Attached files
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| 8-K - CURRENT REPORT - Youngevity International, Inc. | ygyi8k_aug112020.htm |
Exhibit
99.1
Youngevity International Receives Additional Nasdaq Notification
Letters Regarding Non-Compliance with Listing Rule
5250(c)(1)
SAN DIEGO, Calif. —August 14, 2020
– 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, today announced that on August 12,
2020 it received an additional notification letter from the Listing
Qualifications Department of The Nasdaq Stock Market LLC
(“Nasdaq”) stating that the Company is not in
compliance with Nasdaq Listing Rule 5250(c)(1) because its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2020
has not been filed on a timely basis with the Securities and
Exchange Commission. As a result of this additional delinquency,
the Company must submit to Nasdaq an update its original plan to
regain compliance with respect to the filing
requirement.
On
August 11, 2020, the Company also received an additional
notification letter from Nasdaq stating that the staff (the
“Staff”) had determined to grant an exception to enable
the Company to regain compliance with Nasdaq Listing Rule
5250(c)(1). To comply with the exception, on or before September
28, 2020, the Company must file all delinquent reports, as required
by Nasdaq Listing Rule 5250(c)(1). In the event the Company does
not satisfy the terms, Staff will provide written notification that
its securities will be delisted. At that time, the Company may
appeal Staff’s determination to a Nasdaq Hearings
Panel.
On
April 2 and May 14, 2020, the Staff notified the Company that it
did not comply with Nasdaq’s filing requirements set forth in
the Rule because it had not filed its Form 10-K for the year ended
December 31, 2019 and Form 10-Q for the period ended March 31,
2020, respectively.
The
Company’s management is working diligently to complete the
Form 10-K, March 31 Form 10-Q and June 30 Form 10-Q and intends to
file each report as soon as practicable.
About Youngevity International, Inc.
Youngevity
International, Inc. (NASDAQ: YGYI), is a
multi-channel lifestyle company operating in 3 distinct business
segments including a commercial coffee enterprise, a commercial
hemp enterprise, and a multi-vertical omni direct selling
enterprise. The Company features a multi country selling
network and has assembled a virtual Main Street of products and
services under one corporate entity, YGYI offers products from the
six top selling retail categories: health/nutrition, home/family,
food/beverage (including coffee), spa/beauty, apparel/jewelry, as
well as innovative services. For investor information, please
visit YGYI.com. Be
sure to like us on Facebook and
follow us on Twitter
Safe Harbor Statement
This
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. In some
cases, forward-looking statements can be identified by terminology
such as “may,” “should,”
“potential,” “continue,”
“expects,” “anticipates,”
“intends,” “plans,” “believes,”
“estimates,” and similar expressions, and includes
statements regarding completion of our Form 10-K and Form 10-Q.
These forward-looking statements are based on management’s
expectations and assumptions as of the date of this press release
and are subject to a number of risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, among others, our
ability to continue our coffee segment and hemp segment growth, our
ability to continue our international growth, our ability to
leverage our platform and global infrastructure to drive organic
growth, our ability to return to profitability, expand our
liquidity, and strengthen our balance sheet, our ability to file
our Quarterly Report on Form 10-Q for the period ended March 31,
2020 and Annual Report on Form 10-K for the year ended
December 31, 2019 as soon as possible to regain compliance with the
NASDAQ requirements and thereafter maintain compliance with
the NASDAQ requirements, the acceptance of the omni-direct approach
by our customers, our ability to expand our distribution, our
ability to add additional products (whether developed internally or
through acquisitions), and the other factors discussed in our
Annual Report on Form 10-K for the year ended December 31, 2018 and
our subsequent filings with the SEC, including subsequent periodic
reports on Forms 10-Q and 8-K. The information in this release is
provided only as of the date of this release, and we undertake no
obligation to update any forward-looking statements contained in
this release on account of new information, future events, or
otherwise, except as required by law.
Contacts:
Youngevity
International, Inc.
Dave
Briskie
President
and Chief Financial Officer
1 800
982 3189 X6500
Investor Relations
YGYI
Investor Relations
investors@ygyi.com