Addentax Group Corp. Regains Compliance with Nasdaq's Minimum Bid Price Requirement

Rhea-AI Summary

Addentax Group Corp. (Nasdaq: ATXG) has successfully regained compliance with Nasdaq's minimum bid price requirement. The company, which had received a notification from Nasdaq on April 24, 2024, for failing to maintain a minimum bid price of $1.00 over 30 consecutive business days, has now met the listing standards. Nasdaq confirmed that ATXG's closing bid price remained at or above $1.00 per share for 10 consecutive business days from February 7 through February 21, 2025, resolving the compliance issue.

Positive

• Regained Nasdaq listing compliance, removing delisting risk

Negative

• None.

SHENZHEN, China, March 3, 2025 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (Nasdaq: ATXG) announced that it has regained compliance with the Nasdaq Listing Rule 5450(a)(1).

On April 24, 2024, the Company was notified by Nasdaq that its common stock had failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days, as required by Nasdaq Listing Rules. However, Nasdaq has now confirmed that for the 10 consecutive business days from February 7 through February 21, 2025, the closing bid price of the Company's common stock has been at or above $1.00 per share. As a result, the Company has regained compliance, and this matter is now closed.

About Addentax Group Corp.

Addentax Group Corp. is an integrated service provider specializing in garment manufacturing, logistics services, and property management and subleasing. For more information about the Company, please visit the website: https://www.addentax.com/.

Caution Concerning Forward Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. 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 the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. These forward-looking statements are based on information currently available to Addentax and its current plans or expectations and are subject to a number of known and unknown uncertainties, risks and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These and other important factors are described in detail in the "Risk Factors" section of Addentax's Annual Report on Form 10-K for the year ended March 31, 2023. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Company Contact:

Public Relations Contact:
Addentax Group Corp. Corp.
Phone: + (86) 755 86961 405
xinyee.lee@zgyingxi.com

Investor Relations Contact:

Sherry Zheng
WAVECREST GROUP INC.
1-718-213-7386

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SOURCE Addentax Group Corp.

FAQ

When did Addentax Group (ATXG) regain Nasdaq compliance in 2025?

Addentax Group regained Nasdaq compliance on February 21, 2025, after maintaining a closing bid price above $1.00 for 10 consecutive business days from February 7-21, 2025.

What was the minimum bid price requirement that ATXG needed to meet for Nasdaq compliance?

ATXG needed to maintain a minimum bid price of $1.00 per share to comply with Nasdaq Listing Rule 5450(a)(1).

How long was ATXG out of compliance with Nasdaq's minimum bid price requirement?

ATXG was notified of non-compliance on April 24, 2024, and regained compliance on February 21, 2025, approximately 10 months later.

What happens now that ATXG has regained Nasdaq compliance?

The compliance matter is now closed, and ATXG continues to trade on Nasdaq without any minimum bid price concerns.