Qilian International Holding Group Ltd Receives Nasdaq

JIUQUAN, China, July 17, 2023 — Qilian International Holding Group Ltd (NASDAQ: QLI) (“Qilian” or the “Company”), a Chinamanufacturer of pharmaceuticals and chemicals, received a notification (the “Notification Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”), dated July 13, 2023, that the Company is in non-compliance with the requirement of minimum offering price set forth in the Nasdaq Listing Rules for Continuing Listing on the Nasdaq World Market (the “Nasdaq World Market”). The notification letter is only a deficiency notification and not a delisting notice.

Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq listing rule 5810(c)(3)(A) provides that there is a failure to meet the minimum bid price requirement if the default continues for a period of 30 business days consecutive. Based on the closing bid price of the common shares of the Company for the 30 consecutive business days from May 30, 2023 to July 12, 2023, the Company no longer meets the minimum bid price requirement.

The notification letter does not affect the company’s listing on the Nasdaq Global Market at this time. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until January 9, 2024 (the “Compliance Period”), to regain compliance with the Nasdaq Listing Rule 5450(a)(1). To regain compliance, the common stock of the Company must have a closing bid price of at least $1.00 for at least 10 consecutive business days and must not have a closing bid price of $0.10 or less for ten consecutive trading days during the compliance period. In the event that the Company does not regain compliance by January 9, 2024, the Company may be eligible for additional time to regain compliance or may be subject to debarment, as applicable.

The business activities of the Company are not affected by the receipt of the notification letter. The Company intends to monitor the closing bid price of its Common Shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split of its outstanding common stock, to restore compliance with the minimum offering price requirement under Nasdaq listing rules.

About Qilian International Holding Group Ltd

Qilian International Holding Group Ltd, headquartered in Gansu, Chinais a manufacturer of pharmaceutical and chemical products in China. It focuses on the development, manufacture, marketing and sale of licorice products, oxytetracycline products, traditional Chinese medicine derivative products, heparin products, sausage casings and fertilizers. The Company’s products are sold in more than 20 provinces of China. For more information, visit the Company’s website at http://ir.qlsyy.net.

Forward-looking statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements other than statements of historical fact. Where the Company uses words such as “may”, “will”, “intends”, “should”, “believes”, “expects”, “anticipates”, “projects”, “estimates” or similar expressions that do not relate solely to material, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations described in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the Company’s objectives and strategies; the future business development of the Company; request and acceptance of products; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China; the COVID-19 outbreak and its impact on our operations and assumptions underlying or relating to any of the above and other risks contained in the Company’s filings with the Securities and Exchange Commission. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Other factors are discussed in the Company’s filings with the WE Securities and Exchange Commission, which can be viewed at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof.

For more information, please contact: [email protected].

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SOURCEQilian International Holding Group Limited