Jin Medical International Limited Receives NASDAQ Notification Letter Regarding Noncompliance with Continued Listing Rule 5550(a)(3)
CHANGZHOU, China, Sept. 29, 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.