Mobile-health Network Solutions Delinquency Notification Letter From Nasdaq

Rhea-AI Summary

Mobile-health Network Solutions (Nasdaq: MNDR), a leading Asia-Pacific telehealth provider, has received a notice from Nasdaq's Listings Qualifications Department on September 18, 2024. The notice states that the company's Class A ordinary shares have been trading below the minimum bid price of $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).

Key points:

• The company has until March 17, 2025, to regain compliance
• Shares will continue trading under the symbol 'MNDR'
• Compliance can be achieved if the closing bid price is at least $1.00 for 10 consecutive business days
• If not compliant by March 17, 2025, MNDR may be eligible for an additional 180-day grace period
• A reverse stock split may be implemented as a potential solution

Positive

• Shares continue to trade uninterrupted on Nasdaq
• Company has 180 days to regain compliance
• Potential for additional 180-day grace period if initial compliance is not achieved

Negative

• Stock price has fallen below $1.00 for 30 consecutive business days
• Risk of delisting from Nasdaq if compliance is not achieved
• Possible need for a reverse stock split to meet minimum bid price requirement

SINGAPORE, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Mobile-health Network Solutions (Nasdaq: MNDR) ("MaNaDr" or "the Company"), a leading Asia-Pacific telehealth provider, today announced that it received a notice dated September 18, 2024, from the Listings Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the minimum bid price per share of its Class A ordinary shares (“Class A Ordinary Shares”) was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”). The Nasdaq notification letter does not result in the immediate delisting of the Company’s Class A Ordinary Shares, and the shares will continue to trade uninterrupted under the symbol “MNDR.”

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of one hundred eighty (180) calendar days, or until March 17, 2025 (the “Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company’s Class A Ordinary Shares is at least $1.00 for a minimum of ten (10) consecutive business days, Nasdaq will provide the Company a written confirmation of compliance, and the matter will be closed.

In the event the Company does not regain compliance by March 17, 2025, the Company may be eligible for an additional 180 calendar day grace period. To qualify, the Company will be required to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. If the Company chooses to implement a reverse stock split, it must complete the split no later than ten (10) business days prior to March 17, 2025, or the expiration of the second compliance period if granted.

About Mobile-health Network Solutions

Ranked #41 in the Financial Times 2024 listing of 500 High-growth Asia-Pacific Companies, we are the first telehealth provider from the Asia-Pacific region to be listed in the US. Through our MaNaDr platform, we offer personalized and reliable medical attention to users worldwide. Our platform allows our community of healthcare providers to have a broader reach to users through virtual clinics without any start-up costs and the ability to connect to a global network of peer-to-peer support groups and partners. Our range of seamless and hassle-free telehealth solutions includes teleconsultation services, prescription fulfillment and other personalized services such as weight management programs and gender-specific care. For more information, please visit https://investors.manadr.com/.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's ability to execute our strategies, manage growth and maintain our corporate culture; the Company's future business development, financial conditions and results of operations; expectations regarding demand for and market acceptance of our products and services; changes in technology; economic conditions; the growth of the telehealth solutions industry in Singapore and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Singapore and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and Mobile-health Network Solutions specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

For media inquiries, please contact:

Mobile-health Network Solutions Investor Relations Contact:
2 Venture Drive, #07-06/07 Vision Exchange
Singapore 608526
(+65) 6222 5223
Email: investors@manadr.com

Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5^th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com

FAQ

What is the minimum bid price requirement for MNDR stock on Nasdaq?

The minimum bid price requirement for MNDR stock on Nasdaq is $1.00 per share, as per Nasdaq Listing Rule 5550(a)(2).

When does MNDR need to regain compliance with Nasdaq's minimum bid price rule?

MNDR needs to regain compliance with Nasdaq's minimum bid price rule by March 17, 2025, which is 180 calendar days from the notice date.

How can MNDR regain compliance with Nasdaq's minimum bid price requirement?

MNDR can regain compliance if its closing bid price is at least $1.00 for a minimum of ten consecutive business days during the compliance period.

What happens if MNDR doesn't meet the minimum bid price requirement by March 17, 2025?

If MNDR doesn't meet the requirement by March 17, 2025, it may be eligible for an additional 180-day grace period, subject to meeting certain conditions.