BEIJING, Feb. 4, 2025
/PRNewswire/ -- ReTo Eco-Solutions, Inc. (Nasdaq: RETO) ("ReTo" or
the "Company"), a manufacturer of equipment for production of
eco-friendly materials in China,
today announced that the Company received a delisting determination
notice from The Nasdaq Stock Market LLC ("Nasdaq") on
January 29, 2025, notifying the
Company that given its Class A shares, par value US$0.10 per share (the "Class A Shares"), had a
closing bid price at less than $1
over the previous 30 consecutive business days, the Company is not
in compliance with the minimum bid price requirement as set forth
in Listing Rule 5550(a)(2). Further, because the Company is not
eligible for any compliance period since the Company has effected a
reverse stock split over the prior one-year period, pursuant to
Listing Rule 5810(c)(3)(A)(iv), the Class A Shares will be
scheduled for delisting from Nasdaq at the opening of business on
February 7, 2025, unless the Company requests an appeal of such
determination to a hearings panel (the "Panel").
The Company intends to timely request a hearing before the
Panel. The request will stay the suspension of the Company's
securities and the delisting process pending the Panel's decision.
While the appeal is pending, the Class A Shares will continue to
trade on Nasdaq under the symbols "RETO." There can be no assurance
that the Panel will grant the Company an extension period or that
the Company will ultimately regain compliance with all applicable
requirements for continued listing on Nasdaq.
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo Eco-Solutions, Inc., through its operating
subsidiaries in China, is engaged
in the research and development, manufacture and sales of equipment
used for production of eco-friendly construction materials. The
Company provides consultation, design, implementation and
installation of its equipment and related parts, as
well as engineering support and technical advice and
services. For more information, please visit:
http://en.retoeco.com.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements include, among
others, statements regarding the Company's plans to regain
compliance with the minimum stockholders' equity requirement. The
Company's actual results may differ materially from those expressed
in any forward-looking statements as a result of various factors
and uncertainties. The reports filed by the Company with the
Securities and Exchange Commission discuss these and other
important factors and risks that may affect the Company's business,
results of operations and financial conditions. For these reasons,
among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact:
ReTo Eco-Solutions, Inc.
Tel: +86-10-64827328
Email: ir@retoeco.com or 310@reit.cc
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SOURCE ReTo Eco-Solutions, Inc.
