SHANGHAI, China, Jan. 25, 2024 (GLOBE NEWSWIRE) — YanGuFang International Group Co., Ltd. (Nasdaq: YGF) (“YanGuFang” or the “Company”), a health food company primarily engaged in the production, sourcing, research, development, and sales and distribution of oat and grain products across China and internationally, today announced that it received a deficiency notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) on January 19, 2024. The deficiency cited by Nasdaq was due to the resignation of Mr. Jiangping Xiao, an independent director of the Company, from the board of directors (the “Board”) and the audit committee of the Board (the “Audit Committee”). As a result of the Resignation of Mr. Xiao, the Company is no longer in compliance with Nasdaq’s independent director and audit committee requirements as set forth in Listing Rule 5605. The Notice states that, consistent with Listing Rule 5605(b)(1)(A) and 5605(c)(4), Nasdaq will provide the Company a cure period until the earlier of the Company’s next annual shareholders’ meeting or January 16, 2025 to regain compliance; provided that if the next annual shareholders’ meeting is held before July 15, 2024, then the Company must evidence compliance no later than July 15, 2024.
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