CHANGZHOU, China, Sept. 28,
2023 /PRNewswire/ -- Jin Medical International Ltd.
("JinMed" or "the Company") (NASDAQ: ZJYL), a Cayman Islands holding company with Chinese
operating entities that manufacture and develop wheelchairs and
living aids products, received a written notification letter ("the
Notification Letter") from The NASDAQ Stock Market LLC
("NASDAQ") dated September 25,
2023, notifying the Company that it no longer complies with
the requirement of minimum 300 public holders for continued listing
as set forth under NASDAQ Listing Rule 5550(a)(3).
The Notification Letter has no immediate effect on the listing
of the Company's ordinary shares. Under NASDAQ Listing Rules, the
Company has 45 calendar days to submit a plan to regain compliance.
If the Company's plan is accepted by NASDAQ, the Company may be
granted an extension of up to 180 calendar days from the date of
the Notification Letter to evidence compliance. The Company is
currently working on a plan aimed at regaining compliance with the
requirements of the NASDAQ Listing Rule.
About Jin Medical International Ltd.
The Company, through its Chinese operating entities founded in
2006 and headquartered at Changzhou City, Jiangsu Province of China, designs and manufactures wheelchairs
and living aids products for people with disabilities, the elderly,
and people recovering from injuries. The Company's Chinese
operating entities operate 2 manufacturing plants with
approximately 228,257 square feet in the aggregate in Changzhou City and Taizhou City, Jiangsu Province, China. The Company's Chinese operating
entities have established relationships with over 40 distributors
in China, and over 20 in the other
regions of the world where it currently sells the products. The
majority of the Company's wheelchair products, with more than 30
models, are sold to dealers in Japan and China, including Nissin Medical Industries
Co., Ltd, one of the largest medical device distributors in
Japan. The Company's Chinese
operating entities own a number of patents with the Patent
Administration Department of the People's
Republic of China and aims to deliver innovative wheelchair
designs that are both lightweight and ergonomic.
Forward Looking Statements
This press release contains "forward-looking statements".
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company's current
expectations and projections about future events 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," "could," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "propose,"
"potential," "continue" or similar expressions. The Company
undertakes no obligation to update or revise publicly any
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 and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
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SOURCE Jin Medical International Ltd
