J-Long Group Limited Ordinary Shares - JL STOCK NEWS

J-Long Group (Nasdaq: JL) announced a delay in implementing its previously approved 1-for-10 share consolidation/reverse stock split, pending Nasdaq approval. The reverse split aims to increase the per-share market price to meet Nasdaq's minimum bid price requirement for continued listing. Once effective, every 10 shares will combine into one share, reducing authorized shares from 30,000,000 to 3,000,000, with a new par value of $0.00375. No fractional shares will be issued. The company's ticker symbol 'JL' will remain unchanged. VStock Transfer, will serve as the exchange agent, with automatic adjustments for both direct and brokerage-held shares.

J-Long Group (Nasdaq: JL) announced a 1-for-10 reverse stock split effective December 3, 2024, to regain compliance with Nasdaq's minimum $1.00 bid price requirement. Trading on the adjusted basis will begin December 4, 2024. The total authorized Ordinary Shares will be reduced from 30,000,000 to 3,000,000, with a new par value of $0.000375 per share. No fractional shares will be issued, and shareholders will receive rounded-down whole shares. The consolidation will proportionally adjust outstanding stock options, warrants, and equity awards.

J-Long Group (JL) received a Determination Letter from Nasdaq stating the company failed to maintain compliance with the minimum bid price requirement of $1 per share over 30 consecutive business days. After the initial 180-day compliance period ending November 11, 2024, the company faces potential delisting from Nasdaq Global Market. The company has until November 25, 2024, to appeal and request a hearing by paying a $20,000 fee. J-Long intends to submit an appeal and is considering a reverse stock split to regain compliance. Trading will continue until Nasdaq makes a final determination.

J-Long Group (Nasdaq: JL) has received a notification from Nasdaq on September 3, 2024, stating that the company is not in compliance with the minimum market value of publicly held shares (MVPHS) requirement for continued listing on the Nasdaq Global Market. The company's MVPHS has fallen below the required $5,000,000 for 30 consecutive business days. JL has been given until March 3, 2025, to regain compliance by maintaining an MVPHS of $5,000,000 or more for at least 10 consecutive business days. If compliance is not achieved, the company's shares may be subject to delisting, although JL can appeal or consider transferring to the Nasdaq Capital Market. The company's business operations remain unaffected, and it intends to explore options to regain compliance within the given timeframe.

J-Long Group (NASDAQ: JL) announced that it received a deficiency notice from Nasdaq regarding non-compliance with the $1.00 minimum bid price requirement for its ordinary shares. The company has until November 11, 2024, to meet this requirement by having its share price exceed $1.00 for at least ten consecutive business days. While this notice does not immediately affect the listing of JL shares on the Nasdaq Global Market, the company is considering options, including a reverse stock split, to regain compliance. If unsuccessful by the deadline, JL may get an additional 180-day period to comply.

J-Long Group (JL) reports a decrease in revenue and net income for the six months ended September 30, 2023. Revenue declined by 34.9% to US$14.6 million, with net income dropping to US$1.4 million from US$3.4 million in 2022.

J-Long Group Limited (Nasdaq: JL) announced the closing of its initial public offering of 1,400,000 ordinary shares at a public offering price of $5.00 per ordinary share, resulting in aggregate gross proceeds of $7,000,000. The Company's ordinary shares began trading on the Nasdaq Global Market on January 24, 2024, under the symbol 'JL'. The net proceeds from the Offering will be used for potential strategic acquisitions, investments in other reflective materials distributors, research and development capabilities, warehouse and storage capacity, and general corporate purposes.