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 Letter from Nasdaq on February 1, 2022, indicating non-compliance with the minimum bid price requirement of $1.00 per share. The company failed to maintain this price for 30 consecutive business days from December 16, 2021, to January 31, 2022. Although the company has until August 1, 2022, to regain compliance, it may consider a reverse share split if necessary. The company's operations remain unaffected by this notification.

Positive

• The company is given 180 days to regain compliance with Nasdaq's minimum bid price requirement.
• Business operations are not impacted by the Notification Letter.

Negative

• The company failed to meet Nasdaq's minimum bid price requirement, which may lead to potential delisting.
• The company's ordinary shares must maintain a closing bid price of at least $1.00 for 10 consecutive days to regain compliance.

Beijing, China, Feb. 04, 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 February 1, 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 December 16, 2021 to January 31, 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 August 1, 2022, 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 August 1, 2022, 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, please 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 registration statement and in its other filings with the U.S. Securities and Exchange Commission.

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 is the current status of Baosheng Media Group's Nasdaq compliance?

Baosheng Media Group has been notified of non-compliance with Nasdaq's minimum bid price requirement but has until August 1, 2022, to regain compliance.

What does Baosheng need to do to remain listed on Nasdaq?

Baosheng must achieve a closing bid price of at least $1.00 for 10 consecutive business days to regain compliance.

When did Baosheng receive the notification from Nasdaq?

The notification was received on February 1, 2022.

How long does Baosheng have to regain compliance with Nasdaq rules?

The company has 180 calendar days, until August 1, 2022, to regain compliance.

What actions may Baosheng consider to comply with Nasdaq rules?

Baosheng may consider implementing a reverse share split to help regain compliance with the minimum bid price requirement.