NANJING, China, Dec. 22,
2022 /PRNewswire/ -- Ever-Glory International Group,
Inc. (the "Company" or "Ever-Glory") (NASDAQ: EVK), a retailer of
branded fashion apparel and a leading global apparel supply chain
solution provider, today announced that after stockholders'
approval in the meeting on December 18,
2022, the Company has applied to voluntarily delist its
common stock from the NASDAQ Global Market. December 23, 2022 will be the last trading day of
the Company's common stock on Nasdaq Global Market.
The primary reason for this delisting is that the COVID-19 has
negatively impacted the Company's wholesale and retail sales in the
last three years, and that the Company has evaluated
discretionary expenses and determined that the costs associated
with its reporting obligations under the Securities Exchange Act of
1934, as amended, (the "Exchange Act") were no longer justified. In
addition, due to the geo-economic impacts experienced by the
China-based issuers in recent
years and the policy of suppressing the U.S.-listed companies, the
Company's stock price has been significantly undervalued and
dropped from $6 to less than
$1. On November 4, 2022, the Company received a
notification letter from the Nasdaq Listing Qualifications Staff
notifying the Company that the minimum bid price per share for its
common stock has been below $1.00 for
a period of 30 consecutive business days and the Company therefore
no longer meets the minimum bid price requirements set forth in
Nasdaq Listing Rule 5550(a)(2). As of today, the Company has not
regained compliance with its bid price deficiency.
The common stock will be trading on OTC Pink starting on
December 27, 2022.
About Ever-Glory International Group, Inc.
Based in Nanjing, China, Ever-Glory International Group, Inc. is
a retailer of branded fashion apparel and a leading global apparel
supply chain solution provider. Ever-Glory is the first Chinese
apparel Company listed on the American Stock Exchange (now named as
NYSE MKT) in July 2008 and then
transferred to The NASDAQ Global Market on December 31, 2015. Ever-Glory offers apparel to
woman in China under its own
brands "La go go", "Velwin" and "idole". Ever-Glory is also a
leading global apparel supply chain solution provider with a focus
on middle-to-high end casual wear, outerwear, and sportswear
brands. Ever-Glory services a number of well-known brands and
retail stores by providing a complete set of supply chain
management services, including: fabric development and design,
sampling, sourcing, quality control, manufacturing, logistics,
customs clearance and distribution.
Forward-Looking Statements
Certain statements in this release and other written or oral
statements made by or on behalf of Ever-Glory International Group,
Inc. (the "Company") are "forward looking statements" within the
meaning of the federal securities laws. Statements regarding future
events and developments and the Company's future performance, as
well as management's expectations, beliefs, plans, estimates or
projections relating to the future, are forward-looking statements
within the meaning of these laws. The forward looking statements
are subject to a number of risks and uncertainties including,
without limitation, market acceptance of the Company's products and
offerings, development and expansion of the Company's wholesale and
retail operations, the Company's continued access to capital,
currency exchange rate fluctuation, impacts from the ongoing
COVID-19 pandemic on local, national and global economic conditions
in general and on our industry and business in particular,
and other risks and uncertainties. The actual results the Company
achieves (including, without limitation, the results stemming from
the future implementation of the Company's strategies and the
revenue, net income and new retail store projections set forth
herein) may differ materially from those contemplated by any
forward-looking statements due to such risks and uncertainties
(many of which are beyond the Company's control). These statements
are based on management's current expectations and speak only as of
the date of such statements. Readers should carefully review the
risks and uncertainties described in the Company's latest Annual
Report on Form 10-K and other documents that the Company files from
time to time with the U.S. Securities and Exchange Commission. The
Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
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SOURCE Ever-Glory International Group, Inc.
