Youngevity International (NASDAQ: YGYI), a leading multichannel lifestyle company operating in three distinct business segments, on Friday announced its receipt of a September 29, 2020, Staff Determination Letter (the “September Notification”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC. According to the update, the letter indicated that Youngevity did not meet the terms of the exception previously granted to it by Nasdaq (the “Exception”) pursuant to the notification letter received by the company on August 11, 2020. Under the Exception, in order to regain compliance with Nasdaq Listing Rule 5250(c)(1), the company was obligated to have filed its annual report on Form 10-K for the year ended December 31, 2019, its quarterly report on Form 10-Q for the quarter ended March 31, 2020, and its quarterly report on Form 10-Q for the quarter ended June 30, 2020 (the “Delinquent Filings”) by September 28, 2020. The September Notification also provided that the company would be subject to suspension unless it timely requested a hearing before a Nasdaq Hearings Panel (the “Panel”). Accordingly, the company intends to timely request a hearing before the Panel. In addition, on September 29, 2020, the company received a notification from Nasdaq staff stating that it has fallen below the $1.00 minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) based on the closing bid price of the company’s common stock for the previous 30 consecutive trading days. The company has a period of 180 calendar days in which to regain compliance prior to any further action being taken by Nasdaq. If at any time during this 180-day period the closing bid price of the company’s common stock is at least $1.00 for a minimum of 10 consecutive business days, the company may be deemed to have regained compliance with Rule 5550(a)(2). Youngevity International intends to regain compliance with the minimum bid price requirement of Rule 5550(a)(2) within the 180-day compliance period, though there can be no assurance that it will be able to do so.
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About Youngevity International Inc.
Youngevity International is a multichannel lifestyle company operating in three distinct business segments including a commercial coffee enterprise, a commercial hemp enterprise and a multivertical omni direct-selling enterprise. The company features a multi-country selling network and has assembled a virtual Main Street of products and services under one corporate entity. YGYI offers products from the six top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, apparel/jewelry, as well as innovative services. For investor information, visit the company’s website at www.YGYI.com.
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