LETHAM, Scotland, Oct. 25,
2024 /PRNewswire/ -- MDJM LTD (Nasdaq: MDJH)
(the "Company" or "MDJM"), an integrated global culture-driven
asset management company, today announced that the Company received
a letter (the "Notification Letter") from the Listing
Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq")
on October 23, 2024, notifying the
Company that it is not in compliance with the minimum bid price
requirement set forth in the Nasdaq Listing Rules for continued
listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the closing bid price of the
Company's ordinary shares for the 30 consecutive business days from
September 11, 2024 to October 22, 2024, the Company no longer meets the
minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until April 21, 2025, to regain compliance with
Nasdaq Listing Rule 5550(a)(2). If at any time during such 180-day
period the closing bid price of the Company's ordinary shares is at
least $1.00 for a minimum of 10 consecutive business days, Nasdaq
will provide the Company written confirmation of compliance.
If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provides Nasdaq with a written notice of its
intention to cure this deficiency during the second compliance
period, by effecting a reverse stock split, if necessary.
About MDJM LTD
MDJM LTD is a global culture-driven asset management company
focused on transforming historical properties into cultural hubs
that blend modern digital technology with rich historical value.
The Company is actively expanding its operations in the UK, where
it is developing projects such as Fernie
Castle in Scotland and the
Robin Hill Property in England.
These properties are being remodeled into multi-functional cultural
venues that will feature fine dining, hospitality services, art
exhibitions, and cultural exchange events. As part of its broader
strategy, MDJM is positioning itself as a hub for artisan
exchanges, art shows, and sales, leveraging its historical
properties as platforms for promoting Eastern and Western cultural
exchanges. This initiative reflects the Company's commitment to
furthering its global market expansion and enhancing its cultural
business footprint. For more information regarding the Company,
please visit http://ir.mdjmjh.com.
Forward-Looking Statements
This announcement may contain forward-looking statements. All
statements other than statements of historical fact in this
announcement are forward-looking statements. 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 and
encourages investors to review other factors that may affect its
future results in the Company's annual report on Form 20-F and its
other filings with the U.S. Securities and Exchange
Commission.
Investor Contact:
Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
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SOURCE MDJM LTD
