Missfresh Limited (NASDAQ: MF) announced today that it has received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) regarding the potential delisting of the Company’s American Depositary Shares (“ADSs”) unless a hearing is requested before the Nasdaq Hearing Panel. The Company intends to request a hearing before the Panel and seeks a suspension of any action until the hearing process concludes.
Earlier, on December 5, 2023, the Company was notified by the Staff that it no longer met the minimum $10,000,000 stockholders’ equity requirement for continued listing on The Nasdaq Global Market. The Staff granted the Company an extension until June 5, 2023, to regain compliance with the requirement. However, as of June 5, 2023, the Company failed to meet the stockholders’ equity requirement, resulting in the issuance of the letter on June 6, 2023.
Furthermore, on May 18, 2023, the Staff informed the Company of its failure to comply with Nasdaq Listing Rule 5250(c)(1) due to the delayed filing of the Form 20-F for the fiscal year ended December 31, 2022 with the Securities and Exchange Commission (SEC). The June 6, 2023 letter from the Staff emphasized the need for the Company to address this filing delinquency with the Panel.
The outcome of the Company’s request for continued listing and its ability to demonstrate compliance with the applicable listing criteria within any granted extension of time is uncertain and subject to the Panel’s decision.
In accordance with the U.S. Private Securities Litigation Reform Act of 1995, this announcement may contain forward-looking statements that are subject to various risks and uncertainties. These statements, including the Company’s beliefs, plans, and expectations, are based on its current projections and involve factors that are difficult to predict and beyond the Company’s control. Actual results may differ materially from the forward-looking statements due to factors such as changes in economic or market conditions, alterations in laws and regulations, natural disasters, geopolitical events, and heightened competition. Additional information regarding these risks can be found in the Company’s filings with the SEC. The Company does not undertake any obligation to update forward-looking statements except as required by law.