Shineco receives notice of Nasdaq non-compliance
Shineco announced the company received a notification letter dated July 1, 2019 from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC indicating that, since the company has not yet held an annual meeting of stockholders within twelve months of the end of the company's fiscal year ended June 30, 2018, the company no longer complies with Nasdaq Listing Rules 5620a and 5810c2G. The company filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2018 on October 15, 2018 and plans to announce its annual meeting date shortly. The notification received has no immediate effect on the listing of the company's common stock on Nasdaq. Under the Nasdaq Listing Rules, the company has until August 15, 2019 to submit a plan to regain compliance. If the company's plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from June 30, 2019, or December 27, 2019, to regain compliance.