Business
Origin Agritech Regains Full Compliance with NASDAQ Listing Rules
BEIJING, Aug. 21, 2019 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology and rural e-commerce
About this update from Origin Agritech Limited
[{"type":"text","content":"BEIJING, Aug. 21, 2019 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the \"Company\" or \"Origin\"), an agriculture technology and rural e-commerce company, today announced that the Company has regained full compliance with NASDAQ listing rules. \nOn June 5, 2019, the Company was notified by the NASDAQ Stock Market (\"NASDAQ\") that it was not in compliance with the NASDAQ listing rules regarding the minimal requirements for stockholders' equity. The non-compliance was determined based on the balance sheet of September 30, 2018, in the Annual Report on Form 20-F for fiscal year 2018 filed on June 3, 2019. Since September 30, 2018, the Company increased its stockholder's equity mainly through an equity financing in January 2019. The Company also applied to change from the NASDAQ Global Select Market to the NASDAQ Capital Market, the application for which was approved and trading on NASDAQ Capital Market for the ordinary shares of the Company commenced August 19, 2019. The Company regained full compliance with the listing standards of NASDAQ.\nAbout Origin Agritech Limited\nOrigin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is China's leading agricultural technology and a rural social e-commerce company, expanding in mid-2018 from crop seed breeding and genetic improvement business to be a leading technology developer in new rural e-commerce platform and Blockchain technologies. 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: http://www.originseed.com.cn or http://www.originseed.com.cn/en/.\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 the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements address expected future business and financial performance and financial condition, and contain...