NANPING, China, Feb. 14,
2024 /PRNewswire/ -- Golden Heaven Group Holdings
Ltd. (the "Company" or "Golden
Heaven") (Nasdaq: GDHG), an amusement park operator in
China, today announced that the
Company received a written notification letter (the "Notification
Letter") from the Listing Qualifications Department of the Nasdaq
Stock Market LLC ("Nasdaq") on February 8,
2024, notifying the Company that it is not in compliance
with the minimum bid price requirement set forth in the Nasdaq
Listing Rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the closing bid price of the
Company's Class A ordinary shares for the 30 consecutive business
days from December 26, 2023 to
February 7, 2024, the Company no
longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until August 6, 2024, to regain compliance with
Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's
Class A ordinary shares must have a closing bid price of at least
US$1.00 for a minimum of 10 consecutive business days. In the event
the Company does not regain compliance by August 6, 2024, the
Company may be eligible for additional time to regain compliance or
may face delisting.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its Class A ordinary shares and may, if
appropriate, consider implementing available options, including,
but not limited to, implementing a reverse share split of its
outstanding Class A ordinary shares, to regain compliance with the
minimum bid price requirement under the Nasdaq Listing Rules.
About Golden Heaven Group Holdings Ltd.
Golden Heaven Group Holdings Ltd. manages and operates six
properties consisting of amusement parks, water parks, and
complementary recreational facilities. With approximately 426,560
square meters of land in the aggregate, these parks are located in
geographically diverse markets across the south of China and collectively offer approximately 139
rides and attractions. Due to the geographical locations of the
parks and the ease of travel, the parks are easily accessible to an
aggregate population of approximately 21 million people. Since
September 30, 2023, Mangshi Jinsheng
Amusement Park, which is one of the six parks, has been temporarily
closed. The parks provide a wide range of exciting and entertaining
experiences, including thrilling rides, family-friendly
attractions, water attractions, gourmet festivals, circus
performances, and high-tech facilities. For more information,
please visit the Company's website at https://ir.jsyoule.com/.
Forward-Looking Statements
This press release contains "forward-looking statements".
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company's current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "could," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "propose,"
"potential," "continue" or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
For investor and media inquiries, please contact:
Golden Heaven Group Holdings Ltd.
Email: group@jsyoule.com
Ascent Investor Relations LLC
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
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SOURCE Golden Heaven Group Holdings Ltd.