EQONEX Receives NASDAQ Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

EQONEX Limited (NASDAQ: EQOS) announced that it received a notice from Nasdaq on July 21, 2022, indicating non-compliance with the minimum bid price requirement of $1.00 per share. The notice arises from the Company's stock closing below this threshold for 30 consecutive business days ending July 20, 2022. EQONEX has 180 days, until January 17, 2023, to regain compliance by maintaining a closing bid price of at least $1.00 for 10 consecutive business days. The notification does not affect the Company's trading status on Nasdaq, and business operations remain unaffected.

Positive

• The notice from Nasdaq is a deficiency notification only, not an imminent delisting.
• The company has 180 days to regain compliance, indicating a potential path to resolution.
• Business operations remain unaffected by the notification.

Negative

• The company's stock price has been below the required $1.00 for an extended period, indicating potential investor concerns.

SINGAPORE, July 26, 2022 /PRNewswire/ -- EQONEX Limited (NASDAQ: EQOS) ("EQONEX" or the "Company"), a digital assets financial services company, today announced that on July 21, 2022, it received a written notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") that the Company is not in compliance with the minimum bid price requirement of US$1.00 per share set forth in Nasdaq Rules for continued listing on Nasdaq.

Based on the closing bid price of the Company's listed securities for the last 30 consecutive business days from June 7, 2022, to July 20, 2022, the Company no longer meets the minimum bid price requirement set forth in Listing Rule 5550(a)(2). The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities on the Nasdaq Capital Market.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until January 17, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's common shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days.

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 Rules for continued listing on Nasdaq. 

The Company intends to resolve the deficiency and regain compliance with the Listing Rules.

About EQONEX

EQONEX Limited (NASDAQ: EQOS) is a technology driven digital assets financial services group that provides institutional grade infrastructure and a full suite of trading, custody and asset management solutions to clients. The Group's digital assets ecosystem has been designed to accommodate the needs of institutions and individuals with the same degree of regulatory oversight and security they are accustomed to in traditional financial markets. EQONEX's ecosystem primarily encompasses EQONEX Exchange, a digital asset exchange; Digivault, a FCA accredited hot and cold digital assets custodian and Bletchley Park Asset Management, a fund of crypto-hedge funds.

For more information visit: https://group.eqonex.com/

Follow EQONEX on social media on Twitter @eqonex, on Facebook @eqonex, and on LinkedIn.

Forward-Looking Information

Any forward-looking statements in this press release are based on available current market material and management's expectations, beliefs and forecasts concerning future events impacting EQONEX.  You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause the results of EQONEX to differ materially from those expressed or implied by such forward-looking statements.  The forward-looking statements made in this press release speak only as of the date hereof and we disclaim any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations or future events.

View original content:https://www.prnewswire.com/news-releases/eqonex-receives-nasdaq-notification-regarding-minimum-bid-price-deficiency-301593248.html

SOURCE EQONEX

FAQ

What did EQONEX announce on July 26, 2022?

EQONEX announced it received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement of $1.00 per share.

What is the deadline for EQONEX to regain compliance with Nasdaq's listing rules?

EQONEX has until January 17, 2023, to regain compliance.

How many consecutive business days must EQONEX's share price be above $1.00 to comply with Nasdaq requirements?

EQONEX must maintain a closing bid price of at least $1.00 for 10 consecutive business days.

Does the Nasdaq notice affect EQONEX's business operations?

No, the company's business operations are not affected by the receipt of the Nasdaq notice.

What can EQONEX do to regain compliance with Nasdaq's minimum bid price requirement?

EQONEX may consider options such as a reverse share split to regain compliance.