ReTo faces Nasdaq delisting due to lack of equity capital
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©Reuters. BEIJING – RETO Ecological Solutions Co., Ltd., a Chinese Internet of Things and ecological technology service provider RETO (Nasdaq: RETO), was informed by the Nasdaq Stock Market that it does not comply with Listing Rule 5550 due to insufficient shareholder rights. Section (b)(1). As of June 30, 2023, the company disclosed negative stockholders’ equity of approximately $830,000, below the required minimum of $2.5 million.
The warning issued on December 28, 2023 will not immediately affect ReTo’s listing on the Nasdaq Capital Market. However, companies have until February 12, 2024 to submit a compliance plan. If Nasdaq approves the plan, ReTo may have up to 180 days from the date of announcement to meet the standards.
Founded in 1999, ReTo focuses on environmental remediation and waste treatment, using mining waste to produce environmentally friendly building materials and providing related equipment and services. The company’s operations were reportedly not affected by Nasdaq’s announcement and it is exploring options to return to compliance.
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