NINGDE, China, June 24, 2026 (GLOBE NEWSWIRE) -- Oriental Rise Holdings Limited (NASDAQ: ORIS) ("Oriental Rise" or the "Company"), an integrated tea supplier in mainland China, today provided an update regarding the decision of the Nasdaq Hearings Panel (the "Panel") to delist the Company's ordinary shares from The Nasdaq Capital Market.
Following the May 19, 2026 oral hearing before the Nasdaq Listing Qualification Panel where the Company outlined its plan of compliance with the $1.00 per share minimum bid price deficiency, on June 22, 2026, the Company received a written decision from the Panel denying the Company's request for continued listing and providing that trading in the Company's ordinary shares would be suspended at the open of trading on June 24, 2026.
Prior to the issuance of the Panel's decision, the Company's previously announced 1-for-4 reverse stock split became effective at the open of trading on June 22, 2026. On that day, the Company's ordinary shares opened at $2.04 per share and closed at $2.42 per share, materially above Nasdaq's $1.00 minimum bid price requirement.
Because the reverse stock split had already become effective and in light of the post-split trading levels in the Company's securities, the Company submitted an emergency request for a stay of the suspension and reconsideration of the Panel's delisting decision on the evening of June 22, 2026.
On June 23, 2026, the Company's counsel received an email from Nasdaq stating that the Panel was reviewing the Company's request for reconsideration, that the Company would be notified within 15 calendar days, and that the Panel had chosen to stay the suspension while considering the request.
On June 24, 2026, Nasdaq advised the Company's counsel that its prior email had inadvertently omitted the word "not" and should instead have stated that the Panel, in fact, had chosen not to stay the suspension. Accordingly, trading in the Company's ordinary shares on Nasdaq was suspended, while the Panel continued to consider the Company's request for reconsideration, which consideration is ongoing, to the best of the Company's knowledge.
The Company believes that the effectiveness of the reverse stock split and the resulting post-split trading price, among other factors, are material developments relevant to the Panel's assessment of the Company's ability to regain and maintain compliance with Nasdaq Listing Rule 5550(a)(2). The Company will continue to pursue its request for reconsideration.
If the Panel does not reconsider its decision, the Company currently intends to request that the Nasdaq Listing and Hearing Review Council review the Panel's decision. There can be no assurance that the Panel will grant reconsideration, that any appeal will be successful, or that the Company's ordinary shares will resume trading on Nasdaq.
Unless and until the Panel reverses or modifies its decision, or the Company is successful in a subsequent appeal, the Company expects that its ordinary shares will be quoted in the over-the-counter market. Shareholders should consult their brokers regarding the availability of quotations and trading under the Company's OTC trading symbol, ORISF.
The suspension from Nasdaq does not affect the Company's business operations, corporate organization, or obligation to continue complying with applicable U.S. Securities and Exchange Commission reporting requirements.
About Oriental Rise Holdings Limited
Oriental Rise Holdings Limited is an integrated supplier of tea products in mainland China. Its major tea products include primarily-processed tea consisting of white tea and black tea, as well as refined white tea and black tea. The Company's business operations are vertically integrated, covering tea cultivation, processing of tea leaves, and the sale of tea products to tea business operators, such as wholesale distributors, and end-user retail customers in mainland China. The Company operates tea gardens located in Zherong County, Ningde City in Fujian Province of mainland China.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, without limitation, statements regarding the Company's request for reconsideration, any potential appeal, the possible resumption of trading on Nasdaq, quotation of the Company's ordinary shares in the over-the-counter market, and the Company's ability to regain or maintain compliance with applicable listing requirements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Words such as "believes," "expects," "intends," "plans," "may," "will," and similar expressions are intended to identify forward-looking statements.
The Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law. Investors are cautioned that actual results may differ materially from those described in the forward-looking statements.
For investor and media inquiries, please contact:
Oriental Rise Holdings Limited
Investor Relations Department
Email: ir@mdhtea.cn
