Dragon Victory International Limited Receives Notification from Nasdaq Regarding Minimum Bid Price Insufficiency

HONGKONG, China, Sept. 26, 2022 (GLOBE NEWSWIRE) — Dragon Victory International Limited (Nasdaq: LYL) (the “Company”), a company providing supply chain management platform services and product services cryptocurrency derivatives, today announced that on September 21, 2022, it received written notice (the “Notification Letter”) from The NASDAQ Stock Market LLC (“Nasdaq”) notifying the company that it fails to meet the minimum bid price requirement set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq Capital Market.

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum offering price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)( A) provides that the breach of the minimum bid price requirement exists if the shortfall persists for a period of 30 consecutive business days. Based on the closing bid price of the common shares of the Company for the 30 consecutive business days from August 9, 2022 to September 20, 2022, the Company no longer meets the minimum bid price requirement.

The notification letter does not affect the company’s listing on the Nasdaq Capital Market at this time. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until March 20, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2) . To regain compliance, the Company’s common stock must have a closing bid price of at least $1.00 for at least 10 consecutive business days. In the event that the Company does not regain compliance by March 20, 2023, the Company may be entitled to additional time to regain compliance.

The business activities of the Company are not affected by the receipt of the notification letter. The Company intends to monitor the closing bid price of its Common Shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split by consolidating its outstanding common stock, to restore compliance with the minimum bid price requirement under Nasdaq listing rules.

About Dragon Victory International Limited

Dragon Victory International Limited offers supply chain management platform services in China. The Company also provides cryptocurrency derivatives services, which include creating markets for cryptocurrency-related products and working with clients to create specially tailored instruments to enable sophisticated investors to establish or to liquidate investment positions or undertake hedging strategies.

Forward-looking statements

This press release contains certain statements which may include forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified by the use of words such as “may”, “could”, “will”, “intend”, “should”, “could”, “may”, “would”, “will continue”, “expect”, “believe”, “anticipate”, “estimate”, “predict”, “prospect”, “potential”, “plan”, “seek” and similar expressions and variations or the negatives of these terms or other comparable terms Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the company’s current expectations and speak only as of the date of this release. Actual results may differ materially from the Company’s current expectations depending on a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors, including , but not limited to, pricing pressures and new product introductions, uncertainty of customer acceptance of a new product t market offerings and changes, risks associated with managing business growth; and other risks and uncertainties that are described in the “Risk Factors” section of the Company’s annual report filed on Form 20-F filed with the United States Securities and Exchange Commission. Except as required by law, the Company assumes no responsibility to revise or update forward-looking statements, except as required by applicable law. All information provided in this press release is as of the date of this press release, and the Company undertakes no obligation to update such information except as required by applicable law.

Contact:

Fred Gu

Dragon Victory International Limited

Email: [email protected]

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