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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.
Posted In: EVK
