Company Announcements

New York, NY, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Fresh2 Group Ltd. (NASDAQ: FRES) (“Fresh2” or the “Company”), a  B2B e-commerce and supply chain management company within the restaurant and food industry, today announced that on August 19 , 2024, it received an additional delinquency compliance alert notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) advising they have not received the Company’s Form 10-Q for the period ended June 30, 2024, it does not comply with the Listing Rules 5250(c)(1) (the “Rules”), which requires the timely filing of all required periodic reports with the SEC.

Previously, Nasdaq Staff had granted the Company an exception until September 27, 2024, to file its delinquent Form 10-K for the period ended December 31, 2023 (the “Initial Delinquent Filing”) and Form 10-Q for the period ended March 31, 2024. As a result, any additional Staff exception to allow the Company to regain compliance with all delinquent filings, will be limited to a maximum of 180 calendar days from the due date of the Initial Delinquent Filing, or October 14, 2024.

In accordance with Nasdaq’s letter dated August 19, 2024, Nasdaq provided the Company to submit an update to its original plan provided to Nasdaq no latter than September 3, 2024 to regain compliance with respect to the filing requirement. The update should be as definitive as possible, including the plans to file the Form 10-Q for the period ended June 30, 2024, and indicate the progress the Company has made towards implementing the plan submitted in connection with the Initial Delinquent Filing. 

The Company is committed to working closely with Nasdaq to address this issue promptly and remains focused on regaining compliance with all applicable Nasdaq listing rules.

About Fresh2 Group Limited

Fresh2 Group Limited is engaged in the business-to-business e-commerce and supply chain sectors. Committed to helping restaurants lower procurement costs and improve efficiency, Fresh2 utilizes an advanced supply chain management system. By applying strategic digital technologies and innovative business models, Fresh2 is driving the online transformation of the restaurant supply industry. Fresh2 aims to refine restaurant operations, adding significant value to the food industry, and building a global network of restaurateurs in the digital age. For more information, visit: https://fresh2.co/investors.

For investor and media inquiries, please contact:

Xiaoyu Li

Phone: +1- 917 397 6890

Email: fayeli@fresh2.co

Safe Harbor Statement

This announcement contains forward-looking statements as defined under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, formulated in accordance with the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These statements, reflecting the Company's projections about its future financial and operational performance, employ terms like 'believes,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'projects,' 'intends,' 'potential,' 'target,' 'aim,' 'predict,' 'outlook,' 'seek,' 'goal,' 'objective,' 'assume,' 'contemplate,' 'continue,' 'positioned,' 'forecast,' 'likely,' 'may,' 'could,' 'might,' 'will,' 'should,' 'approximately,' and similar expressions to convey the uncertainty of future events or outcomes. These forward-looking statements are based on the Company's current expectations, assumptions, and projections, involving judgments about future economic conditions, competitive landscapes, market dynamics, and business decisions, many of which are inherently challenging to predict accurately and are largely beyond the Company's control. Additionally, these statements are subject to a multitude of known and unknown risks, uncertainties, and other variables that could significantly diverge the Company's actual results from those depicted in any forward-looking statement. These factors include, but are not limited to, varying economic conditions, competitive pressures, and regulatory changes. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.