Wunong Net Technology Ltd. (NASDAQ: WNW) stock increased by 5.67% at last close whereas the WNW stock price plunged by 5.5% in the pre-market trading session. Wunong Net Technology Co. Ltd is an e-commerce business that sells food goods. Green food, organic food, heritage food products, pollution-free products, and more are available from Wunong Net Technology. Wunong Net Technology has some key principles which include the protection of food, product efficiency, and sustainability. Via their reliable and well-known suppliers, Wunong is dedicated to providing their customers with clean, high-quality, healthy, delicious, and non-genetically modified food products.
What is happening?
The Nasdaq Stock Market LLC has notified Wunong Net Technology in writing on May 18, 2021, that it no longer conforms with Listing Rule 5250(c)(1) for continued listing because it neglected to file its annual report on Form 20-F for the year ended December 31, 2020. However, Wunong Net Technology has been given 60 calendar days to apply a plan to restore compliance under the Nasdaq Rules. If Wunong Net Technology’s proposal gets approved, it will be further given up to 180 calendar days from the filing’s due date (November 15, 2021) to restore compliance.
Wunong Net Technology is striving hard to complete its audit and file its annual report on Form 20-F by June 30, 2021, in order to restore Nasdaq Rules enforcement ahead of the deadline for submitting its plan to regain compliance. Due to this reason, the WNW stock price has been on a decline since the investors’ loss of interest in WNW stock price until they manage to get their compliance back within the due deadline.