SHANGHAI, May 27, 2022
/PRNewswire/ -- Molecular Data, Inc. ("Molecular
Data" or the "Company") (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.
About Molecular Data,
Inc.
Molecular Data Inc. is a technology-driven platform in
China's chemical industry,
connecting participants along the chemical value chain through
integrated solutions. The Company delivers e-commerce solutions,
financial solutions, warehousing and logistics solutions, and SaaS
suite that are intended to solve pain points for participants in
the traditional chemical industry. Built upon a comprehensive
knowledge engine and artificial intelligence (AI) capabilities, the
Company's e-commerce solutions are mainly offered through its
online platform, consisting of molbase.com, molbase.cn, Moku Data
WeChat account, Chemical Community APP and other ancillary
platforms.
Forward-Looking
Statements
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including the potential impact of COVID-19 on our
business within and outside of China. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
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SOURCE Molecular Data Inc.