Jin Medical International Ltd. ("JinMed" or "the Company") (NASDAQ: ZJYL), a Cayman Islands holding company with Chinese operating entities that manufacture and develop wheelchairs and living aids products, received a written notification letter ("the Notification Letter") from The NASDAQ Stock Market LLC ("NASDAQ") dated September 25, 2023, notifying the Company that it no longer complies with the requirement of minimum 300 public holders for continued listing as set forth under NASDAQ Listing Rule 5550(a)(3).
The Notification Letter has no immediate effect on the listing of the Company's ordinary shares. Under NASDAQ Listing Rules, the Company has 45 calendar days to submit a plan to regain compliance. If the Company's plan is accepted by NASDAQ, the Company may be granted an extension of up to 180 calendar days from the date of the Notification Letter to evidence compliance. The Company is currently working on a plan aimed at regaining compliance with the requirements of the NASDAQ Listing Rule.
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