Molecular Data (MKD) Receives NASDAQ Notification Regarding Minimum Bid Requirements
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Molecular Data, Inc. (NASDAQ: MKD), a technology-driven platform in China, announced today that on May 25, 2021, it had received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that its minimum closing bid price per share for its ordinary shares had fallen below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). On November 29, 2021, the Company was provided with an additional 180 calendar day compliance period, or until May 23, 2022, to demonstrate compliance.
On May 24, 2022, the Company received notice from Nasdaq that it has not regained compliance with Listing Rule 5550(a)(2) and that its American Depository Shares ("ADS") would be delisted from the Capital Markets and a Form 25- NSE filed with the Securities and Exchange Commission (the "SEC") to remove the Company's securities from listing and registration on The Nasdaq Stock Market unless the Company requests a hearing for an appeal.
On May 26, 2022, the Company submitted a hearing request to a Hearings Panel (the "Panel") for an appeal pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The hearing request will stay the suspension and delisting action pending the issuance of a written Panel decision.
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