Hong Kong, China, Nov. 15, 2022 (GLOBE NEWSWIRE) — Oriental Culture Holding LTD. (“Oriental Culture” or the “Company”) (NASDAQ: OCG), a number one on-line service supplier of collectibles and artworks, right now introduced that, on November 9, 2022, the Company obtained a letter from the Nasdaq Stock Market (“Nasdaq”) notifying the Company that, as a result of the closing bid value for the Company’s strange shares listed on Nasdaq was beneath $1.00 for 30 consecutive buying and selling days, the Company now not meets the minimal bid value requirement for continued itemizing on Nasdaq underneath Nasdaq Marketplace Rule 5550(a)(2), which requires a minimal bid value of $1.00 per share (the “Minimum Bid Price Requirement”).
The notification has no fast impact on the itemizing of the Company’s strange shares. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a interval of 180 calendar days from the date of notification, till May 8, 2023 (the “Compliance Period”), to regain compliance with the Minimum Bid Price Requirement. If at any time earlier than the expiration of the Compliance Period the bid value of the Company’s strange shares closes at or above $1.00 per share for a minimal of 10 consecutive business days, Nasdaq will present written notification that the Company has achieved compliance with the Minimum Bid Price Requirement. If the Company doesn’t regain compliance by the top of the Compliance Period, the Company could also be eligible for a further 180 calendar day interval to regain compliance. To qualify, the Company will probably be required to fulfill the continued itemizing requirement for market worth of publicly held shares and all different preliminary itemizing requirements for The Nasdaq Capital Market, with the exception of the bid value requirement, and might want to present written discover of its intention to remedy the deficiency through the second compliance interval by effecting a reverse inventory cut up, if crucial. However, if it seems to Nasdaq that the Company will be unable to remedy the deficiency, or if the Company is in any other case not eligible, Nasdaq will present discover that the Company’s securities will probably be topic to delisting.
The Company intends to proceed actively monitoring the bid value for its strange shares between now and the expiration of the Compliance Period and can contemplate all out there choices to resolve the deficiency and regain compliance with the Minimum Bid Price Requirement.
About Oriental Culture Holding LTD.
Oriental Culture Holding LTD is a web based collectibles and paintings e-commerce service supplier that permits collectors, artists, artwork sellers and house owners to entry a a lot greater artwork buying and selling market the place they’ll interact with a wider vary of collectibles or paintings traders than they might seemingly encounter with out our platforms. We at the moment facilitate buying and selling by particular person and institutional prospects of varied varieties of collectibles and artworks and sure commodities on our main on-line platforms owned by our subsidiaries in Hong Kong. We additionally present on-line and offline built-in advertising, storage and technical upkeep service to our prospects in China. The Company is within the course of of creating business and companies referring to NFTs for cultural and paintings collections in addition to a metaverse venture. For extra details about the Company, please go to: www.ocgroup.hk.
Forward-Looking Statement
This press launch incorporates forward-looking statements as outlined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements embody statements relating to plans, goals, objectives, methods, future occasions or efficiency, in addition to underlying assumptions and different statements that aren’t historic info. An organization is making forward-looking statements when it makes use of phrases comparable to “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate” or related expressions that don’t relate solely to historic issues. Forward-looking statements aren’t ensures of future efficiency and contain dangers and uncertainties that would trigger precise outcomes to vary materially from the Company’s expectations mentioned within the forward-looking statements. These statements are topic to uncertainties and dangers, together with, however not restricted to, the Company’s goals and methods; the Company’s future business improvement; monetary situation and outcomes of operations; demand for and acceptance of services; popularity and model identify; the impression of competitors and pricing; modifications in know-how; authorities laws; fluctuations generally financial and business situations in China and assumptions referring to any of the foregoing and the Company’s different dangers contained in its stories filed with the Securities and Exchange Commission. For these causes, we warning traders to not place undue reliance on any forward-looking statements contained on this press launch. Additional elements are mentioned within the Company’s filings with the Securities and Exchange Commission, which can be found at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to replicate occasions or circumstances arising after the date hereof.
For additional info, please contact:
Company Contact.
IR Department
Email: [email protected]
Phone: +852- 21103909
