Urban Tea Regains Compliance with NASDAQ Minimum Stockholders' Equity Requirement
CHANGSHA, China, Nov. 11, 2019 /PRNewswire/ -- Urban Tea, Inc. (NasdaqCM: MYT) (the "Company", "we" or "Urban Tea"), a premier retailer of specialty teas and baked goods based in Hunan, China, announced today that it has regained compliance with Nasdaq's minimum stockholders' equity requirements.
November 4, 2019, the Company received a written notification from the NASDAQ Listings Qualification Staff (the "Staff") indicating that the Company has regained compliance with the minimum stockholders' equity requirements for the NASDAQ Capital Market pursuant to Listing Rule 5550(b)(1) (the "Minimum Stockholders' Equity Requirement") as the Company's stockholders' equity is $9,151,867 as evidenced in the Form 20-F filed by the Company on October 25, 2019 with United States Securities and Exchange Commission for the year ended June 30, 2019.
About Urban Tea, Inc.
Urban Tea, Inc. is an emerging specialty tea product distributer and retailer headquartered in Changsha City, Hunan Province, China. Through its wholly owned subsidiary, Mingyuntang (Shanghai) Tea Co. Ltd ("Shanghai MYT") which controls Hunan Mingyuntang Brand Management Company ("Hunan MYT"), the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. We expect to start selling our products in our managed and JV stores in mid-2019. For more information, please visit: http://ir.h-n-myt.com/investor.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE Urban Tea Inc.
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