BEIJING, June 28,
2023 /PRNewswire/ -- MMTEC, Inc. (NASDAQ: MTC)
("MMTEC", "we", "our" or the "Company"), a China-based technology company that provides
access to the U.S. financial markets, today announced that on
June 27, 2023, the Company received a
notification letter (the "Notification Letter") from the Listings
Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") regarding a failure to meet Nasdaq's minimum bid price
requirements. The Notification Letter informed the Company that the
minimum closing bid price per share for its common stock was below
$1.00 for a period of 30 consecutive
business days and that the Company did not meet the minimum bid
price requirement set forth in Nasdaq Listing Rule 5550(a)(2). This
press release is issued pursuant to Nasdaq Listing Rule 5810(b),
which requires prompt disclosure of receipt of a deficiency
notification.
The Notification Letter has no immediate effect on the listing
or trading of the Company's common stock on the Nasdaq Capital
Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until December 26, 2023
(the "Compliance Period"), to regain compliance with Nasdaq's
minimum bid price requirement. If at any time during the Compliance
Period, the closing bid price per share of the Company's common
stock is at least $1.00 for a minimum of 10 consecutive business
days, Nasdaq will provide the Company a written confirmation of
compliance and the matter will be closed.
In the event the Company does not regain compliance by
December 26, 2023, the Company may be
eligible for an additional 180 calendar day period to regain
compliance. To qualify, the Company will be required to meet the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for the Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to cure
the deficiency during the second compliance period, including by
effecting a reverse stock split, if necessary. If the Company
chooses to implement a reverse stock split, it must complete the
split no later than ten business days prior to the expiration of
the second compliance period.
About MMTEC, Inc.
Headquartered in Hong Kong Special Administrative Region, our
Company mainly focuses on investment banking and asset management
business, providing customers with one-stop and all-round financial
services. In addition to traditional incubation and investment in
domestic and foreign companies listed in the United States, it also launched the HiFund
platform to attracting global institutional and individual
investors to invest in the most competitive Chinese assets.
More information about the Company can be found at:
www.haisc.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. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding its continued growth, business outlook, and other similar
statements are forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission, including the Company's most recently filed Annual
Report on Form 20-F and its subsequent filings. For these reasons,
among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
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SOURCE MMTEC, Inc.
