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Jin Medical International Limited Receives NASDAQ Notification Letter Regarding Noncompliance with Continued Listing Rule 5550(a)(3)
CHANGZHOU, China, Sept. 28, 2023 /PRNewswire/ -- Jin Medical International Ltd. ("JinMed" or "the Company") (NASDAQ: ZJYL), a Cayman Islands holding company
About this update from Jin Medical International Ltd.
[{"type":"text","content":"CHANGZHOU, China, Sept. 28, 2023 /PRNewswire/ -- Jin Medical International Ltd. (\"JinMed\" or \"the Company\") (NASDAQ: ZJYL), a Cayman Islands holding company with Chinese operating entities that manufacture and develop wheelchairs and living aids products, received a written notification letter (\"the Notification Letter\") from The NASDAQ Stock Market LLC (\"NASDAQ\") dated September 25, 2023, notifying the Company that it no longer complies with the requirement of minimum 300 public holders for continued listing as set forth under NASDAQ Listing Rule 5550(a)(3). \n\nThe Notification Letter has no immediate effect on the listing of the Company's ordinary shares. Under NASDAQ Listing Rules, the Company has 45 calendar days to submit a plan to regain compliance. If the Company's plan is accepted by NASDAQ, the Company may be granted an extension of up to 180 calendar days from the date of the Notification Letter to evidence compliance. The Company is currently working on a plan aimed at regaining compliance with the requirements of the NASDAQ Listing Rule.\nAbout Jin Medical International Ltd.\nThe Company, through its Chinese operating entities founded in 2006 and headquartered at Changzhou City, Jiangsu Province of China, designs and manufactures wheelchairs and living aids products for people with disabilities, the elderly, and people recovering from injuries. The Company's Chinese operating entities operate 2 manufacturing plants with approximately 228,257 square feet in the aggregate in Changzhou City and Taizhou City, Jiangsu Province, China. The Company's Chinese operating entities have established relationships with over 40 distributors in China, and over 20 in the other regions of the world where it currently sells the products. The majority of the Company's wheelchair products, with more than 30 models, are sold to dealers in Japan and China, including Nissin Medical Industries Co., Ltd, one of the largest medical device distributors in Japan. The Company's Chinese operating entities own a number of patents with the Patent Administration Department of the People's Republic of China and aims to deliver innovative wheelchair designs that are both lightweight and ergonomic.\nForward Looking Statements\nThis press release contains \"forward-looking statements\". Forward-looking statements reflect our current view about f...