Shenzhen, China, Sept. 11, 2024 — Meiwu Technology Company Limited (“WNW” or the “Company”), (NASDAQ: WNW) announced today that on September 10, 2024, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) informing the Company that the minimum bid price per share for its ordinary shares has fallen below $1.00 for 30 consecutive business days. This means the Company no longer meets the minimum bid price requirements outlined in Nasdaq Listing Rule 5550(a)(2).
This notification does not immediately affect the listing of the Company’s ordinary shares on Nasdaq. Under the Nasdaq Listing Rules, the Company has until March 10, 2025, to bring its share price back into compliance. If, at any time within this 180-day period, the closing bid price of the Company’s ordinary shares reaches at least $1 for a minimum of 10 consecutive business days, Nasdaq will confirm that the Company is in compliance.
If the Company fails to regain compliance within the 180-day period, it may be eligible for an additional 180 calendar days to comply. To qualify for this extension, the Company must meet the continued listing requirements for market value of publicly held shares and all other initial listing standards for Nasdaq, except for Nasdaq Listing Rule 5550(a)(2). The Company must also provide written notice of its intention to cure this deficiency during the second compliance period, potentially by implementing a reverse stock split if necessary.
About Meiwu Technology Company Limited
Meiwu Technology Company Limited is a British Virgin Islands company incorporated on December 4, 2018. The Company operates in China through its subsidiaries and variable interest entity, Meiwu Zhishi Technology (Shenzhen) Co., Ltd (“VIE”). The VIE operates an online and mobile commerce platform, conducting business through an online retail store accessible at . The VIE sells a wide range of food products sourced from suppliers. The VIE does not sell genetically modified food and is committed to providing customers with safe, high-quality, nutritious, tasty, and non-genetically modified food products through its network of trusted suppliers. The VIE leverages website optimization and real-time data to match supply and demand for food products, aligning with consumer trends. On June 23, 2022, the Company completed the acquisition of Mahaotiaodong (Xiamen) Technology Company Limited (“Mahao”). Mahao is a company based in Xiamen, China, that provides internet access and related services. Mahao operates a short message service platform, delivering customized content to end users. Mahao is a mobile information service provider with extensive industry experience. Enterprise Short Message Service (“SMS”) is currently the core business of Mahao. Mahao utilizes its accumulated system development technology and business understanding to provide professional enterprise SMS services to its clients. Mahao provides comprehensive services around enterprise SMS, including customized system development, enterprise instant messaging platforms, API system integration, and more. These services encompass early debugging and enabling of customer and Mahao platform integration, maintenance and upgrading of the customer SMS operating system during operation, and troubleshooting issues like delayed SMS transmission, ensuring seamless and rapid delivery of SMS messages. Concurrently, Mahao prioritizes information security audits and optimizing customer experience. Through a rigorous program, mobile information content is vetted to ensure the safe and effective delivery of various enterprise SMS messages, including information verification, user notifications, member reminders, and marketing promotions. By ensuring efficient mobile information transmission and content security, Mahao delivers various enterprise SMS services, encompassing mobile business scenario construction, product operational support, customer relationship management and support, to various financial, internet, e-commerce, express logistics, and other enterprise clients.
Safe Harbor Statement
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission, which are available for review at . The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
Contact
Meiwu Technology Company Limited
Xinliang Zhang
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