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Origin Agritech Announces Receipt of Nasdaq Deficiency Notice
BEIJING, July 14, 2023 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology company, announced today
About this update from Origin Agritech Limited
[{"type":"text","content":"BEIJING, July 14, 2023 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the \"Company\" or \"Origin\"), an agriculture technology company, announced today that on July 10, 2023, the Company received a letter from the NASDAQ Stock Market (\"NASDAQ\") notifying the Company that it currently did not meet the minimum market value of listed securities requirement of having a market value of listed securities equal to or greater than $35 million (based upon the total ordinary shares outstanding multiplied by the closing bid price). Therefore, the Company was not in compliance with the continued listing rules of NASDAQ set forth in the NASDAQ Listing Rules 5550(b)(2). The non-compliance period was from May 24, through July 7, 2023.\nAccording to the letter, the Company has until January 8, 2024 to achieve compliance with the market value requirement for continued listing. In the event the Company does not regain compliance with the rule prior to the expiration of the compliance period, it will receive additional written notification that its securities will be subject to delisting. At that time, the Company may appeal the delisting determination to a hearing panel.\nIf at any time prior to January 8, 2024, the market value of the listed securities equals $35 million or more for a minimum of ten consecutive business days, the Company will regain compliance with the particular continued listing requirement.\nAbout Origin Agritech Limited\nOrigin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In crop seed biotechnologies, Origin Agritech's phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China's Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company's website at www.originagritech.com. The company also maintains a twitter account for updating investors on company and industry developments, which is @origin_agritech.\nForward-Looking Statements\nThis communication contains \"forward-looking statements\" as defined in the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of th...