WUHAN, China, Oct. 23, 2018 (GLOBE NEWSWIRE) -- SSLJ.com Limited (the “Company” or “SSLJ”) (NASDAQ: SSLJ) On October 17, 2018, SSLJ.com Limited received a deficiency notice from The NASDAQ Stock Market, Inc. (“NASDAQ”) stating that for the last 30 consecutive business days, the Company’s shares closed below the minimum bid price of $1.00 per share as required for continued listing on the NASDAQ Capital Market and as a result the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5450(a)(1). The Company has until April 15, 2019 to regain compliance with the NASDAQ’s continued listing requirements.
If the Company is unable to demonstrate compliance with these continued listing requirements on or before April 15, 2019, it may be eligible for additional time to regain compliance with NASDAQ’s continued listing requirements. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, the NASDAQ staff will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to the NASDAQ Staff that the Company will not be able to cure the deficiency, or if the Company otherwise is not eligible, the NASDAQ Staff will provide notice that the Company’s ordinary shares will be subject to delisting. At that time, the Company would also be permitted to appeal the delisting determination to a hearing panel. If at any time before April 15, 2019, the closing bid price of the Company’s ordinary shares is at least $1.00 per share for a minimum of 10 consecutive business days, the NASDAQ staff will provide written confirmation that the Company is in compliance with the minimum closing bid price requirements and the matter will be closed.
The Company is currently reviewing the options to meet the requirements for continued listing on the NASDAQ Capital Market and plans to take appropriate measures to regain compliance therewith.
About SSLJ.com Limited
SSLJ.com Limited is a pioneer in the vertically integrated O2O home decoration service and product market with one of the largest market shares in China. The Company provides clients with a convenient, full-service, one-stop solution for its homes’ interior decoration and improvement needs by offering consulting, design, construction, and furnishing services as well as modern, high-quality and high-tech products. The Company has 9 branch companies and 12 sales offices in 10 cities, which are Beijing, Shanghai, Shenzhen, Wuhan, Suzhou, Hefei, Zhengzhou, Tianjin, Chengdu, Xi’an. For more information, please visit www.sslj.com.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.