BIMI International Medical : Delisting/Transfer of Listing (Form 8-K)

BIMI

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

On September 28, 2021, BIMI International Medical Inc., a Delaware corporation (the "Company"), received a deficiency letter from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market LLC ("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 Rule5550(a)(2) ("Rule5550(a)(2)"). The Nasdaq 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.

Under Rule 5810(c)(3)(A), the Company will be provided a compliance period of 180 calendar days, until March 28, 2022, 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 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).

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 26, 2021, the Company received a letter from Ms. Yanhong (Amy) Xue, pursuant to which Ms. Xue resigned from her position as Chief Financial Officer of the Company, effective September 26, 2021.

The Company promoted Ms. Baiqun Zhong, currently the CFO of the Company's wholly-owned subsidiary Bimai Pharmaceutical (Chongqing) Co., Ltd., to be the Company's interim Chief Financial Officer, effective September 27, 2021.

Ms. Baiqun Zhong (58) has been engaged in the financial and accounting industry for more than 30 years. She previously served as the Company's interim Chief Financial Officer from May 21, 2021 to July 14, 2021. Since October 2020, Ms. Zhong has served as the CFO of the Company's wholly-owned subsidiary Bimai Pharmaceutical (Chongqing) Co., Ltd. From October 2019 to October 2020, she was the CFO of the Company's wholly-owned subsidiary, Chongqing Guanzan Technology Co., Ltd. From January 2009 to September 2019, Ms. Zhong was the Chief Accountant of Chongqing Yichen Trade Company, in charge of the company's financial affairs. From January 2006 to December 2008, she was the Supply and Distribution Manager of Chongqing Cafu Automobile Co., Ltd., an automobile retailer. From January 2001 to December 2005, she was the Chief Accountant of Guangzhou Baiyun Lantian Medical Co., Ltd. Ms. Zhong holds a bachelor's degree in accounting from Chongqing Technology and Business University and a Chinese CPA license.

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BOQI International Medical Inc. published this content on 01 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2021 20:02:05 UTC.