MEDIROM Healthcare Technologies Inc. Receives Nasdaq Notification Regarding Minimum Market Value Deficiency
01 Juillet 2022 - 10:05PM
MEDIROM Healthcare Technologies Inc. (Nasdaq CM: MRM), a holistic
healthcare Company based in Japan (the “Company”), announced today
that it has received a written notification (the “Notification
Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”) dated June 29,
2022, notifying the Company that it is not in compliance with the
minimum market value requirement set forth in Nasdaq Listing Rules
for continued listing on The Nasdaq Capital Market. Nasdaq Listing
Rule 5550(b)(2) requires companies to maintain a minimum market
value of US$35 million and Nasdaq Listing Rule 5810(c)(3)(C)
provides that a failure to meet the minimum market value
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the market value of the Company
from May 9, 2022 to June 28, 2022, the Company no longer meets the
minimum market value requirement.
The Notification Letter does not impact the
Company’s listing on The Nasdaq Capital Market at this time. In
accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has
been provided 180 calendar days, or until December 27, 2022, to
regain compliance with Nasdaq Listing Rule 5550(b)(2). To regain
compliance, the Company’s market value must exceed US$35 million
for a minimum of 10 consecutive business days. In the event the
Company does not regain compliance by December 27, 2022, the
Company may be eligible for additional time to regain compliance,
or may face delisting.
The Company intends to monitor its market value
between now and December 27, 2022 and intends to cure the
deficiency within the prescribed grace period. During this time,
The Company expect that American Depositary Shares representing
common shares of the Company will continue to be listed and trade
on The Nasdaq Capital Market.
The Company’s business operations are not
affected by the receipt of the Notification Letter.
Forward-Looking
StatementsCertain statements in this press release are
forward-looking statements for purposes of the safe harbor
provisions under the U.S. Private Securities Litigation Reform Act
of 1995. Forward-looking statements may include estimates or
expectations about the Company’s possible or assumed operational
results, financial condition, business strategies and plans, market
opportunities, competitive position, industry environment, and
potential growth opportunities. In some cases, forward-looking
statements can be identified by terms such as “may,” “will,”
“should,” “design,” “target,” “aim,” “hope,” “expect,” “could,”
“intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,”
“predict,” “project,” “potential,” “goal,” or other words that
convey the uncertainty of future events or outcomes. These
statements relate to future events or to the Company’s future
financial performance, and involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results, levels of activity, performance, or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements. You should not place undue reliance on
forward-looking statements since they involve known and unknown
risks, uncertainties and other factors which are, in some cases,
beyond the Company’s control and which could, and likely will,
materially affect actual results, levels of activity, performance
or achievements. Any forward-looking statement reflects the
Company’s current views with respect to future events and is
subject to these and other risks, uncertainties and assumptions
relating to the Company’s operations, results of operations, growth
strategy and liquidity. The Company assumes no obligation to
publicly update or revise these forward-looking statements for any
reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future.
About MEDIROM Healthcare Technologies
Inc.
MEDIROM, a holistic healthcare company, operates
308 (as of May 31, 2022) relaxation salons across Japan, Re.Ra.Ku®,
being its leading brand, and provides healthcare services. In 2015,
MEDIROM entered the health tech business, and launched new
healthcare programs using on-demand training app called “Lav®”,
which is developed by the company. MEDIROM also entered the device
business in 2020 and is developing a smart tracker “MOTHER
Bracelet®” (formerly known as “MOTHER Tracker®”). MEDIROM hopes
that its diverse health related services and products offering will
help it become a leader in the healthcare industry. For more
information, visit https://medirom.co.jp/en.
Contacts
Investor Relations Team
ir@medirom.co.jp
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