Baiyu Holdings files Nasdaq delisting appeal notice

BAIYU Holdings has filed timely a formal notice of appeal to a Hearings Panel of a Nasdaq Stock Market Listing Qualifications Staff’s determination to delist the company’s securities from Nasdaq. BAIYU intends to maintain that the Staff did not consider all relevant facts in making its delisting decision. The Nasdaq Staff based its delisting decision on concerns relating to the substance and timing of the company’s recent disclosures regarding a contract for the sale of electric lithium batteries to be purchased from a U.S.-based auto supplier and a letter of intent to build and operate electric vehicle charging stations in Cairo, Egypt. The Nasdaq Staff’s articulated concerns relate to the adequacy of the company’s due diligence in the transactions and what it considered unusual trading activity in the company’s common stock following the announcements. The company has not conducted any marketing or promotional campaigns regarding the company’s stock during calendar 2023 and 2024, and no company officer or director traded BAIYU stock in August, September or October 2024. The company continues to take steps to put in place the complementary and component elements of the transaction. The contract represents the official debut of the company’s proprietary lithium battery brand into the U.S. market. BAIYU anticipates that its common stock will remain listed on the Nasdaq pending the outcome of the hearing and subsequent decision by a hearings panel. Meanwhile, the company continues to be current with its SEC filings and expects to maintain the registration of its securities.