EVK - Ever-Glory announces voluntary delisting from the Nasdaq market will trade on OTC

• Ever-Glory International ( NASDAQ: EVK ) announced that after stockholders' approval to delist its common stock from the Nasdaq in the meeting on December 18, 2022, the Company has applied to voluntarily delist its common stock  and December 23, 2022 will be the last trading day of the common stock on Nasdaq market.
• The primary reason for this delisting is company's sales have fallen in the last three years amid COVID-19 and the costs associated with its reporting obligations were no longer justified.
• The company further said that stock price has been significantly undervalued and dropped from $6 to less than $1 due to the geo-economic impacts experienced by the China-based issuers and the policy of suppressing the U.S.-listed companies.
• Nasdaq notified the Company that the Company no longer meets the minimum bid price requirements of $1.00 per share. As of today, the Company has not regained compliance with its bid price deficiency.
• The common stock will be trading on OTC Pink starting on December 27, 2022.
• EVK -4% premarket to $0.5101
• Source: Press Release

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