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Meiwu Technology Company Limited ("WNW" or the "Company"), (NASDAQ:WNW) announced today that it received a staff determination letter (the "Letter"), on November 24, 2023, from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company of the determination from the Nasdaq staff (the "Staff") to delist the Company's securities from The Nasdaq Stock Market, because, as of November 22, 2023, the Company's securities had a closing bid price of $0.10 or less for ten consecutive trading days. Accordingly, the Company is subject to the provisions contemplated under Listing Rule 5810(c)(3)(A)(iii) (the "Low Priced Stocks Rule").
Pursuant to the Letter, unless the Company requests an appeal of the Staff's determination, trading of the Company's ordinary shares will be suspended at the opening of business on December 5, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on The Nasdaq Stock Market.
The Notice states that the Company may appeal Staff's determination to a Hearings Panel (the "Panel") pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. A hearing request will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. The Company intends to request a hearing to appeal the delisting determination. The Company is working on a plan to present to the Panel in an effort to regain compliance with the Listing Rules.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
Posted In: WNW
