ONTARIO, Calif., Jan. 17, 2025 /PRNewswire/ -- Nature's Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, today issued the following statement in response to the delisting notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq"), which indicated that the Nasdaq Hearings Panel has determined to delist the Company's common stock and warrants from Nasdaq due to the Company's failure to comply with minimum shareholder's equity requirement under Nasdaq Listing Rule 5550(b)(1). Trading in the Company's common stock and warrants was suspended effective at the open of business on January 15, 2025. The Company's common stock and warrants continue to trade on OTC Pink Sheet until the Company relists with Nasdaq.
The Company believes it presented a strong plan to the Nasdaq Hearings Panel, including that the Company entered into a Securities Purchase Agreement ("SPA") with an institutional investor on January 10, 2025. The SPA was disclosed to the public on January 13, 2025, along with details of its closing conditions. This announcement, however, led to a 40% decline in the Company's stock price on the same day.
Nature's Miracle is working with legal counsel to ensure compliance with all regulatory requirements and to communicate material developments transparently. The Company is not aware of any specific activity contributing to the stock's volatility on January 15, 2025. The Company was not involved with the issuance of the January 14, 2025 press release by D. Boral, the Company's placement agent for the transaction.
Nature's Miracle is evaluating its options for relisting with Nasdaq after the company addresses the deficiency issue. The Company remains steadfast in its commitment to restoring its Nasdaq listing and enhancing shareholder value. To this end, it is actively exploring strategic options, including potential mergers, acquisitions, and partnerships, to strengthen its financial position and operational capabilities.
Nature's Miracle is also working closely with its legal and investor relations teams to provide timely updates to shareholders and other stakeholders. The Company deeply values the continued trust and support of its investors and remains committed to transparent and constructive communication throughout this process.
About Nature's Miracle Holding Inc.
Nature's Miracle (www.Nature-Miracle.com) is a growing agriculture technology company providing products and services to growers in the Controlled Environment Agriculture ("CEA") industry around the world. The company has recently launched EV and bitcoin business, all energy dependent as CEA.
Forward-Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intends," "may," "will," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example: the intended use of proceeds from the offering; successful launch and implementation of Nature's Miracle's joint projects with manufacturers and other supply chain participants of steel, rubber and other materials; changes in Nature's Miracle's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; Nature's Miracle's ability to develop and launch new products and services; Nature's Miracle's ability to successfully and efficiently integrate future expansion plans and opportunities; Nature's Miracle's ability to grow its business in a cost-effective manner; Nature's Miracle's product development timeline and estimated research and development costs; the implementation, market acceptance and success of Nature's Miracle's business model; developments and projections relating to Nature's Miracle's competitors and industry; and Nature's Miracle's approach and goals with respect to technology. These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: the ability to maintain the listing of the Company's shares on Nasdaq; changes in applicable laws or regulations; the effects of the coronavirus (COVID-19) and any future outbreaks on Nature's Miracle's business; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which Nature's Miracle's operates; the risk that Nature's Miracle's and its current and future collaborators are unable to successfully develop and commercialize Nature's Miracle's products or services, or experience significant delays in doing so; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that Nature's Miracle's is unable to secure or protect its intellectual property; the possibility that Nature's Miracle's may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described in Nature's Miracle's filings from time to time with the SEC.
