HONG KONG, Nov. 30, 2018 /PRNewswire/ -- Sharing Economy
International Inc. ("SEII" or "the Company") (NASDAQ: SEII) today
announced that on November 26, 2018,
Sharing Economy International Inc. (the "Company") received a staff
determination notice from The Nasdaq Stock Market ("Nasdaq")
informing the Company that as a result of its failure to comply
with Nasdaq's shareholder approval requirements set forth in
Listing Rule 5635(c) (the "Rule"), the staff had determined to deny
the Company's request for continued listed based on a plan of
compliance submitted on October 26, 2018.
In the determination notice, the staff expressed its concern
that the plan of compliance did not represent a definitive plan
evidencing the Company's ability to comply with the Rule due to (i)
a portion of the shares issued in violation of the Rule having been
sold in the market (and accordingly no longer subject to
remediation) and (ii) the lack of signed commitments from other
holders of shares issued in violation of the Rule to participate in
a proposed exchange offer intended to remediate such issuances by
virtue of a subsequent special meeting of stockholders to be held
to approve them. Nasdaq further informed the Company that, in
accordance with Listing Rule 5101, unless the Company requests an
appeal of the staff's determination, the Company's common stock
will be suspended from trading on the Nasdaq Capital Market at the
opening of business on December 5,
2018.
The Company has decided not to appeal the Nasdaq determination
notice and is instead moving its stock listing to the OTC Markets. The Company believes OTC Markets is more suitable to its capital
and business needs at this time as it undergoes the transition of
its business and pursues aggressive growth strategies in the coming
years. Although SEII is moving its stock listing to a different
market, the Company intends to continue to maintain high quality
reporting and disclosure standards and will continue to improve its
corporate governance.
The Company's common stock will be delisted from Nasdaq
effective at the open of trading on December
5, 2018. The Company expects that its common stock will
begin trading on the OTC Markets
under the symbol SEII beginning on December
5, 2018.
About Sharing Economy International Inc.
Sharing Economy International Inc., through its affiliated
companies, designs, manufactures and distributes a line of
proprietary high and low temperature dyeing and finishing machinery
to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of
sharing through economical rental business models. Moreover, the
Company will actively pursue blockchain technology in its existing
and to-be-acquired business, enabling the general public to realize
the beauty of resource sharing. For more information visit
www.seii.com
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies and certain potential transactions that they
may enter into. These forward looking statements are often
identified by the use of forward looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31,
2017 and the Form 10-Q for the quarter ended June 30, 2018. All forward-looking statements
attributable to the Company or to persons acting on its behalf are
expressly qualified in their entirety by these factors other than
as required under the securities laws. The Company does not assume
a duty to update these forward-looking statements.
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SOURCE Sharing Economy International, Inc.