Baosheng Media Group Holdings Limited Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

On June 14, 2022, Baosheng Media Group Holdings Limited (NASDAQ: BAOS) announced it has regained compliance with Nasdaq's minimum bid price requirement. Following a notification on February 1, 2022, regarding a failure to maintain a minimum bid of $1.00 per share, the company completed a 1-for-3.2 reverse stock split effective May 24, 2022. The company reported a closing bid price at or above the required $1.00 per share for the last 10 consecutive business days from May 25 to June 8, enabling it to meet Nasdaq's Listing Rule 5550(a)(2).

Positive

• Regained compliance with Nasdaq's minimum bid price requirement.
• Successfully increased share price above $1.00 following reverse stock split.

Negative

• Failure to maintain a minimum bid price led to prior compliance notification.
• Company had to undergo a reverse stock split to meet listing requirements.

Beijing, China, June 14, 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 Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) on June 9, 2022, informing the Company that it has regained compliance with the Nasdaq’s minimum bid price requirement and the matter is closed.

On February 1, 2022, the Company was notified by Nasdaq its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and was given a 180-day extension, or until August 1, 2022 to regain compliance. Effective May 24, 2022, the Company effected a 1-for-3.2 reverse stock split, which was reflected with Nasdaq and in the marketplace at the opening of business on May 25, 2022.

The Notification Letter the Company received from Nasdaq on June 9, 2022 noted that the Company evidenced a closing bid price of its ordinary shares at or greater than the $1.00 per share minimum requirement for the last 10 consecutive business days, from May 25 through June 8, 2022. Nasdaq stated that accordingly, Baosheng has regained compliance with Nasdaq Listing Rule 5550(a)(2).

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 recent Nasdaq compliance status for Baosheng Media Group (BAOS)?

Baosheng Media Group has regained compliance with Nasdaq's minimum bid price requirement as of June 9, 2022.

What actions did Baosheng take to comply with Nasdaq's requirements?

The company conducted a 1-for-3.2 reverse stock split on May 24, 2022, to increase its share price.

When did Baosheng receive the notification about compliance?

The notification was received on June 9, 2022, confirming compliance was regained.

What was the minimum bid price requirement for Baosheng Media Group stocks?

The minimum bid price requirement was set at $1.00 per share.