HONG KONG, Oct. 12, 2018 /PRNewswire/ -- Sharing Economy
International Inc. ("SEII" or "the Company") (NASDAQ: SEII) today announced that on October 8,
2018, the Company received a staff deficiency notice from The Nasdaq Stock Market ("Nasdaq") informing the Company that it
has failed to comply with Nasdaq's shareholder approval requirements set forth in Listing Rule 5635(c) (the "Rule").
During the period from May 11, 2017 to date, the Company entered into approximately one hundred
arrangements resulting in the issuance or potential issuance of more than three million shares to officers, directors, employees,
and consultants ("Equity Compensation Grants"). The Company did not receive shareholder approval for the Equity Compensation
Grants, and the shares were not issued from a shareholder approval equity compensation plan. The Company is continuing to review
its internal records relating to prior issuances, and as information becomes available regarding any shares issued in similar
circumstances, the Company will notify Nasdaq.
The Company intends to submit its plan to regain compliance no later than October 26, 2018. If
the plan is accepted, Nasdaq can grant an extension of up to one hundred eighty calendar days from October
8, 2018 to evidence compliance. The Company believes that it has otherwise been compliant with its filing obligations
pursuant to the Securities Exchange Act of 1934, as amended, including making all appropriate disclosures to the
marketplace. The Company is currently doing everything possible to cure its deficiencies regarding the Rule.
About Sharing Economy International Inc.
Sharing Economy International Inc., through its affiliated companies, designs, manufactures and distributes a line of
proprietary high and low temperature dyeing and finishing machinery to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of sharing through economical rental business models. Moreover, the
Company will actively pursue blockchain technology in its existing and to-be-acquired business, enabling the general public to
realize the beauty of resource sharing. For more information visit www.seii.com
About Ecrent Capital Holdings Limited
ECRENT is one of the largest and most extensive online global sharing platforms which encourages people to share through
renting to protect our environment. A number of categories of products and services on wedding, properties, venues, transport,
household, tools, equipment, leisure, fashion, accessories, professional services, arts, and public services, can be rented
through its platform. For more information visit www.ecrent.com
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and
affiliated companies and certain potential transactions that they may enter into. These forward looking statements are often
identified by the use of forward looking terminology such as "believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected. The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange Commission and available on its website, including factors
described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31, 2017 and the Form 10-Q for the quarter ended June 30, 2018. All forward-looking statements attributable to the Company or to persons acting on its behalf
are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not
assume a duty to update these forward-looking statements.
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SOURCE Sharing Economy International, Inc.