Farmmi, Inc., alongside its subsidiaries, specializes in the processing and global distribution of agricultural products, reaching markets including China, the United States, Japan, Canada, various European nations, Korea, and the Middle East. The company's core product line features shiitake and Mu Er mushrooms, supplemented by an extensive selection of other gourmet fungi such as bamboo fungi, agrocybe aegerila, pleurotus eryngii, coprinus comatus, grifola frondosa, and hericium erinaceus. Additionally, Farmmi engages in the processing of dried mushrooms and dried black fungus. The firm also manages Farmmi Jicai, an e-commerce platform dedicated to selling its edible fungi products under the Forasen and Farmmi Liangpin brands. Its diverse client base includes culinary establishments, institutional food services, specialized local retailers, and its products are also disseminated through a network of distributors. Farmmi, Inc. was founded in 2015 and maintains its corporate headquarters in Lishui, China.
Farmmi Receives NASDAQ Notification Regarding Minimum Bid Requirements
Farmmi received a notification from Nasdaq indicating that its Class A ordinary shares are not in compliance with the $1.00 minimum bid price requirement after closing below that threshold for 30 consecutive business days.
The company has a 180-calendar day compliance period, ending February 8, 2027, to regain compliance by maintaining a closing bid price of at least $1.00 for ten consecutive business days.
If the company is unable to cure the deficiency through market performance, it may need to implement a reverse stock split, though it noted there can be no assurance it will regain compliance.