Tokyo, Japan, Dec. 26, 2023 (GLOBE NEWSWIRE) -- Yoshitsu Co., Ltd ("Yoshitsu" or the "Company") (Nasdaq: TKLF), a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, as well as other products in Hong Kong China, mainland China, Japan, North America, and the United Kingdom, today announced that the Company received a written notification letter (the "Notification Letter") from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") on December 20, 2023 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 American Depositary Shares for the 30 consecutive business days from November 6, 2023 to December 19, 2023, 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 June 17, 2024, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's American Depositary Shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by June 17, 2024, the Company may be eligible for additional time to regain compliance or may face delisting.
The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its American Depositary Shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding American Depositary Shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
About Yoshitsu Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd is a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, as well as other products in Hong Kong, mainland China, Japan, North America, and the United Kingdom. The Company offers various beauty products (including cosmetics, skincare, fragrance, and body care products), health products (including over-the-counter drugs, nutritional supplements, and medical supplies and devices), sundry products (including home goods), luxury products (including branded watches, perfume, handbags, clothes, and jewelry), electronic products (including entertainment gaming products), and other products (including food and alcoholic beverages). The Company currently sells its products through directly-operated physical stores, through online stores, and to franchise stores and wholesale customers.
日本東京,2023年12月26日(GLOBE NEWSWIRE)——在中國香港、中國大陸、日本、北美和英國銷售日本美容和健康產品、雜貨、奢侈品、電子產品以及其他產品的零售商和批發商美津有限公司(“Yoshitsu” 或 “公司”)(納斯達克股票代碼:TKLF)今天宣佈,該公司在中國香港、中國大陸、日本、北美和英國的零售和批發商 2023年12月20日收到納斯達克股票市場有限責任公司(“納斯達克”)上市資格部門的書面通知信(“通知信”),通知公司它不符合《納斯達克上市規則》中關於繼續在納斯達克上市的最低出價要求。
《納斯達克上市規則》第5550(a)(2)條要求上市證券將最低出價維持在每股1.00美元,《納斯達克上市規則》第5810(c)(3)(A)條規定,如果連續30個工作日的虧損持續下去,則存在未達到最低出價要求的情況。根據公司從2023年11月6日至2023年12月19日連續30個工作日的美國存托股票的收盤價,公司不再符合最低出價要求。
通知信不影響公司目前在納斯達克資本市場的上市。根據納斯達克上市規則5810(c)(3)(A),已向公司提供180個日曆日或直到2024年6月17日,以恢復對納斯達克上市規則5550(a)(2)的遵守。爲了恢復合規,公司的美國存托股票的收盤價必須至少爲1.00美元,至少連續10個工作日。如果公司在2024年6月17日之前仍未恢復合規,則公司可能有資格獲得更多時間來恢復合規,或可能面臨退市。
收到通知信不會影響公司的業務運營。該公司打算監控其美國存托股票的收盤價,並可酌情考慮實施可用期權,包括但不限於對已發行的美國存托股票進行反向分割,以恢復對《納斯達克上市規則》下的最低出價要求的遵守。
Yoshitsu Co., Ltd
Yoshitsu Co., Ltd. 總部位於日本東京,是日本美容和健康產品、雜貨、奢侈品、電子產品以及其他產品的零售和批發商,業務遍及香港、中國大陸、日本、北美和英國。該公司提供各種美容產品(包括化妝品、護膚品、香水和身體護理產品)、健康產品(包括非處方藥、營養補充劑和醫療用品和設備)、雜項產品(包括家居用品)、奢侈品(包括品牌手錶、香水、手袋、衣服和珠寶)、電子產品(包括娛樂遊戲產品)和其他產品(包括食品和酒精飲料)。該公司目前通過直營實體店、在線商店以及特許經營商店和批發客戶銷售其產品。