SAN DIEGO, U.S. — Youngevity International , Inc. ( NASDAQ: YGYI ) (the “Company”), a leading multi-channel lifestyle company operating in three distinct business segments including a commercial coffee enterprise, commercial hemp enterprise and multi-channel lifestyle company, announced on October 2nd that on September 29, 2020 it received a Staff Determination Letter (the “September Notification”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Staff of Nasdaq (the “Staff”) has determined that the Company did not meet the terms of the exception previously granted to it by Nasdaq (the “Exception”) pursuant to the notification letter received by the Company on August 11, 2020 .
Under the Exception, the Company was obligated to have filed its Annual Report on Form 10-K for the year ended December 31, 2019 , its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (the “Delinquent Filings”) by September 28, 2020 , in order to regain compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”).
The September Notification also provided that the Company would be subject to suspension unless the Company timely requested a hearing before a Nasdaq Hearings Panel (the “Panel”).
Accordingly, the Company intends to timely request a hearing before the Panel. Under Nasdaq’s rules, this will result in an automatic stay of any suspension or delisting action through October 21, 2020.
In connection with the hearing request, the Company will also be requesting the stay be extended until the Panel issues its decision following the hearing and through the expiration of any additional extension period granted by the Panel.
The Company’s securities will continue to trade on Nasdaq under the symbols YGYI and YGYIP while the stay remains in place. However, there can be no assurance that the Panel will grant the Company’s request for continued listing on The Nasdaq Capital Market, or that the Company will ultimately regain compliance.
Additionally, on September 29, 2020 , the Company received a notification (the “Notification”) from the Staff stating that the Company has fallen below the $1.00 minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) (“Rule 5550(a)(2)”) based on the closing bid price of the Company’s common stock for the previous 30 consecutive trading days.
The Company has a compliance period of 180 calendar days in which to regain compliance prior to any further action being taken by Nasdaq. If at any time during this 180-day period the closing bid price of the Company’s common stock is at least $1.00 for a minimum of 10 consecutive business days, the Company may be deemed to have regained compliance with Rule 5550(a)(2).
The Company intends to regain compliance with the minimum bid price requirement of Rule 5550(a)(2) within the 180-day compliance period, though there can be no assurance that it will be able to do so.
