Company") (NASDAQ: SEII) today
announced that on October 8, 2018,
the Company received a staff deficiency notice from The Nasdaq
Stock Market ("Nasdaq") informing the Company that it has failed to
comply with Nasdaq's shareholder approval requirements set forth in
Listing Rule 5635(c) (the "Rule").
During the period from May 11,
2017 to date, the Company entered into approximately one
hundred arrangements resulting in the issuance or potential
issuance of more than three million shares to officers, directors,
employees, and consultants ("Equity Compensation Grants"). The
Company did not receive shareholder approval for the Equity
Compensation Grants, and the shares were not issued from a
shareholder approval equity compensation plan. The Company is
continuing to review its internal records relating to prior
issuances, and as information becomes available regarding any
shares issued in similar circumstances, the Company will notify
Nasdaq.
The Company intends to submit its plan to regain compliance no
later than October 26, 2018. If the
plan is accepted, Nasdaq can grant an extension of up to one
hundred eighty calendar days from October 8,
2018 to evidence compliance. The Company believes that it
has otherwise been compliant with its filing obligations pursuant
to the Securities Exchange Act of 1934, as amended, including
making all appropriate disclosures to the marketplace. The
Company is currently doing everything possible to cure its
deficiencies regarding the Rule.
About Sharing Economy International Inc.
Sharing Economy International Inc., through its affiliated
companies, designs, manufactures and distributes a line of
proprietary high and low temperature dyeing and finishing machinery
to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of
sharing through economical rental business models. Moreover, the
Company will actively pursue blockchain technology in its existing
and to-be-acquired business, enabling the general public to realize
the beauty of resource sharing. For more information visit
www.seii.com
About Ecrent Capital Holdings Limited
ECRENT is one of the largest and most extensive online global
sharing platforms which encourages people to share through renting
to protect our environment. A number of categories of products and
services on wedding, properties, venues, transport, household,
tools, equipment, leisure, fashion, accessories, professional
services, arts, and public services, can be rented through its
platform. For more information visit www.ecrent.com
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies and certain potential transactions that they
may enter into. These forward looking statements are often
identified by the use of forward looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31,
2017 and the Form 10-Q for the quarter ended June 30, 2018. All forward-looking statements
attributable to the Company or to persons acting on its behalf are
expressly qualified in their entirety by these factors other than
as required under the securities laws. The Company does not assume
a duty to update these forward-looking statements.
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SOURCE Sharing Economy International, Inc.
