MMTEC, Inc. Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency
MMTEC, a China-based tech firm listed on NASDAQ under the ticker MTC, announced receiving a notification on July 8, 2024, from Nasdaq's Listings Qualifications Department regarding a failure to meet the minimum bid price requirement of $1.00 per share for 30 consecutive business days. This notification has no immediate effect on MMTEC's current listing. The company has a compliance period of 180 days, ending on January 6, 2025, to regain compliance by achieving a closing bid price of $1.00 or more for at least 10 consecutive business days. Failing this, the company may receive an additional 180 days to meet the requirement, potentially through a reverse stock split. However, there is no assurance that MMTEC will regain compliance.
- None.
- MMTEC’s stock fell below Nasdaq's $1.00 minimum bid price for 30 consecutive days.
- The company may need to perform a reverse stock split to regain compliance.
- Compliance must be achieved by January 6, 2025, or risk delisting from Nasdaq.
The Notification Letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until January 6, 2025 (the "Compliance Period"), to regain compliance with the Bid Price Rule. If at any time during the Compliance Period, the closing bid price per share of the Company's common stock is at least
In the event the Company does not regain compliance by January 6, 2025, the Company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for 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 business days prior to the expiration of the second compliance period.
The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Bid Price Rule, which could include effecting a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Rule.
About MMTEC, Inc.
Headquartered in
More information about the Company can be found at: www.haisc.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may", "will", "intend", "should", "believe", "expect", "anticipate", "project", "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding its ability to regain compliance with the Bid Price Rule, its continued growth, its business outlook, and other similar statements are forward-looking statements. 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 goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in
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SOURCE MMTEC, Inc.
FAQ
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