Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.





10K Delinquency

On April 18, 2023, BIMI International Medical Inc. (the "Company") received a notification letter (the "Nasdaq 10K Delinquency Letter") from The Nasdaq Stock Market LLC ("Nasdaq") stating that, because the Company has not yet filed its Annual Report on Form 10-K for the period ended December 31, 2022 (the "Form 10-K"), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.

The Nasdaq 10K Delinquency Letter states that the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K to regain compliance. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.

On April 20, 2023, the Company issued a press release announcing its receipt of the Nasdaq 10K Delinquency Letter. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.





Bid Price Deficiency

On April 19, 2023, the Company received a deficiency letter (the "Nasdaq Bid Price Deficiency Letter") from Nasdaq notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company's common stock has been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The Nasdaq Bid Price Deficiency Letter has no immediate effect on the listing of the Company's common stock, and its common stock will continue to trade on The Nasdaq Capital Market under the symbol "BIMI" at this time.





                                       1

Under Rule 5810(c)(3)(A), the Company will be provided a compliance period of 180 calendar days, until October 16, 2023, to regain compliance. If at any time during this 180-day period the closing bid price of the Company's securities is at least $1.00 for a minimum of ten consecutive business days, the Company's compliance with Rule 5550(a)(2) will be regained.

In the event the Company does not regain compliance in the first compliance period, it may be eligible to apply for an additional 180 calendar days to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement. The Company will also need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to the NASDAQ staff that the Company will neither be able nor otherwise eligible to cure the deficiency, it may be subject to delisting by NASDAQ.

The Company intends to actively monitor the closing bid price for its common stock and will consider available options to resolve the deficiency and regain compliance with Rule 5550(a)(2).

Item 9.01. Financial Statements and Exhibits





(d) Exhibits



Exhibit   Description

99.1        Press Release dated April 20, 2023
104       Cover Page Interactive Data File (embedded within the Inline XBRL document)




                                       2

© Edgar Online, source Glimpses