AGM Group Receives Notification from Nasdaq Relating Delayed Filing of Form 20-F

Rhea-AI Summary

On May 20, 2024, AGM Group Holdings (NASDAQ: AGMH) received a notice from Nasdaq regarding non-compliance due to delayed filing of their 2023 annual report (Form 20-F). The notice doesn't affect the immediate trading or listing of AGMH's securities. The company has 60 days to submit a plan to regain compliance. If Nasdaq approves the plan, AGMH could have until November 11, 2024, to meet the requirements. AGMH is dedicated to resolving this issue promptly.

Positive

• AGMH's listing and trading status on Nasdaq remains unaffected despite the non-compliance notice.
• The company is actively working on a compliance plan to address the delay in filing the annual report.
• Nasdaq may grant AGMH up to 180 days from the original due date, providing ample time to regain compliance.
• AGMH’s commitment to meeting Nasdaq's listing requirements showcases their dedication to regulatory adherence.

Negative

• AGMH failed to file its annual report on Form 20-F for 2023 in a timely manner, leading to non-compliance with Nasdaq Listing Rule 5250(c)(1).
• The delayed filing indicates potential operational or administrative challenges within AGMH.
• Failure to regain compliance could eventually impact AGMH's listing status on Nasdaq.
• Receiving a non-compliance notice can negatively affect investor confidence and stock performance.

BEIJING, May 22, 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, announced today that it received a notice of non-compliance (the "Notice") from Nasdaq Stock Market LLC ("Nasdaq") on May 20, 2024, stating that as a result of not having timely filed its annual report on Form 20-F for the year ended December 31, 2023 (the "Annual Report"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Commission. This Notice has no immediate impact on the listing or trading of the Company's securities on Nasdaq.  

Pursuant to the Nasdaq Listing Rules, the Company has 60 calendar days from the date of the Notice to submit a plan to regain compliance. If Nasdaq accepts the Compliance Plan, the Company may be granted up to 180 calendar days from the due date of the Annual Report or until November 11, 2024, to regain compliance.

The Company is fully committed to regaining compliance and satisfying all of Nasdaq's listing requirements and working diligently to file its Annual Report as soon as reasonably practicable.

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 

 

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SOURCE AGM Group Holdings Inc.

FAQ

What happened with AGM Group Holdings' Form 20-F?

AGMH received a notice of non-compliance from Nasdaq due to a delayed filing of their 2023 annual report on Form 20-F.

Does the Nasdaq notice affect AGMH's stock trading?

No, the notice of non-compliance does not immediately affect the listing or trading of AGMH's securities on Nasdaq.

How long does AGMH have to comply with Nasdaq's requirements?

AGMH has 60 days to submit a compliance plan, and if accepted, they could have until November 11, 2024, to regain compliance.

What are the potential consequences if AGMH fails to regain compliance?

Failure to regain compliance could impact AGMH's listing status on Nasdaq and affect investor confidence.