Lianluo Smart Limited Received Nasdaq Notification Letter Regarding Bid Price Deficiency
BEIJING, Sept. 18, 2019 /PRNewswire/ -- Lianluo Smart Limited ("Lianluo Smart" or the "Company") (Nasdaq: LLIT), a China based professional smart service and products provider announced today that on September 11, 2019, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that the minimum bid price per share for its ordinary shares has been below $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2).
The notification received has no immediate effect on the listing of the Company's common stock on Nasdaq. Under the Nasdaq Listing Rules, the Company has until March 9, 2020 to regain compliance. If at any time during such 180-day period the closing bid price of the Company's common shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance.
If the Company does not regain compliance during such 180-day period, the Company may be eligible for an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provides a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
About Lianluo Smart Limited
Lianluo Smart Limited (Nasdaq: LLIT) is a professional smart service and products provider, which develops, markets and sells medical wearable devices, smart devices and ecosystem platform in China. The Company's business is divided into three sectors. The medical wearable devices sector's major product is wearable sleep respiratory device. It provides medical detection and monitoring to OSA (Obstructive Sleep Apnea) syndrome patients. The smart devices sector is specialized in easy-using smart devices for sports, social contact, entertainment, remote-control and family health management. The smart ecosystem platform interconnects things and things, things and human. Lianluo Smart is endeavoring to become a leading provider of smart products both in domestic and international markets. For more company information, please visit company official website: www.lianluosmart.com
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded or followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Forward-looking statements in this release also include statements about business and economic trends. Investors should also consider the areas of risk described under the heading "Forward Looking Statements" and those factors captioned as "Risk Factors" in Lianluo Smart's periodic reports under the Securities Exchange Act of 1934, as amended, or in connection with any forward-looking statements that may be made by Lianluo Smart.
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