BVI-registered agriculture technology company Origin Agritech announced that on June 5, 2019 received a letter from the NASDAQ Stock Market, informing that the company is not compliant with the listing rules.
According to the company’s Form 20-F for the fiscal year ended September 30, 2019, stockholders’ equity was US$3,396,000, while it is required by NASDAQ listing rule to have a minimum of US$10,000,000 in equity. Now the BVI company must submit a plan to NASDAQ within 45 days, of how to regain compliance. In case it is accepted, Origin will get an extension of up to 180 days from the Notice Date. If the plan is not accepted, the company will be able to appeal the decision.