Golden Heaven Group Holdings Ltd. Announces Receipt of Nasdaq Delisting Determination and Plans to Appeal
Rhea-AI Summary
Golden Heaven Group Holdings (GDHG), a Chinese amusement park operator, has received a delisting determination from Nasdaq due to failure to meet the $1.00 minimum bid price requirement. The company's stock price was $0.12 as of August 8, 2024. Golden Heaven plans to appeal the decision by August 16, 2024, which will temporarily stay the suspension of its securities. If unsuccessful, the company's Class A ordinary shares will be suspended from trading on August 20, 2024. Golden Heaven is considering various options, including a reverse stock split, to address the situation and maintain its Nasdaq listing.
Positive
- Company plans to appeal the delisting determination
- Considering options like reverse stock split to maintain listing
Negative
- Received Nasdaq delisting determination
- Failed to meet $1.00 minimum bid price requirement
- Stock price at $0.12 as of August 8, 2024
- Risk of suspension from Nasdaq trading on August 20, 2024
- Not eligible for additional 180-day compliance period
News Market Reaction
On the day this news was published, GDHG declined 11.73%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NANPING, China, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Golden Heaven Group Holdings Ltd. ("Golden Heaven" or the "Company") (Nasdaq: GDHG), an amusement park operator in China, today announced the Company received a staff determination letter (the “Letter”), on August 9, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, due to the Company's failure to regain compliance with the minimum bid price of
On February 8, 2024, the Company received a letter from Nasdaq (the "Notice"), notifying the Company that, based upon the closing bid price of its Class A ordinary shares for the last 30 consecutive business days preceding the Notice, the Company was not in compliance with the Minimum Bid Requirement. In accordance with Listing Rule 5810(c)(3)(A), the Notice provided the Company a period of 180 calendar days from the date of the Notice, or until August 6, 2024, to regain compliance with the Minimum Bid Requirement.
According to the Letter, the Company had not regained compliance with the Minimum Bid Requirement as of August 6, 2024, and is not eligible for a second 180-day period. Specifically, Nasdaq does not believe the Company will cure the deficiency and sustain compliance with the Minimum Bid Requirement. In that regard, Nasdaq notes in the Letter that, as of August 8, 2024, the closing bid price of the Company’s Class A ordinary shares was
The Company plans to timely appeal the Determination to the Panel in due course. A hearing request will stay the suspension of the Company’s securities and the filing of Form 25-NSE pending the Panel’s decision. The Company is considering all options available to it, including a reverse stock split, and will provide its shareholders with material updates when they are available.
About Golden Heaven Group Holdings Ltd.
The Company is an offshore holding company incorporated in the Cayman Islands with no material operations of its own. Through its Chinese operating entities, the Company manages and operates amusement parks, water parks and complementary recreational facilities. The parks offer a broad selection of exhilarating and recreational experiences, including both thrilling and family-friendly rides, water attractions, gourmet festivals, circus performances, and high-tech facilities. For more information, please visit the Company's website at https://ir.jsyoule.com/.
Forward-Looking Statements
This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events 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," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any 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 other filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
Golden Heaven Group Holdings Ltd.
Email: group@jsyoule.com
Ascent Investors Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: tina.xiao@ascent-ir.com
FAQ
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