Jun. 17, 2019
Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology and rural e-commerce company, announced that on June 5, 2019 (the "Notice Date"), the Company received a letter from the NASDAQ Stock Market ("NASDAQ") notifying the Company that the Company is not in compliance with the NASDAQ listing rules.
The Company's Form 20-F for the fiscal year ended September 30, 2019 reported stockholders' equity of $(3,396,000) and therefore, the Company is not in compliance with NASDAQ Listing Rule 5450(b)(1)(A) which requires the Company to maintain a minimum of $10,000,000 in stockholders' equity.
The Company has 45 calendar days to submit a plan to NASDAQ to regain compliance and if such plan is accepted, the Company can be granted an extension of up to 180 calendar days from the Notice Date to evidence compliance. If NASDAQ does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a hearings panel. The Company's management is pursuing options to address the noncompliance and intends to submit a compliance plan on or before the deadline set by NASDAQ.