Jeffs’ Brands Receives NASDAQ Minimum Bid Price Requirement Extension
25 October 2024 - 7:03AM
Jeffs' Brands Ltd (“Jeffs’ Brands” or the “Company”) (Nasdaq:
JFBR, JFBRW), a data-driven e-commerce company operating on the
Amazon Marketplace, announced today that on October 23, 2024, it
received a letter from The Nasdaq Stock Market LLC ("Nasdaq"),
notifying the Company that it is eligible for an additional 180
calendar day period, or until April 21, 2025, to regain compliance
with the Nasdaq's minimum $1 bid price per share requirement.
The Company was first notified by Nasdaq of its failure to
maintain a minimum bid price of $1 per share for 30 consecutive
trading days under Nasdaq Listing Rule 5550(a)(2) on April 25,
2024, and was given until October 22, 2024 to regain compliance.
The Company did not regain compliance with the minimum $1 bid price
per share requirement during the first 180-calendar-day compliance
period and submitted a written request to the Nasdaq’s staff to
afford it an additional 180-day compliance period to cure the
deficiency.
Nasdaq’s determination is based on the Company meeting the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing on
the Nasdaq Capital Market, with the exception of
the bid price requirement, and the Company’s written
notice of its intention to cure the deficiency during the second
compliance period and if necessary, by effecting a reverse share
split.
If at any time before April 21, 2025, the bid price of the
Company's ordinary shares closes at or above $1 per share for a
minimum of 10 consecutive trading days, the Company will regain
compliance with the Nasdaq Listing Rules, and the matter will be
closed. However, Nasdaq may, in its discretion, require the
Company’s ordinary shares to maintain a bid price of at
least $1.00 for a period in excess of ten consecutive business
days, but generally no more than 20 consecutive business days,
before determining that the Company has demonstrated an ability to
maintain long-term compliance.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the Company’s ordinary shares, which will
continue to trade on the Nasdaq Capital Market under the symbol
“JFBR.”
About Jeffs’ Brands Ltd
Jeffs' Brands aims to transform the world of e-commerce by
creating and acquiring products and turning them into market
leaders, tapping into vast, unrealized growth potential. Through
the Company’s management team’s insight into the FBA Amazon
business model, it aims to use both human capability and advanced
technology to take products to the next level. For more information
on Jeffs’ Brands Ltd visit https://jeffsbrands.com.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the “safe harbor”
created by those sections. Forward-looking statements, which are
based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as “believe,” “expect,” “may,”
“should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,”
“anticipate” or other comparable terms. For example, we are using
forward-looking statements when discussing regaining compliance
with Nasdaq’s continued listing requirements, and the timing and
effect thereof as well as potentially effecting a reverse share.
Instead, they are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of our control.
Our actual results and financial condition may differ materially
from those indicated in the forward-looking statements. Therefore,
you should not rely on any of these forward-looking statements.
Important factors that could cause our actual results and financial
condition to differ materially from those indicated in the
forward-looking statements include, among others, the following:
our ability to adapt to significant future alterations in Amazon’s
policies; our ability to sell our existing products and grow our
brands and product offerings, including by acquiring new brands;
our ability to meet our expectations regarding the revenue growth
and the demand for e-commerce; the overall global economic
environment; the impact of competition and new e-commerce
technologies; general market, political and economic conditions in
the countries in which we operate; projected capital expenditures
and liquidity; the impact of possible changes in Amazon’s policies
and terms of use; the impact of the conditions in Israel, including
the recent attacks by Hamas, Iran, and other terrorist
organizations; and the other risks and uncertainties described in
the Company’s Annual Report on Form 20-F for the year ended
December 31, 2023, filed with the U.S. Securities and Exchange
Commission (“SEC”), on April 1, 2024 and our other filings with the
SEC. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Investor Relations Contact:
Michal EfratyAdi and Michal PR- IRInvestor Relations,
Israelmichal@efraty.com
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