AGM Group Announces Receipt of Notification from Nasdaq

Rhea-AI Summary

AGM Group Holdings Inc. (NASDAQ: AGMH), a fintech and high-performance computing company, has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company's stock has traded below $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). AGMH has been granted a 180-day compliance period until January 13, 2025, to regain compliance by maintaining a closing bid price of $1.00 or higher for at least ten consecutive business days. If unsuccessful, the company may be eligible for an additional 180-day period. AGMH is actively monitoring the situation and considering options to meet the continued listing requirements.

Positive

• Company granted 180-day compliance period to meet Nasdaq listing requirements
• Possibility of additional 180-day extension if initial compliance period is unsuccessful
• Company actively monitoring situation and evaluating options to regain compliance

Negative

• Stock price below $1.00 for 30 consecutive business days
• Risk of potential delisting from Nasdaq if compliance is not achieved
• Indication of poor stock performance and potential investor concern

BEIJING, July 19, 2024 /PRNewswire/ -- AGM Group Holdings Inc. ("AGMH" or the "Company") (NASDAQ: AGMH), an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment, today announced that it has received a written notification (the "Notification Letter") on July 15, 2024, from the Listings Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"). The Notification Letter advised that for the last 30 consecutive business the minimum closing bid price per share for the Company's ordinary shares was below the $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5550(a)(2).

The Nasdaq notification letter has no current effect on the listing or trading of the Company's securities on Nasdaq.

Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until January 13, 2025, to regain compliance under the Nasdaq Listing Rules. If at any time during this compliance period, the closing bid price of the Company's ordinary shares is US$1.00 per share or higher for a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance by January 13, 2025, it may be eligible for an additional 180 calendar day period to regain compliance.

The Company intends to actively monitor the bid price for its shares and will evaluate available options to regain compliance with the continued listing requirements.

About AGM Group Holdings Inc.

Incorporated in April 2015 and headquartered in Beijing, China, AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company focusing on producing high-performance hardware and computing equipment. AGMH's mission is to become one of the key participants and contributors in the global fintech and blockchain ecosystem. For more information, please visit www.agmprime.com.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

For more information, please contact:

In China:

At the Company:
Email: ir@agmprime.com
Website: http://www.agmprime.com 

Seaquant Consulting
Ms. Kristy Li
Email: kristy@sea-quant.com

View original content:https://www.prnewswire.com/news-releases/agm-group-announces-receipt-of-notification-from-nasdaq-302201718.html

SOURCE AGM Group Holdings Inc.

FAQ

What notification did AGM Group Holdings (AGMH) receive from Nasdaq on July 15, 2024?

AGMH received a notification from Nasdaq that its stock price has been below $1.00 per share for 30 consecutive business days, violating the minimum bid price requirement for continued listing.

What is the deadline for AGM Group Holdings (AGMH) to regain compliance with Nasdaq listing rules?

AGMH has until January 13, 2025, to regain compliance by maintaining a closing bid price of $1.00 or higher for at least ten consecutive business days.

What options does AGM Group Holdings (AGMH) have if it fails to regain compliance by January 13, 2025?

If AGMH fails to regain compliance by January 13, 2025, it may be eligible for an additional 180-day period to meet the Nasdaq listing requirements.

How can AGM Group Holdings (AGMH) regain compliance with Nasdaq listing rules?

AGMH can regain compliance if its closing bid price is $1.00 per share or higher for a minimum of ten consecutive business days during the compliance period.