Aankondiging • Mar 21
MDJM Ltd(OTCPK:UOKA.F) dropped from NASDAQ Composite Index MDJM Ltd. has been removed from NASDAQ Composite Index . Aankondiging • Feb 28
MDJM Ltd has filed a Follow-on Equity Offering in the amount of $2.4969 million. MDJM Ltd has filed a Follow-on Equity Offering in the amount of $2.4969 million.
Security Name: Class A Ordinary Shares
Security Type: Common Stock
Securities Offered: 24,600,000
Price\Range: $0.1015
Transaction Features: Registered Direct Offering Aankondiging • Feb 10
MDJM Ltd has completed a Composite Units Offering in the amount of $5.992 million. MDJM Ltd has completed a Composite Units Offering in the amount of $5.992 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 4,280,000
Price\Range: $1.4
Discount Per Security: $0.098 New Risk • Jan 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.5m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (71% increase in shares outstanding). Revenue is less than US$1m (US$60k revenue). Market cap is less than US$10m (US$2.37m market cap). Aankondiging • Sep 26
MDJM Ltd.'s Rhe Robin Hill Hotel Becomes First in the Group to Accept Cryptocurrency Payments, Anticipating Enhanced Global Guest Experience MDJM LTD announced that its hotel, The Robin Hill Hotel, has become the first in the MDJM group (the "Group") to officially introduce cryptocurrency payment options. The Company believes this initiative could enhance convenience for international travelers and represent an important step in MDJM's ongoing digital transformation within the hospitality and cultural sectors. Guests at The Robin Hill Hotel are able to settle their accommodation charges using cryptocurrency, which the Company anticipates will offer a faster, safer, and more versatile payment experience. MDJM believes the adoption of digital currency may help meet the diverse preferences of a global clientele and strengthen the hotel's appeal to an increasingly international customer base. MDJM noted that this advancement is intended to support the Group's broader strategy and could pave the way for future development across its retail, dining, and cultural event businesses. By diversifying payment solutions, the Company believes it can enrich customer experiences while exploring new intersections between digital innovation and cultural consumption. Reported Earnings • Sep 21
First half 2025 earnings released: EPS: US$0.15 (vs US$2.79 loss in 1H 2024) First half 2025 results: EPS: US$0.15 (up from US$2.79 loss in 1H 2024). Net income: US$154.4k (up US$1.48m from 1H 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. New Risk • Sep 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$1.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.5m free cash flow). Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (116% increase in shares outstanding). Revenue is less than US$1m (US$60k revenue). Market cap is less than US$10m (US$2.90m market cap). Aankondiging • Aug 25
MDJM Ltd, Annual General Meeting, Sep 22, 2025 MDJM Ltd, Annual General Meeting, Sep 22, 2025. Location: fernie castle, letham, cupar, fife, ky15 7ru, united kingdom, United Kingdom Reported Earnings • Apr 15
Full year 2024 earnings released: US$0.22 loss per share (vs US$0.099 loss in FY 2023) Full year 2024 results: US$0.22 loss per share (further deteriorated from US$0.099 loss in FY 2023). Net loss: US$3.19m (loss widened 175% from FY 2023). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. Aankondiging • Mar 04
MDJM Announces the Launch of Its E-Commerce Platform MDJM LTD announced the launch of its e-commerce platform, managed by MD Local Global Limited, a wholly owned subsidiary of MDJM LTD in the United Kingdom. Designed to integrate commerce with cultural heritage, the platform features handcrafted products that reflect craftsmanship, artistic traditions, and ethical values. This initiative aligns with MDJM's broader efforts to expand its commercial presence, highlight historical significance, and support cultural appreciation and craftsmanship-based retail. The platform is structured as more than a marketplace, aiming to provide products that carry historical and cultural significance beyond material function. Each item is selected for its artistic authenticity, craftsmanship, and cultural depth, offering consumers an opportunity to own pieces that reflect heritage and traditional values. Aankondiging • Feb 24
MDJM LTD Announces the Introduction of OpenAI's Chatgpt Team to Promote Cultural Business Development and Innovation MDJM LTD announced the introduction of ChatGPT Team by OpenAI, a collaborative artificial intelligence solution, into its operations. ChatGPT Team offers access to advanced models such as GPT-4 and DALL•E 3 and tools such as Advanced Data Analysis on the OpenAI platform. It additionally includes administration tools for team management. MDJM expects to utilize the AI solution in product development, consumer engagement, brand influence enhancement, and cultural IP creation, in order to reinforce its efforts in blending historical heritage with modern applications to foster cultural business growth and innovation.MDJM is dedicated to developing a unique cultural IP that integrates British castles and Eastern gardens, to preserve them as assets reflecting historical and traditional cultural heritage. The Company specializes in crafting culturally immersive products and experiences that reflect classic virtues, reinforcing its vision of meaningful and value-driven cultural engagement.By integrating ChatGPT Team, MDJM seeks to leverage advanced data analysis and content generation capabilities to optimize product design, improve storytelling, and enhance workflow efficiency. The Company anticipates that AI-powered solutions will help refine product offerings to align with consumer demand and MDJM's cultural mission. Additionally, MDJM intends to use ChatGPT Team to support its historical and cultural research for its castle and garden restoration projects to preserve authentic narratives and architectural integrity. ChatGPT Team is also expected to enhance MDJM's marketing and branding initiatives, to strengthen the Company's ability to effectively communicate the historical and cultural significance of its properties and products. By improving storytelling and audience engagement, MDJM aims to expand its market presence and extend the reach of its cultural initiatives. A study by Harvard Business School and Boston Consulting Group found that consultants using GPT-4 completed tasks 25.1% faster and produced over 40% higher-quality results compared to those without AI assistance (Source: Harvard Business School & BCG, "Navigating the Jagged Technological Frontier" (hbs.edu)). MDJM expects to see similar benefits in operational efficiency and content strategy following this integration. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (31% average weekly change). Earnings have declined by 45% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m (US$115k revenue). Market cap is less than US$10m (US$2.81m market cap). Aankondiging • Nov 05
MDJM Ltd, Annual General Meeting, Dec 20, 2024 MDJM Ltd, Annual General Meeting, Dec 20, 2024. Location: at fernie castle, letham, cupar, fife, ky15 7ru, United Kingdom Aankondiging • Oct 26
MDJM Receives Nasdaq Notification Letter Regarding Non-Compliance with the Minimum Bid Price Requirement Under Nasdaq Listing Rule 5550(a)(2) MDJM LTD (the ‘Company’) announced that the Company received a letter (the ‘Notification Letter’) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (‘Nasdaq’) on October 23, 2024, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of USD 1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's ordinary shares for the 30 consecutive business days from September 11, 2024 to October 22, 2024, the Company no longer meets the minimum bid price requirement. The Notification Letter does not impact the Company's listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until April 21, 2025, to regain compliance with Nasdaq Listing Rule 5550(a)(2). If at any time during such 180-day period the closing bid price of the Company's ordinary shares is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance. If the Company does not regain compliance during such 180-day period, the Company may be eligible for an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provides Nasdaq with a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary. Reported Earnings • Sep 30
First half 2024 earnings released: US$0.11 loss per share (vs US$0.068 loss in 1H 2023) First half 2024 results: US$0.11 loss per share (further deteriorated from US$0.068 loss in 1H 2023). Net loss: US$1.33m (loss widened 67% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. New Risk • Sep 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$8.00m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 47% per year over the past 5 years. Revenue is less than US$1m (US$145k revenue). Market cap is less than US$10m (US$8.00m market cap). Aankondiging • Sep 12
MDJM Ltd announced that it expects to receive $2.450002 million in funding MDJM Ltd announced a private placement of 2,722,224 units at a price of $0.90 per unit for the gross proceeds of $2,450,002 on September 11, 2024. Each unit will consist of one ordinary share, one Series A warrant, each exercisable into one ordinary share at an exercise price of $1.35 per ordinary share, which exercise price is subject to standard adjustments for dividends, splits and similar events and is also subject to adjustment for certain dilutive issuances, and upon reset on a Reset Date (as defined in the Series B Warrant), and one Series B warrant with an exercise price of $0.001 per ordinary share to purchase such amount of ordinary shares as will be determined on the Reset Date. The closing of the private placement is expected to occur on September 12, 2024,. Aankondiging • Aug 28
MDJM Ltd Announces Appointment of William Wang as Director of Mansions Catering and Hotel Ltd MDJM LTD announced the appointment of William Bo Wang as a board member and Director of its wholly owned subsidiary, MANSIONS CATERING AND HOTEL LTD ("Mansions"), a United Kingdom company. Mr. Wang's extensive background in education is expected to further MDJM's commitment to expanding its cultural business development through educational activities and projects, while enhancing its presence in the UK market. Mr. Wang brings a wealth of experience from the education and cultural exchange sectors. Over the years, he has built strong networks and expertise in working with UK schools, colleges, universities, and educational institutions, gaining a deep understanding of both the UK and international education sectors. Fluent in Mandarin, English, and Cantonese, it is anticipated that Mr. Wang will be well-positioned to foster cultural exchanges. His career in education spans decades, beginning with his first school venture in Chongqing in 2003 and at a bilingual kindergarten in Beijing in 2005. At the Specialist Schools and Academies Trust (SSAT), a UK non-profit educational organization, Mr. Wang led international educational collaboration and exchanges between China and the UK, facilitating teacher and leadership training programs for several Chinese government departments and institutions since 2009. Additionally, Mr. Wang is a member of the Chinese Institute of Certified Public Accountants and has held roles as an auditor with Arthur Andersen LLP and as financial controller for several multinational companies. In his role as Director of Mansions, Mr. Wang will be responsible for leading the strategic development of MDJM's cultural initiatives in England, focusing on integrating educational aspects into the Company's cultural projects. He is expected to provide guidance to enhance the appeal of the Company's renovated historical properties, Fernie Castle and Robin Hill Hotel, as platforms for cultural exhibitions, exchanges, and communication. Leveraging his extensive experience in education, it is anticipated that Mr. Wang will contribute to the design and implementation of programs centered on cultural exhibitions, lectures, and exchange activities. Reported Earnings • May 01
Full year 2023 earnings released: US$0.099 loss per share (vs US$0.18 loss in FY 2022) Full year 2023 results: US$0.099 loss per share (improved from US$0.18 loss in FY 2022). Net loss: US$1.16m (loss narrowed 46% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 37% per year. New Risk • Apr 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 50% per year over the past 5 years. Revenue is less than US$1m (US$29k revenue). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (US$14.1m market cap). Reported Earnings • Sep 23
First half 2023 earnings released: US$0.068 loss per share (vs US$0.11 loss in 1H 2022) First half 2023 results: US$0.068 loss per share (improved from US$0.11 loss in 1H 2022). Net loss: US$793.7k (loss narrowed 37% from 1H 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Aankondiging • Sep 02
MDJM Ltd, Annual General Meeting, Oct 19, 2023 MDJM Ltd, Annual General Meeting, Oct 19, 2023, at 15:00 US Eastern Standard Time. Location: Fernie Castle, Letham, Cupar Fife United Kingdom Agenda: To re-elect Mr. Siping Xu as a director of the Company to hold office until the next annual general meeting; to re-elect Mr. Liang Zhang as a director of the Company to hold office until the next annual general meeting; to re-elect Mr. Zhenlei Hu as a director of the Company to hold office until the next annual general meeting; to re-elect Mr. Liding Sun as a director of the Company to hold office until the next annual general meeting; to re-elect Mr. Wei Guan as a director of the Company to hold office until the next annual general meeting; and to ratify the re-appointment of RBSM LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2023. Aankondiging • Jul 10
MDJM Ltd Announces Board Changes On July 1, 2023, Mr. Yang Li (“Mr. Li”) notified MDJM LTD of his resignation as a director of the Company, effective July 1, 2023. Mr. Li has advised that his resignation was due to personal reasons and not a result of any disagreement with the Company on any matter related to the operations, policies, or practices of the Company. To fill in the vacancy created by the resignation of Mr. Li, on July 1, 2023, the Nominating and Corporate Governance Committee (the “Nominating Committee”) of the board of directors of the Company recommended, and the Board appointed, Mr. Liang Zhang to serve as a director of the Company, effective July 1, 2023. Mr. Zhang, age 43, has over 20 years of business and managerial experience in the real estate service industry. Since 2002, Mr. Zhang has served as the deputy general manager of marketing for Mindajiahe (Tianjin) Co. Ltd. During his tenure, he demonstrated leadership and experience in corporate governance, operations, strategy development, human resources, and business development. Mr. Zhang attended Tianjin University, where he majored in project cost management. Reported Earnings • Apr 25
Full year 2022 earnings released: US$0.18 loss per share (vs US$0.19 loss in FY 2021) Full year 2022 results: US$0.18 loss per share (improved from US$0.19 loss in FY 2021). Revenue: US$450.6k (down 90% from FY 2021). Net loss: US$2.15m (loss narrowed 4.1% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Zhenlei Hu was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 16
First half 2022 earnings released: US$0.11 loss per share (vs US$0.02 loss in 1H 2021) First half 2022 results: US$0.11 loss per share (further deteriorated from US$0.02 loss in 1H 2021). Revenue: US$461.1k (down 83% from 1H 2021). Net loss: US$1.26m (loss widened 447% from 1H 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Aankondiging • Sep 13
MDJM Ltd, Annual General Meeting, Oct 13, 2022 MDJM Ltd, Annual General Meeting, Oct 13, 2022, at 09:00 US Eastern Standard Time. Location: Fernie Castle, Letham, Cupar KY15 7RU, United Kingdom Letham United Kingdom Agenda: To consider and approve the re-election of Mr. Siping Xu as a director of the Company to hold office until the next annual general meeting; to consider and approve the re-election of Mr. Yang Li as a director of the Company to hold office until the next annual general meeting; to consider and approve the re-election of Mr. Zhenlei Hu as a director of the Company to hold office until the next annual general meeting; and to consider other matters. Reported Earnings • Apr 20
Full year 2021 earnings released: US$0.19 loss per share (vs US$0.022 profit in FY 2020) Full year 2021 results: US$0.19 loss per share (down from US$0.022 profit in FY 2020). Revenue: US$4.47m (down 24% from FY 2020). Net loss: US$2.25m (down US$2.50m from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 17
First half 2021 earnings released: US$0.02 loss per share (vs US$0.011 profit in 1H 2020) The company reported a poor first half result with weaker earnings and control over costs, although revenues were flat. First half 2021 results: Revenue: US$2.71m (flat on 1H 2020). Net loss: US$231.0k (down 275% from profit in 1H 2020). Reported Earnings • Apr 18
Full year 2020 earnings released: EPS US$0.022 (vs US$0.039 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: US$5.87m (up 3.3% from FY 2019). Net income: US$258.0k (down 43% from FY 2019). Profit margin: 4.4% (down from 8.0% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Feb 23
New 90-day high: US$5.09 The company is up 40% from its price of US$3.64 on 24 November 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 32% over the same period. Is New 90 Day High Low • Jan 26
New 90-day high: US$4.64 The company is up 34% from its price of US$3.45 on 27 October 2020. The American market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 17% share price gain to US$4.28, the stock is trading at a trailing P/E ratio of 45.5x, up from the previous P/E ratio of 38.9x. This compares to an average P/E of 34x in the Real Estate industry in the US. Total returns to shareholders over the past year are 47%. Is New 90 Day High Low • Nov 17
New 90-day low: US$3.31 The company is down 19% from its price of US$4.08 on 19 August 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 46% over the same period. Valuation Update With 7 Day Price Move • Oct 17
Market pulls back on stock over the past week After last week's 17% share price decline to US$3.61, the stock is trading at a trailing P/E ratio of 38.4x, down from the previous P/E ratio of 46.4x. This compares to an average P/E of 38x in the Real Estate industry in the US. Total returns to shareholders over the past year are 31%. Aankondiging • Oct 16
MDJM Ltd. Signs Sales Agent Contract for A 333,000 ft2 Residential Project with Leading Real Estate Developer in Tianjin MDJM Ltd. announced that it has signed a sales agent contract (the Contract) with Tianjin Tianxiao Real Estate Development Co. Ltd. (Tianxiao). Pursuant to the Contract, MDJH will serve as the sales agent for the “Style Pomegranate Garden” project, a large-scale residential project located in Hedong District, Tianjin, with a total construction area of over 333,000 square feet and a Contract value of up to USD 3 million. Valuation Update With 7 Day Price Move • Oct 15
Market bids up stock over the past week After last week's 20% share price gain to US$4.72, the stock is trading at a trailing P/E ratio of 50.1x, up from the previous P/E ratio of 41.7x. This compares to an average P/E of 38x in the Real Estate industry in the US. Total returns to shareholders over the past year are 74%. Aankondiging • Oct 01
Mdjm Ltd. Enters into Primary Real Estate Agency Services Contract with Tianjin Yuanqing Investment Co., Ltd MDJM Ltd. entered into a primary real estate agency services contract with Tianjin Yuanqing Investment Co. Ltd. Pursuant to the contract, MDJH will serve as exclusive sales agent for a 560-unit residential project (the "Project") located in Jizhou, Tianjin, branded as the Style Series with total construction area over 968,000 square feet. Is New 90 Day High Low • Sep 29
New 90-day high: US$4.93 The company is up 76% from its price of US$2.80 on 01 July 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 9.0% over the same period. Aankondiging • Sep 11
MDJM LTD Regains Compliance with Nasdaq Listing Requirement MDJM LTD announced that on September 9, 2020, the Company received a letter from the Listing Qualifications Department of The NASDAQ Stock Market ("NASDAQ"), confirming that the Company had regained compliance with Nasdaq Listing Rule 5550(a)(3) (the "Minimum Public Holders Rule" or the "Rule") . As previously reported on August 5, 2020, the Company received a deficiency letter from the Listing Qualifications Department of NASDAQ on August 3, 2020, indicating that the Company was not in compliance with the Minimum Public Holders Rule, which requires companies listed on the NASDAQ Capital Market to have at least 300 public holders for continued listing. Based on the Company's email to NASDAQ dated September 2, 2020, the Company had more than 300 public holders. Accordingly, the Listing Qualifications Department of NASDAQ has determined that the Company regained compliance with the Rule. Aankondiging • Aug 06
MDJM Receives Nasdaq Staff Deficiency Letter MDJM Ltd. announced that on August 3, 2020, it received a Nasdaq staff deficiency letter (the "Nasdaq Letter") notifying the Company that it was no longer in compliance with the minimum Public Holders requirement as set forth in the Nasdaq Listing Rule 5550(a)(3). The Nasdaq Letter specified that, under Nasdaq rules, the Company has 45 calendar days (until September 17, 2020) to submit a plan to regain compliance with respect to the requirements for continued listing. If the plan is accepted by Nasdaq, Nasdaq can grant an extension of up to 180 calendar days from the date of the Nasdaq Letter to evidence compliance. The Company's management is looking into various options available to regain compliance and maintain its continued listing on Nasdaq Market.