SAN DIEGO, Oct. 2, 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 September 29,
2020 it received a Staff Determination Letter (the
"September Notification") from the Listing Qualifications
Department of The Nasdaq Stock Market LLC ("Nasdaq") stating that
the Staff of Nasdaq (the "Staff") has determined that the Company
did not meet the terms of the exception previously granted to it by
Nasdaq (the "Exception") pursuant to the notification letter
received by the Company on August 11,
2020. Under the Exception, the Company was obligated to have
filed its Annual Report on Form 10-K for the year ended
December 31, 2019, its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020 and its Quarterly Report on Form
10-Q for the quarter ended June 30,
2020 (the "Delinquent Filings") by September 28, 2020, in order to regain compliance
with Nasdaq Listing Rule 5250(c)(1) (the "Rule"). The
September Notification also provided that the Company would be
subject to suspension unless the Company timely requested a hearing
before a Nasdaq Hearings Panel (the "Panel"). Accordingly,
the Company intends to timely request a hearing before the Panel.
Under Nasdaq's rules, this will result in an automatic stay of any
suspension or delisting action through October 21, 2020. In
connection with the hearing request, the Company will also be
requesting the stay be extended until the Panel issues its decision
following the hearing and through the expiration of any additional
extension period granted by the Panel. The Company's securities
will continue to trade on Nasdaq under the symbols YGYI and YGYIP
while the stay remains in place. However, there can be no assurance
that the Panel will grant the Company's request for continued
listing on The Nasdaq Capital Market, or that the Company will
ultimately regain compliance.
Additionally, on September 29,
2020, the Company received a notification (the
"Notification") from the Staff stating that the Company has fallen
below the $1.00 minimum bid price
requirement of Nasdaq Listing Rule 5550(a)(2) ("Rule 5550(a)(2)")
based on the closing bid price of the Company's common stock for
the previous 30 consecutive trading days. The Company has a
compliance period of 180 calendar days in which to regain
compliance prior to any further action being taken by Nasdaq. If at
any time during this 180-day period the closing bid price of the
Company's common stock is at least $1.00 for a minimum of 10 consecutive business
days, the Company may be deemed to have regained compliance with
Rule 5550(a)(2).
The Company intends to regain compliance with the minimum bid
price requirement of Rule 5550(a)(2) within the 180-day compliance
period, though there can be no assurance that it will be able to do
so.
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 Annual reports on Form 10-K and
Quarterly Reports on Form 10-Q, the Company's intention to appeal
the determination by the Staff, and the Company's ability to regain
compliance with the minimum bid price requirement. 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 file our
Quarterly Reports on Form 10-Q for the period ended March 31, 2020 and June
30, 2020 and Annual Report on Form 10-K for the year
ended December 31, 2019, and our
ability to regain compliance with the $1.00 minimum bid price requirement, our ability
to regain compliance with the Nasdaq requirements, and thereafter
maintain compliance with the Nasdaq requirements, our ability to
file a formal appeal with the Nasdaq Hearing Panel and achieve a
successful outcome, 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, 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.