Remark Holdings Successfully Appeals Nasdaq Delisting Notice

Rhea-AI Summary

On October 17, 2022, Remark Holdings, Inc. (NASDAQ: MARK) successfully appealed a delisting notice from Nasdaq, securing a continuation of its listing until January 11, 2023. During the hearing, CEO Kai Shing Tao presented a plan to meet Nasdaq's compliance requirements, which necessitate a closing price of $1.00 or more per share for at least ten consecutive trading sessions. The company must also report any significant events impacting compliance before the deadline.

Positive

• Successfully appealed Nasdaq delisting notice.
• Granted additional time until January 11, 2023, to meet minimum bid price requirement.

Negative

• Requires a minimum closing price of $1.00 for 10 consecutive sessions to remain listed.

Nasdaq Hearings Panel Grants Until January 11, 2023 to Meet the Minimum Bid Price Requirement

LAS VEGAS, Oct. 18, 2022 /PRNewswire/ -- Remark Holdings, Inc. (Nasdaq: MARK), a diversified global technology company with leading artificial intelligence powered computer vision solutions today announced that on October 17, 2022, a Nasdaq Hearings Panel granted the company's request to continue its listing on The Nasdaq Stock Market. During the hearing, Chief Executive Officer Kai Shing Tao presented a comprehensive plan on how the company intends to fulfill Nasdaq's listing requirements based upon its future business and capital prospects.

Remark's continued listing is subject to the conditions that, on January 11, 2023, the company must demonstrate compliance with Nasdaq's minimum bid price requirement under listing rule 5550(a)(2) by evidencing a closing price of $1.00 or more per share for a minimum of 10 consecutive trading sessions, and that the company provides prompt notification of any significant events that occur during the period ending on January 11, 2023, that may affect its compliance with Nasdaq rules.

About Remark Holdings, Inc.

Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in various retail, public safety, and workplace applications. The company's corporate headquarters are based in Las Vegas, Nevada. For more information, please visit the company's website at www.remarkholdings.com.

Forward-Looking Statements

This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment, and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in the future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are based on assumptions, and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events, or otherwise.

Company Contacts

Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+65) 8715-8007

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SOURCE Remark Holdings, Inc.

FAQ

What did Remark Holdings announce on October 18, 2022?

Remark Holdings announced that it successfully appealed a Nasdaq delisting notice and was granted until January 11, 2023, to meet listing requirements.

What is the significance of the January 11, 2023 deadline for Remark Holdings?

By January 11, 2023, Remark Holdings must show a closing price of at least $1.00 for ten consecutive trading sessions to comply with Nasdaq's listing rule.

Who presented Remark Holdings' plan at the Nasdaq hearings?

CEO Kai Shing Tao presented the company's compliance plan to the Nasdaq Hearings Panel.

What must Remark Holdings do to comply with Nasdaq's requirements?

Remark Holdings must achieve a closing stock price of $1.00 or more per share for ten consecutive trading sessions.

Is Remark Holdings still listed on Nasdaq?

Yes, Remark Holdings remains listed on Nasdaq pending compliance with specific requirements by January 11, 2023.