HONG KONG, China, Sept. 26, 2022 (GLOBE NEWSWIRE) — Dragon Victory International Limited (Nasdaq: LYL) (the “Company”), a company providing supply chain management platform services and cryptocurrency derivatives product services, announced today that On September 21, 2022, it received a written notice (the “Notification Letter”) from The NASDAQ Stock Market LLC (“Nasdaq”) informing the Company that it had met the minimum bid price requirement set forth in the Nasdaq Listing Rules for a continued listing on the Nasdaq capital market.
Nasdaq listing rule 5550(a)(2) requires that listed securities maintain a minimum bid price of $1.00 per share and Nasdaq listing rule 5810(c)(3)(A) requires that the minimum bid price requirement is not met if the defect lasts for a period of 30 consecutive business days. Based on the closing bid price of the Company’s common shares for the 30 consecutive business days from August 9, 2022 to September 20, 2022, the Company no longer meets the minimum bid price requirement.
The notification letter does not currently impact the Company’s listing on the Nasdaq Capital Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted 180 calendar days or until March 20, 2023 to restore compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company’s common stock must have closed at least $1.00 for at least 10 consecutive business days. In the event that Company does not regain compliance by March 20, 2023, Company may be entitled to additional time to regain compliance.
The company’s business operations will not be affected by the receipt of the notification letter. The Company intends to monitor the closing price of its common shares and may consider implementing any available options, including but not limited to implementing a reverse stock split of its outstanding common shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
About Dragon Victory International Limited
Dragon Victory International Limited provides supply chain management platform services in China. The Company also provides cryptocurrency derivatives product services, including building markets for cryptocurrency-related products and working with clients to create specially tailored instruments that allow sophisticated investors to establish or liquidate investment positions or pursue hedging strategies.
This press release contains certain statements, which may contain forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements are identified by the use of words such as “may”, “could”, “will”, “intend”, “should”, “could”, “may”, “would”, “continue”. expect,” “believe,” “anticipate,” “estimate,” “predict,” “outlook,” “potential,” “plan,” “aim,” and similar expressions and variations, or the negative of such terms, or other comparable terminology are cautioned not to place undue reliance on these forward-looking statements, which reflect the company’s current expectations and speak only as of the date of this press release. Actual results could differ materially from the company’s current expectations depending on a number of factors. These factors include, but are not limited to, the coronavirus (COVID-19) and the impact of the outbreak and related measures, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product launches, uncertainty of customer acceptance of the new product t offerings and market changes, risks associated with managing the company’s growth and other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report on Form 20-F filed with the US Securities and Exchange became commission. Except as required by law, the Company assumes no responsibility to revise or update any forward-looking statement, except as required by applicable law. All information provided in this press release is as of the date of this press release and the Company assumes no obligation to update this information, except as required by applicable law.
Dragon Victory International Limited
Email: [email protected]