Bon Natural Life Limited Receives NASDAQ Notification Regarding Independent Board Requirement

Rhea-AI Summary

Bon Natural Life Limited (Nasdaq: BON) received a letter from Nasdaq stating that due to resignations from the Board of Directors, the company no longer complies with Nasdaq's requirements. The company has until August 14, 2023, to submit a plan to regain compliance.

Positive

• Bon Natural Life Limited is actively working to identify and retain new independent directors to regain compliance with Nasdaq requirements.

Negative

• Resignations from the Board of Directors may negatively impact Bon Natural Life Limited's compliance with Nasdaq requirements.

XI’AN, China, July 07, 2023 (GLOBE NEWSWIRE) -- Bon Natural Life Limited (Nasdaq: BON) ("BON" or the "Company"), one of the leading bio-ingredient solutions providers in the natural, health and personal care industries, today announced that the Company received a letter (the “Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) on June 30, 2023, due to the resignations of Messrs. James Edward Burns, Lawrence W. Leighton, and Jeffrey J. Guzy from the Company’s Board of Directors and respective committee assignments effective May 19, June 26, and June 28, 2023, respectively, the Company no longer complies with Nasdaq’s majority independent board and independent audit, compensation, and nominating committee requirements as set forth in Listing Rule 5605.

Under applicable Nasdaq rules, the Company has until no later than August 14, 2023 to submit a plan to regain compliance. If the plan is accepted, the Company may be granted an extension of up to 180 calendar days from the date of the Notification Letter to regain compliance.

The Company is in the process of identifying and retaining new independent directors to serve on its board, and it intends to have a majority independent board reimplemented within the near future.

About Bon Natural Life Limited

The Company focuses on the manufacturing of personal care ingredients, such as plant extracted fragrance compounds for perfume and fragrance manufacturers, natural health supplements such as powder drinks and bioactive food ingredient products mostly used as food additives and nutritional supplements by their customers. For additional information, please visit the Company’s website at www.bnlus.com.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the natural, health and personal care market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Bon Natural Life
bonnatural@appchem.cn

FAQ

What is the current status of Bon Natural Life Limited's compliance with Nasdaq requirements?

Bon Natural Life Limited no longer complies with Nasdaq's requirements due to resignations from the Board of Directors.

What is the deadline for Bon Natural Life Limited to submit a plan to regain compliance?

Bon Natural Life Limited has until August 14, 2023, to submit a plan to regain compliance.

What is Bon Natural Life Limited doing to regain compliance with Nasdaq requirements?

Bon Natural Life Limited is actively working to identify and retain new independent directors to regain compliance with Nasdaq requirements.