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8-K - CURRENT REPORT - Youngevity International, Inc. | ygyi8k_oct22020.htm |
Exhibit 99.1
Youngevity International Receives Nasdaq Staff Determination Letter
Regarding Delisting due to Non-Compliance with Listing Rule
5250(c)(1) and Notification Letter Regarding Non-Compliance with
Minimum Bid Price Requirement
SAN DIEGO, Calif. —October 2, 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 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.
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 Annual reports on Form 10-K
and Quarterly Reports on Form 10-Q, the Company’s intention
to appeal the determination by the Staff, and the Company’s
ability to regain compliance with the minimum bid price
requirement. 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 file our Quarterly Reports on
Form 10-Q for the period ended March 31, 2020 and June 30,
2020 and Annual Report on Form 10-K for the year ended
December 31, 2019, and our ability to regain compliance with the $1.00
minimum bid price requirement, our ability to regain compliance
with the Nasdaq requirements, and thereafter maintain compliance
with the Nasdaq requirements, our ability to file a formal appeal
with the Nasdaq Hearing Panel and achieve a successful
outcome, 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, 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