SHENZHEN, China, Feb. 14,
2025 /PRNewswire/ -- MingZhu Logistics Holdings
Limited ("MingZhu" or the "Company") (Nasdaq: YGMZ), an
elite provider of logistics and transportation services to
businesses, today announced that on February
13, 2025, it received a letter from the Nasdaq Stock Market
LLC ("Nasdaq") notifying the Company that the Nasdaq staff has
determined to delist the Company's ordinary shares from The Nasdaq
Capital Market (the "Delisting Determination"), because the bid
price of the Company's listed securities has closed at less than
$1 per share over the previous 30
consecutive business days, and therefore it no longer complies with
the Nasdaq Listing Rule 5550(a)(2) (the "Rule"). Normally, a
company would be afforded a 180-calendar day period to demonstrate
compliance with the Rule. However, pursuant to the Nasdaq Listing
Rule 5810(c)(3)(A)(iv), the Company is not eligible for any
compliance period specified in Nasdaq Listing Rule 5810(c)(3)(A)
due to the fact that the Company effected a reverse stock split on
July 1, 2024, or within the prior one-year period.
The Company has until February 20,
2025 to request an appeal of the Delisting Determination to
the hearing panel. The Company intends to request such hearing to
appeal the Delisting Determination before that date, which will
stay the suspension of its securities from the date of the request,
during which time such securities will continue to be listed on The
Nasdaq Capital Market.
The Company is considering all potential options available to it
to regain compliance with the aforementioned rules, including
seeking shareholders' approval for a reverse stock split.
About MingZhu Logistics Holdings Limited (Nasdaq:
YGMZ)
Established in 2002 and headquartered in Shenzhen, China, MingZhu Logistics Holdings
Limited is a 4A-rated professional trucking service provider. Based
on the Company's regional logistics terminals in Guangdong
Province and Xinjiang Autonomous Region, MingZhu Logistics
Holdings offers tailored solutions to our clients to deliver their
goods through our network density and broad geographic coverage
across the country by a combination of self-owned fleets tractors
and trailers and subcontractors' fleets. For more information,
please visit ir.szygmz.com.
Forward-Looking Statements
The statements in this press release regarding the Company's
future expectations, plans and prospects constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements
regarding plans, goals, objectives, strategies, future events,
expected performance, assumptions and any other statements of fact
that have not occurred. Any statements that contain the words
"may", "will", "want", "should", "believe", "expect", "anticipate",
"estimate", "calculate" or similar statements that are not factual
in nature are to be considered forward-looking statements. Actual
results may differ materially from historical results or from those
expressed in these forward-looking statements as a result of a
variety of factors. These factors include, but are not limited to,
the Company's strategic objectives, the Company's future plans,
market demand and user acceptance of the Company's products or
services, technological advances, economic trends, the growth of
the trucking services market in China, the Company's
reputation and brand, the impact of industry competition and
bidding, relevant policies and regulations, fluctuations
in China's macroeconomic conditions, and the risks and
assumptions disclosed in the Company's reports provided to the CSRC
(China Security Regulatory Commission). For these and other related
reasons, we advise investors not to place any reliance on these
forward-looking statements, and we urge investors to review the
Company's relevant SEC filings for additional factors that may
affect the Company's future results of operations. The Company
undertakes no obligation to publicly revise these forward-looking
statements subsequent to the filing of these documents as a result
of changes in particular events or circumstances.
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SOURCE MingZhu Logistics Holdings Limited
