DDC Enterprise Limited Receives Notice of Non-Compliance from NYSE American

May 22, 2024 by No Comments

NEW YORK, May 21, 2024 — DDC ENTERPRISE LIMITED (NYSE AMERICAN: DDC) (“DAYDAYCOOK” OR THE “COMPANY”) announced today that on May 16, 2024, the Company received a written notice from NYSE Regulation (the “NYSE Notice”) indicating that the Company is no longer in compliance with the continued listing norms of the NYSE American LLC (“NYSE American”, or the “Exchange”) owing to the delayed filing of the Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (the “2023 Form 20-F”), which was due on May 15, 2024 (the “Filing Delinquency”).

Under Section 1007 of the Company Guide, the Company will have six months from the Filing Delinquency (the “Initial Cure Period”) to file the 2023 Form 20-F with the SEC. The Exchange will observe the Company and the filing status of the 2023 Form 20-F and any filing delays, by staying in contact with the Company, until the Filing Delinquency is rectified. If the Company fails to file the 2023 Form 20-F within the Initial Cure Period, the Exchange may, as per its discretion, allot an additional cure period not exceeding six months (the “Additional Cure Period”). The Company can regain compliance with the Exchange’s continued listing standards at any time during the Initial Cure Period or Additional Cure Period, by filing the 2023 Form 20-F and any subsequent delayed filings with the SEC. The listing and trading of the Company’s securities will usually commence if the Exchange determines that an Additional Cure Period is not appropriate. The Company does not file the 2023 Form 20-F and any subsequent delayed filings by the end of that period, if the Exchange determines an Additional Cure Period is appropriate, the suspension and delisting procedures will commence.

However, without prejudice to the foregoing, the Exchange may, in its sole discretion, conclude (i) not to afford the Company any Initial Cure Period or Additional Cure Period, as the case may be, at all or (ii) at any time during the Initial Cure Period or Additional Cure Period, to truncate the Initial Cure Period or Additional Cure Period, as the case may be, and immediately initiate suspension and delisting procedures if the Company is subject to delisting pursuant to any other provision of the Company Guide, including if the Exchange believes, in the its sole discretion, that continued listing and trading of the Company’s securities on the Exchange is inadvisable or unjustified in accordance with Sections 1001 through 1006 thereof.

As reported in the Form 12b-25 filed by the Company with the SEC on April 30, 2024, the Company was unable, without undue trouble or cost, to file its 2023 Form 20-F due to a delay in finalizing the financial statements in the Annual Report. The Company could not file the 2023 Form 20-F within the fifteen-day extension period guaranteed under Rule 12b-25 of the Securities Exchange Act of 1934, as corrected. The Company is taking all possible steps to file the 2023 Form 20-F as soon as possible and in any case within the six-month Initial Cure Period. But, there is no confirmation that the Company will eventually fulfill all applicable Exchange listing criteria.

Until then, the Company’s Class A Ordinary Shares will continue to be listed on the NYSE American while it works to meet the listing standards, subject to the Company’s compliance with other continued listing necessities. The NYSE Notice doesn’t impact the Company’s business or its reporting obligations under the U.S. Securities and Exchange Commission regulations and rules.

About DayDayCook – A Leader in Food Innovation

DayDayCook, founded in 2012, is a top content-driven consumer brand that offers simple and convenient ready-to-heat, ready-to-cook, and ready-to-eat Asian food products. The company specializes in healthy and innovative meal solutions with a growing omnichannel sales network in China and the U.S., as well as a strong online presence worldwide. Through major social media and e-commerce platforms, the company establishes brand awareness by providing culinary and lifestyle-related content.

Forward-Looking Statements

Some statements in this announcement are forward-looking, including those about completing the acquisition, predicted revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are grounded on the Company’s present expectations and projections about upcoming events that the Company forecasts may have an effect on its financial condition, outcomes of operations, business plan, and financial requirements. Additionally, these forward-looking statements depend on assumptions about the Company’s present and potential business strategies and the conditions in which the Company will work in the future. Investors can locate many (but not all) of these statements through words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to,” or similar expressions. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements to represent subsequent occurrences or conditions, or modifications in its expectations, and cautions investors that actual outcomes may diverge significantly from anticipated results while inspiring investors to examine other variables influencing its future outcomes in the Company’s registration statement and other SEC filings.

Contact:

Investors:
CORE IR
Matt Blazei
mattb@coreir.com

Media:
CORE PR
Kati Waldenburg
pr@coreir.com