CHANGSHA, China, May 3, 2019 /PRNewswire/ -- Urban Tea Inc. (the "Company", "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods in China, today announced that it has received a letter (the "Notification Letter") from the Nasdaq Stock Market LLC ("Nasdaq") stating that the Company has regained compliance with Listing Rule 5550(b).
Nasdaq notified the Company on November 19, 2018 that it did not comply with the minimum $2.5 million stockholders' equity, or $35 million market value of listed securities, or $500,000 of net income from continuing operations requirements for The Nasdaq Capital Market set forth in Listing Rules 5550(b)(1), or 5550(b)(2), or 5550(b)(3), respectively.
On April 22, 2019, the Company received the Notification Letter from Nasdaq notifying the Company that based on the Change in Shares Outstanding Form submitted on April 15, 2019 detailing an updated total shares outstanding amount of 22,810,314, Nasdaq has determined that the Company complies with the market value of listed securities requirement and this matter is now closed.
About Urban Tea, Inc.
Urban Tea, Inc. is an emerging specialty tea product distributer and retailer headquartered in Changsha City, Hunan Province, China. Through its wholly owned subsidiary, Shanghai Ming Yun Tang Tea Limited ("Shanghai MYT") which controls Hunan Ming Yun Tang Brand Management Co., Ltd. ("Hunan MYT"), the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. We expect to start selling our products in our managed and JV stores in mid-2019.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE Urban Tea Inc.