Baosheng Media Group Holdings Limited Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

Baosheng Media Group Holdings Limited (NASDAQ: BAOS) received a notification from Nasdaq on December 19, 2022, indicating non-compliance with the minimum bid price requirement of US$1.00 per share. The company's stock price fell below this threshold for 30 consecutive business days, from November 2 to December 16, 2022. Baosheng has until June 19, 2023, to regain compliance or may face delisting. Despite this, the company asserts that its operations remain unaffected and is considering strategies, including a potential reverse share split, to improve stock performance.

Positive

• Company operations remain unaffected despite the notification from Nasdaq.
• The company has a grace period until June 19, 2023, to regain compliance.

Negative

• The stock price fell below the required minimum bid price of US$1.00.
• Failure to regain compliance may lead to potential delisting from Nasdaq.

Beijing, China, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Baosheng Media Group Holdings Limited (NASDAQ: BAOS) (“Baosheng” or the “Company”), a China-based online marketing solution provider, today announced that the Company received a written notification (the “Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) on December 19, 2022, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rules for continued listing on the Nasdaq.

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's ordinary shares for the 30 consecutive business days from November 2, 2022 to December 16, 2022, the Company no longer meets the minimum bid price requirement.

The Notification Letter does not impact the Company's listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until June 19, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by June 19, 2023, the Company may be eligible for additional time to regain compliance or may face delisting.

The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

About Baosheng Media Group Holdings Limited

Baosheng Media Group Holdings Limited, headquartered in Beijing, China, is an online marketing solution provider in China. The Company advises advertisers on online marketing strategies, offers value-added advertising optimization services and facilitates the deployment of online ads in various forms, such as search ads, in-feed ads, mobile app ads and social media marketing ads. The Company is dedicated to helping its advertiser clients manage their online marketing activities with a view to achieving their business goals. For more information, visit the Company’s website at http://ir.bsacme.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. 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. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. 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 review other factors that may affect its future results in the Company’s annual reports and in its other filings with the SEC.

For more information, please contact:
Investor Relations Contact:
Tina Xiao
Ascent Investor Relations LLC
+1-917-609-0333
tina.xiao@ascent-ir.com

FAQ

What did Baosheng Media Group announce on December 21, 2022?

Baosheng announced receiving a notification from Nasdaq about non-compliance with the minimum bid price requirement.

What is the minimum bid price requirement for Baosheng on Nasdaq?

Baosheng must maintain a minimum bid price of US$1.00 per share to comply with Nasdaq rules.

When is Baosheng's deadline to regain compliance with Nasdaq?

The deadline for Baosheng to regain compliance is June 19, 2023.

How long did Baosheng's stock fall below the minimum bid price?

Baosheng's stock was below the minimum bid price for 30 consecutive business days.

What could happen if Baosheng does not regain compliance?

If Baosheng does not regain compliance by the deadline, it may face delisting from Nasdaq.