Universe Pharmaceuticals receives non-compliance notice from Nasdaq

Universe Pharmaceuticals INC received a written notification from the Nasdaq Stock Market on August 1, 2023, notifying the Company that it is not in compliance with the minimum Market Value of Publicly Held Shares requirement set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq Global Market. Nasdaq Listing Rule 5450(b)(1)(C) requires listed securities to maintain a MVPHS of at least $5,000,000, and Nasdaq Listing Rule 5810(c)(3)(D) provides that a failure to meet the MVPHS requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the Company’s MVPHS for the 30 consecutive business days from June 16, 2023 to July 31, 2023, the Company no longer meets the MVPHS requirement. The Notification Letter does not impact the Company’s listing on the Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has been provided 180 calendar days, or until January 29, 2024, to regain compliance with Nasdaq Listing Rule 5450(b)(1)(C). To regain compliance, the Company’s MVPHS needs to close at $5,000,000 or more for a minimum of 10 consecutive business days at any time during the compliance period. In the event the Company does not regain compliance by January 29, 2024, the Company will receive written notification that its securities are subject to delisting. Alternatively, the Company may consider applying to transfer its securities to the Nasdaq Capital Market The Company’s business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor its MVPHS and will consider using available options to regain compliance with the MVPHS requirement under the Nasdaq Listing Rules.