Shares in Molecular Data Inc. (NASDAQ: MKD) slid Friday, amid trouble with investing authorities.
The Shanghai-based company announced today that on Tuesday of this week, it received a Delinquency Compliance Plan Alert Letter from The NASDAQ Stock Market LLC stating that the company was not in compliance with NASDAQ Listing Rule 5250(c)(1), because it has not timely filed its annual report on Form 20-F for the period ended December 31, 2021.
In the letter, NASDAQ said the Company has 60 calendar days to submit a plan to regain compliance. If NASDAQ accepts the company's plan, NASDAQ can grant the company an exception of up to 180 calendar days from the Company's Form 20-F's filing due date, or until November 14, 2022, to regain compliance.
Molecular Data is a technology-driven platform in China's chemical industry, connecting participants along the chemical value chain through integrated solutions.
The Company delivers e-commerce solutions, financial solutions, warehousing and logistics solutions, and SaaS suite that are intended to solve pain points for participants in the traditional chemical industry. Built upon a comprehensive knowledge engine and artificial intelligence (AI) capabilities, the Company's e-commerce solutions are mainly offered through its online platform, consisting of molbase.com, molbase.cn, Moku Data
WeChat account, Chemical Community APP and other ancillary platforms.
MKD shares opened Friday down $0.0081, or 8%, to 9.3 cents.
