Origin Agritech receives Nasdaq deficiency notice

Origin Agritech received a letter from the NASDAQ Stock Market notifying the Company that it currently did not meet the minimum market value of listed securities requirement of having a market value of listed securities equal to or greater than $35M. Therefore, the Company was not in compliance with the continued listing rules of NASDAQ set forth in the NASDAQ Listing Rules 5550(b)(2). The non-compliance period was from May 24, through July 7, 2023. According to the letter, the Company has until January 8, 2024 to achieve compliance with the market value requirement for continued listing. In the event the Company does not regain compliance with the rule prior to the expiration of the compliance period, it will receive additional written notification that its securities will be subject to delisting. At that time, the Company may appeal the delisting determination to a hearing panel. If at any time prior to January 8, 2024, the market value of the listed securities equals $35M or more for a minimum of ten consecutive business days, the Company will regain compliance with the particular continued listing requirement.