Urban Tea Inc. Received Nasdaq Notification Letters Regarding Deficiencies in Minimum Bid Price and Market Value of Listed Securities
Urban Tea, Inc. - Ordinary Shares (MYT)
Company Research
Source: PR Newswire
CHANGSHA, China, July 15, 2019 /PRNewswire/ -- Urban Tea Inc. (the "Company," "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods based in Hunan, China, announced today that the Company has received two notification letters from The NASDAQ Stock Market LLC ("Nasdaq") on July 9, 2019 and July 10, 2019, notifying the Company that it is not in compliance with the minimum Market Value of Listed Securities ("MVLS") requirement and the Minimum Bid Price ("Bid Price") requirement, respectively. On July 9, 2019, Nasdaq sent the Company a notification letter stating that the Company is not in compliance with the MVLS requirement set forth in Nasdaq Listing Rule 5550(b)(2) for continued listing on the Nasdaq Capital Market (the "MVLS Deficiency"). Nasdaq Listing Rule 5550(b) requires listed securities to maintain either stockholders' equity of at least $2.5 million, a minimum MVLS of $35 million or net income from continuing operations of $500,000 in the mos
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