Borqs Technologies Requests for Hearing regarding the $1 Minimum Bid Price Deficiency

Rhea-AI Summary

Borqs Technologies, Inc. has received a notification from Nasdaq stating that it has not regained compliance with the minimum bid price requirement for continued listing. The company has engaged Donohoe Advisory Associates LLC to request a hearing to stay the suspension or delisting action. The company's shares are expected to remain listed until a decision is made by the Panel.

Positive

• Borqs Technologies, Inc. has engaged Donohoe Advisory Associates LLC to request a hearing, which could potentially prevent the delisting of its shares from Nasdaq.

Negative

• Borqs Technologies, Inc. has not regained compliance with the minimum bid price requirement for continued listing on Nasdaq, which may negatively impact its stock price.

SANTA CLARA, Calif., May 03, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, or the “Company”) a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, announced that it received written notification from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company has not regained compliance with the minimum bid price of $1 required for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”).

The Company has engaged the firm of Donohoe Advisory Associates LLC to request a hearing which will stay the suspension or delisting action pending the hearing and the expiration of any extension period granted by the Panel following the hearing. Consequently, the Company’s ordinary shares are expected to remain listed on The Nasdaq Capital Market at least until the Panel renders a decision following the hearing. There can be no assurance that the Panel will determine to continue the Company’s listing on The Nasdaq Capital Market or that the Company will timely evidence compliance with the terms of any extension that may be granted by the Panel following the hearing.

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

FAQ

What is the notification received by Borqs Technologies, Inc.?

Borqs Technologies, Inc. received a notification from Nasdaq stating that it has not regained compliance with the minimum bid price requirement for continued listing.

What action has Borqs Technologies, Inc. taken in response to the notification?

Borqs Technologies, Inc. has engaged Donohoe Advisory Associates LLC to request a hearing in order to stay the suspension or delisting action.

What is the expected outcome for Borqs Technologies, Inc.'s shares?

The company's shares are expected to remain listed on Nasdaq until a decision is made by the Panel following the hearing.