Magic Empire Global Limited Announces Receipt of Nasdaq Notification of additional 180 calendar day period to regain compliance of minimum bid price requirement
Magic Empire Global (NASDAQ: MEGL) has received a notification from Nasdaq granting an additional 180 calendar days, until February 24, 2025, to regain compliance with the minimum bid price requirement of $1 per share. This extension was granted based on MEGL meeting other continued listing requirements for the Capital Market, except for the bid price requirement. The company has expressed its intention to cure the deficiency, potentially through a reverse stock split if necessary.
If MEGL fails to demonstrate compliance by the new deadline, Nasdaq will provide written notification of delisting, at which point the company may appeal to a hearing panel. MEGL is currently evaluating options to regain compliance but cautions that there is no assurance of success in meeting the rule requirements.
Magic Empire Global (NASDAQ: MEGL) ha ricevuto una notifica da Nasdaq che concede 180 giorni di calendario aggiuntivi, fino al 24 febbraio 2025, per ristabilire la conformità con il requisito di prezzo minimo per l'offerta di $1 per azione. Questa estensione è stata concessa in base al fatto che MEGL ha soddisfatto altri requisiti di mantenimento della quotazione per il Mercato Capitale, ad eccezione del requisito del prezzo dell'offerta. L'azienda ha espresso la sua intenzione di sanare la carenza, eventualmente attraverso un raggruppamento delle azioni se necessario.
Se MEGL non riuscirà a dimostrare la conformità entro la nuova scadenza, Nasdaq fornirà una notifica scritta di delisting, momento in cui l'azienda potrà presentare ricorso a un panel di ascolto. MEGL sta attualmente valutando opzioni per recuperare la conformità, ma avverte che non vi è alcuna garanzia di successo nel soddisfare i requisiti normativi.
Magic Empire Global (NASDAQ: MEGL) ha recibido una notificación de Nasdaq otorgando 180 días calendario adicionales, hasta el 24 de febrero de 2025, para recuperar el cumplimiento del requisito de precio mínimo de $1 por acción. Esta extensión se concedió porque MEGL cumplió con otros requisitos de mantenimiento de la cotización en el Mercado de Capitales, excepto el requisito del precio de oferta. La empresa ha expresado su intención de corregir la deficiencia, potencialmente a través de un split inverso de acciones si es necesario.
Si MEGL no logra demostrar el cumplimiento antes de la nueva fecha límite, Nasdaq proporcionará una notificación escrita de deslisting, momento en el cual la empresa podrá apelar a un panel de escucha. MEGL está evaluando las opciones para recuperar el cumplimiento, pero advierte que no hay garantía de éxito en el cumplimiento de los requisitos normativos.
매직 엠파이어 글로벌 (NASDAQ: MEGL)은 나스닥으로부터 추가 180일의 기간을 부여받았으며, 이는 2025년 2월 24일까지 유효합니다. 이는 주당 $1의 최소 입찰가 요건에 대한 준수를 회복하기 위한 것입니다. 이러한 연장은 MEGL이 입찰가 요건을 제외한 자본 시장의 다른 지속적 상장 요건을 충족했기 때문에 부여되었습니다. 회사는 필요한 경우 주식 병합을 통해 결점을 해결할 의사를 표명했습니다.
MEGL이 새로운 기한까지 준수를 입증하지 못할 경우 나스닥은 상장 폐지에 대한 서면 통지를 제공하며, 이때 회사는 청문회 패널에 항소할 수 있습니다. MEGL은 현재 준수를 회복하기 위한 옵션을 평가하고 있지만, 규칙 요건을 충족할 수 있는 성공에 대한 보장은 없다고 경고하고 있습니다.
Magic Empire Global (NASDAQ: MEGL) a reçu une notification de Nasdaq lui accordant 180 jours supplémentaires, jusqu'au 24 février 2025, pour retrouver la conformité avec la condition de prix minimum de l'offre de 1 $ par action. Cette prolongation a été accordée car MEGL a satisfait aux autres exigences de maintien de la cotation pour le marché des capitaux, à l'exception de l'exigence de prix d'offre. La société a exprimé son intention de remédier à cette insuffisance, potentiellement par le biais d'une consolidation d'actions si nécessaire.
Si MEGL ne parvient pas à démontrer sa conformité avant la nouvelle échéance, Nasdaq fournira une notification écrite de radiations, moment auquel la société pourra faire appel devant un comité d'audience. MEGL évalue actuellement des options pour retrouver la conformité, mais prévient qu'il n'y a aucune garantie de succès dans le respect des exigences réglementaires.
Magic Empire Global (NASDAQ: MEGL) hat von Nasdaq eine Benachrichtigung erhalten, die zusätzliche 180 Kalendertage bis zum 24. Februar 2025 gewährt, um die Einhaltung des Mindestgebotspreisrequirements von $1 pro Aktie wiederherzustellen. Diese Verlängerung wurde gewährt, da MEGL die anderen fortwährenden Zulassungsanforderungen für den Kapitalmarkt erfüllt hat, mit Ausnahme des Gebotspreisrequirements. Das Unternehmen hat seine Absicht geäußert, den Mangel zu beheben, möglicherweise durch einen Aktienzusammenlegung, falls erforderlich.
Wenn MEGL nicht in der Lage ist, die Einhaltung bis zur neuen Frist nachzuweisen, wird Nasdaq eine schriftliche Benachrichtigung über das Delisting senden, woraufhin das Unternehmen bei einem Hearing Panel Berufung einlegen kann. MEGL bewertet derzeit Optionen zur Wiederherstellung der Einhaltung, warnt jedoch, dass es keine Garantie für den Erfolg bei der Erfüllung der Regelanforderungen gibt.
- Granted additional 180 days to regain compliance with Nasdaq minimum bid price requirement
- Company meets other continued listing requirements for Capital Market
- Risk of delisting if compliance is not achieved by February 24, 2025
- Potential need for reverse stock split to meet minimum bid price requirement
- Uncertainty in ability to regain compliance with Nasdaq listing rules
Insights
Nasdaq's extension for MEGL to regain compliance with the
This notification reflects broader market dynamics affecting small-cap stocks, particularly in the current economic climate. MEGL's struggle to maintain the minimum bid price is not unique, but it's a red flag for potential investors. The extended compliance period might create a false sense of security. Historical data shows that companies in this position often face an uphill battle to regain sustainable compliance. The market's reaction to this news will be crucial; often, such announcements can lead to further downward pressure on stock prices as investors reassess risks. MEGL needs to demonstrate tangible value creation to avoid becoming another statistic in Nasdaq's delisting records.
Hong Kong, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Magic Empire Global Limited (NASDAQ: MEGL) (“MEGL”, or the “Company”) has announced that on August 27, 2024, the Company received a letter from Nasdaq, notifying the Company that Nasdaq has determined the Company is eligible for an additional 180 calendar day period, or until February 24, 2025, to regain compliance with the minimum bid price of
The Company is currently evaluating options to regain compliance and intends to timely regain compliance with Nasdaq’s continued listing requirement. Although the Company will use all reasonable efforts to achieve compliance with Rule 5550(a)(2), there can be no assurance that the Company will be able to regain compliance with that rule.
About Magic Empire Global Limited
Magic Empire Global Limited is a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting services. Its service offerings mainly comprise (i) IPO sponsorship services; (ii) financial advisory and independent financial advisory services; (iii) compliance advisory services; (iv) underwriting services; and (iv) corporate services. For more information, visit the Company’s website at http://www.meglmagic.com.
Safe Harbor Statement
Certain statements in this announcement are forward-looking statements. 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,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other 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 SEC, which are available for review at www.sec.gov.
Hong Kong:
Magic Empire Global Limited
Ms. Vivien Tai
Tel: +852 3577 8770
E-mail: meglir@giraffecap.com
FAQ
What is the new deadline for MEGL to regain compliance with Nasdaq's minimum bid price requirement?
What happens if MEGL fails to meet the $1 minimum bid price by the new deadline?
What options is MEGL considering to regain compliance with Nasdaq's listing requirements?
Why did Nasdaq grant MEGL an additional 180-day compliance period?
