Company: GURE
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001193805-25-001184
Chunk: 55

Company: GULF RESOURCES, INC.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 55
---
 exceed 19.9% of the total outstanding shares of common stock of the Company prior to the issuance
of the shares (the “19.9% Threshold”), unless such issuance is approved by the shareholders of the Company in accordance with
the Nasdaq rules and regulations. SHSI shall cause the Company to take all necessary steps to obtain such shareholder approval if the
issuance of shares under the agreement exceeds the 19.9% Threshold.

On
December 30, 2024, SHSI and each of the sellers mutually acknowledged and confirmed that the salt land provided by each seller meets the
acquisition criteria, is in the anticipated usable condition, and has been accepted and handed over to SHSI.

On
February 28, 2025, the transactions as contemplated by the acquisition agreements were closed. On the closing date, the Company issued
a total of 2,059,694 shares of the Company’s common stock at a price of $1.50 per share, to five individuals, who are citizens residing
in the People’s Republic of China, designated by each seller.

Nasdaq Compliance

On May 6, 2025, the Company was notified by the
Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Staff granted the
Company’s request to transfer the listing of its common stock, par value $0.0005 per share (the “Common Shares”), from
The Nasdaq Global Select Market tier to The Nasdaq Capital Market tier, and that the Staff granted the Company’s request for a second
180-calendar day period, or until November 3, 2025 (the “Second Compliance Period”), to regain compliance with the $1.00 bid
price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2). To regain compliance with such minimum price requirement, the Company
must evidence a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. The transfer of the listing
of the Common Shares from The Nasdaq Global Select Market to The Nasdaq Capital Market took effect with the open of business on May 8,
2025. The transfer is not expected to impact trading in the Common Shares, which will continue to trade on Nasdaq under the symbol “GURE.”

As previously announced, on November 5, 2024,
the Staff notified the Company that the bid price for the Common Shares had closed below