Fresh2 Group Ltd. Faces Compliance Alert from Nasdaq
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Fresh2 Group Ltd. Faces Compliance Alert from Nasdaq
Fresh2 Group Ltd. (NASDAQ: FRES), a B2B e-commerce and supply chain management company specializing in the restaurant and food industry, has reported a new compliance challenge from Nasdaq. Recently, the company received a delinquency compliance alert notice indicating that it has not submitted its Form 10-Q for the period ending June 30, 2024. This situation puts Fresh2 in violation of Nasdaq Listing Rule 5250(c)(1), which mandates the timely filing of periodic reports with the SEC.
Details of the Compliance Issue
The compliance alert was issued after Nasdaq had previously granted Fresh2 an extension until a specified date to file its earlier delinquent Form 10-K for the year ending December 31, 2023, along with the Form 10-Q for the quarter ending March 31, 2024. If Fresh2 is to regain compliance regarding its filings, the time allowed for submission will only extend up to a maximum of 180 calendar days from the due date of its initial delinquent filing.
Recent Developments and Response
As per the notice from Nasdaq, Fresh2 has been instructed to provide an update on its compliance strategy by a specific date. This update needs to outline the company's proactive plans to submit the overdue Form 10-Q and also highlight the progress made towards meeting the requirements of the initial delinquency notice. Fresh2 is working diligently to address this issue and is focused on regaining compliance with the Nasdaq listing rules.
About Fresh2 Group Limited
Fresh2 Group Limited is focused on transforming the business-to-business e-commerce and supply chain sectors within the restaurant industry. Its primary mission is to assist restaurants in lowering procurement costs and enhancing operational efficiency. Fresh2 achieves this by employing a sophisticated supply chain management system. The company leverages cutting-edge digital technologies and innovative business models to drive a transformation in how restaurant supply chains operate.
Innovative Business Practices
With a strong commitment to refining restaurant operations, Fresh2 is aiming to create significant value for the food industry. As they continue to build a global network of restaurateurs equipped with modern supply chain solutions, they are open to adopting the latest trends and practices that enhance operational workflow and response to market demands.
Investor Relations and Contact Information
For those interested in learning more about Fresh2 Group Limited, specific investor and media inquiries can be directed to Xiaoyu Li. The company encourages open communication with stakeholders and emphasizes transparency about their operational challenges and compliance updates.
Contact Details
Xiaoyu Li
Phone: +1-917-397-6890
Email: fayeli@fresh2.co
Frequently Asked Questions
What is the recent compliance issue faced by Fresh2 Group Ltd.?
Fresh2 Group Ltd. received a delinquency compliance alert from Nasdaq for not filing its Form 10-Q for the period ending June 30, 2024.
What rules is the company in violation of?
The company violated Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the SEC.
What steps is Fresh2 taking to address the compliance alert?
Fresh2 is working closely with Nasdaq to outline a plan to regain compliance and has committed to submitting a timely update to Nasdaq regarding their progress.
How does Fresh2 Group Ltd. contribute to the restaurant industry?
Fresh2 provides innovative e-commerce and supply chain solutions that help restaurants lower costs and improve operational efficiency.
Who can be contacted for investor inquiries?
Investors can contact Xiaoyu Li via phone at +1-917-397-6890 or email at fayeli@fresh2.co for further information.
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