Borqs Regained Compliance with Nasdaq’s Minimum Bid Price Rule

Rhea-AI Summary

Borqs Technologies, Inc. (BRQS) announced it has regained compliance with Nasdaq Listing Rule 5550(a)(2) following a letter dated July 12, 2022. The company’s common stock maintained a closing bid price of $1.00 or greater for 10 consecutive business days from June 27 to July 11, 2022. Borqs, a global provider of 5G, IoT solutions, and clean energy products, operates in the U.S., India, and China.

Positive

• Regained compliance with Nasdaq listing requirements.

Negative

• None.

SANTA CLARA, Calif., July 14, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, with global operations in the U.S., India and China, today announced that it received a letter dated July 12, 2022 from Nasdaq Listing Qualifications that: “Staff has determined that for the last 10 consecutive business days, from June 27 through July 11, 2022, the closing bid price of the Company’s common stock has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and this matter is now closed.”

About Borqs Technologies, Inc.
Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio. Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products, and is also currently in development of 5G products for phones and hotspots. The Company acquired controlling shares of the solar energy storage system entity, Holu Hou Energy LLC, in October 2021.

Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
sandra.dou@borqs.net   
www.borqs.com

FAQ

What did Borqs Technologies announce on July 14, 2022?

Borqs announced that it regained compliance with Nasdaq Listing Rule 5550(a)(2) after maintaining a stock price of $1.00 or greater for 10 consecutive business days.

What is the stock symbol for Borqs Technologies?

The stock symbols for Borqs Technologies are BRQS and BRQSW.

Why was Borqs Technologies at risk of Nasdaq delisting?

The company was at risk of delisting due to its stock price falling below $1.00.

How long did Borqs Technologies maintain the required stock price?

Borqs maintained the required stock price for 10 consecutive business days from June 27 to July 11, 2022.