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Shineco, Inc. Receives Extension of Compliance Period from Nasdaq

BEIJING, Dec. 27, 2019 (GLOBE NEWSWIRE) -- Shineco, Inc. ("Shineco" or the "Company"; Nasdaq: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, hemp products, and various health and well-being focused plant-based products inA China, announced today that the Company received a letter from Nasdaq Listing Qualifications Staff (a??Nasdaqa??) that the Company has been granted an additional 180-day grace period or until June 20, 2020 (a??Expiration Datea??) to regain compliance with the minimum $1.00 bid price per share Listing Rule (the a??Rulea??).
On June 26, 2019, the Company received a written notification from the Nasdaq indicating that the Company did not comply with the minimum $1.00 bid price per share requirement for continued listing on The Nasdaq Capital Market set forth in Listing Rule 5810.December 24, 2019, the Company received another written notification from Nasdaq indicating that the Company is eligible for an additional 180 calendar day period, or until June 22, 2020, to regain compliance. Nasdaqa??s determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Companya??s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If at any time during this additional time period the closing bid price of the Companya??s security is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and this matter will be closed. The Company will monitor the closing bid price of its common shares and will consider various options to regain compliance by the Expiration Date.About Shineco, Inc.Incorporated in Delaware inA August 1997A and headquartered inA Beijing,A China, Shineco is aA holding company. Through its subsidiaries and variable interest entities, Shineco undertakes vertically- and horizontally-integrated production, distribution, and sales channels to provide health and well-being focused plant-based products inA China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce, and specialized textiles. For more information about Shineco, please visitA https://tianyiluobuma.com.
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