Ostin Technology Group Received Additional 180 Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
Ostin Technology Group Co., (Nasdaq: OST), a leading Chinese supplier of display modules and polarizers, has received an additional 180-day extension from Nasdaq to regain compliance with the minimum $1.00 bid price requirement. The new deadline is set for January 13, 2025. This extension was granted based on OST meeting all other initial listing requirements for the Nasdaq Capital Market, except for the bid price rule. The company's shares will continue trading under the symbol 'OST' on the Nasdaq Capital Market. To regain compliance, OST's class A ordinary shares must maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. The company is monitoring the situation and considering options to meet this requirement, including the possibility of a reverse stock split if necessary.
Ostin Technology Group Co., (Nasdaq: OST), un fornitore cinese leader di moduli di visualizzazione e polarizzatori, ha ricevuto un ulteriore prolungamento di 180 giorni da Nasdaq per ripristinare la conformità con il requisito del prezzo minimo dell'offerta di $1,00. La nuova scadenza è fissata per il 13 gennaio 2025. Questo prolungamento è stato concesso perché OST ha soddisfatto tutti gli altri requisiti iniziali di quotazione per il Nasdaq Capital Market, tranne che per la regola del prezzo dell'offerta. Le azioni della società continueranno a essere scambiate sotto il simbolo 'OST' nel Nasdaq Capital Market. Per riacquistare la conformità, le azioni ordinarie di classe A di OST devono mantenere un prezzo di chiusura di almeno $1,00 per un minimo di 10 giorni lavorativi consecutivi. La società sta monitorando la situazione e considerando opzioni per soddisfare questo requisito, inclusa la possibilità di un frazionamento delle azioni all'indietro, se necessario.
Ostin Technology Group Co., (Nasdaq: OST), un proveedor chino líder de módulos de pantalla y polarizadores, ha recibido una prórroga adicional de 180 días por parte de Nasdaq para cumplir con el requisito de precio mínimo de oferta de $1.00. La nueva fecha límite está establecida para el 13 de enero de 2025. Esta prórroga fue otorgada porque OST cumple con todos los demás requisitos iniciales de cotización para el Nasdaq Capital Market, excepto la regla del precio de oferta. Las acciones de la empresa continuarán cotizando bajo el símbolo 'OST' en el Nasdaq Capital Market. Para recuperar la conformidad, las acciones ordinarias de clase A de OST deben mantener un precio de oferta de cierre de al menos $1.00 durante un mínimo de 10 días hábiles consecutivos. La compañía está monitoreando la situación y considerando opciones para cumplir con este requisito, incluida la posibilidad de un desdoblamiento de acciones inverso si es necesario.
오스틴 테크놀로지 그룹 주식회사(Nasdaq: OST)는 디스플레이 모듈 및 편광 필름의 선도적인 중국 공급업체로, 나스닥으로부터 추가 180일 연장을 받았습니다. 이는 최소 $1.00의 입찰 가격 요구 사항을 회복하기 위함입니다. 새로운 기한은 2025년 1월 13일로 설정되었습니다. 이 연장은 OST가 나스닥 자본 시장의 모든 기타 초기 상장 요건을 충족했기 때문에 부여되었습니다. 단, 입찰 가격 규칙은 제외됩니다. 회사의 주식은 나스닥 자본 시장에서 'OST' 기호 아래 계속 거래될 것입니다. 컴플라이언스를 회복하기 위해 OST의 A 클래스 보통주들은 최소 10일 연속 영업일 동안 $1.00 이상의 종가를 유지해야 합니다. 회사는 상황을 모니터링하고 이 요건을 충족하기 위한 방안을 고려하고 있으며, 필요한 경우 주식 분할의 가능성도 검토하고 있습니다.
Ostin Technology Group Co., (Nasdaq: OST), un fournisseur chinois de premier plan de modules d'affichage et de polariseurs, a reçu une extension supplémentaire de 180 jours de la part de Nasdaq pour retrouver sa conformité avec l'exigence de prix d'offre minimum de 1,00 $. La nouvelle date limite est fixée au 13 janvier 2025. Cette extension a été accordée parce qu'OST respecte toutes les autres exigences initiales de cotation pour le Nasdaq Capital Market, sauf pour la règle du prix d'offre. Les actions de l'entreprise continueront à être négociées sous le symbole 'OST' sur le Nasdaq Capital Market. Pour retrouver la conformité, les actions ordinaires de classe A d'OST doivent maintenir un prix d'offre de clôture d'au moins 1,00 $ pendant un minimum de 10 jours ouvrables consécutifs. L'entreprise surveille la situation et envisage des options pour répondre à cette exigence, y compris la possibilité d'un regroupement d'actions si nécessaire.
Die Ostin Technology Group Co. (Nasdaq: OST), ein führender chinesischer Anbieter von Displaymodulen und Polarfiltern, hat eine weitere 180-tägige Fristverlängerung von Nasdaq erhalten, um die Einhaltung des Mindestgebots von 1,00 $ wiederherzustellen. Die neue Frist ist auf den 13. Januar 2025 festgelegt. Diese Verlängerung wurde gewährt, weil OST alle anderen anfänglichen Zulassungsanforderungen für den Nasdaq Capital Market erfüllt hat, mit Ausnahme der Gebotsregel. Die Aktien des Unternehmens werden weiterhin unter dem Symbol 'OST' am Nasdaq Capital Market gehandelt. Um die Einhaltung wiederherzustellen, müssen die A-Klasse-Stammaktien von OST einen Schlusskurs von mindestens 1,00 $ für mindestens 10 aufeinanderfolgende Handelstage beibehalten. Das Unternehmen überwacht die Situation und erwägt Optionen zur Einhaltung dieser Anforderung, einschließlich der Möglichkeit eines Reverse Stock Splits, falls erforderlich.
- Granted additional 180 days to regain compliance with Nasdaq's minimum bid price requirement
- Meets all other Nasdaq Capital Market initial listing requirements
- Continues to trade on Nasdaq Capital Market under 'OST' symbol
- Failure to meet Nasdaq's minimum $1.00 bid price requirement
- Risk of potential delisting if compliance is not achieved by January 13, 2025
- Possible need for a reverse stock split to meet bid price requirement
Nanjing, China, July 24, 2024 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. ("the Company") (Nasdaq: OST), a leading supplier of display modules and polarizers based in China, announced that on July 18, 2024, it received a notification letter (the "Extension Notice") from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has been granted an additional 180-day compliance period, or until January 13, 2025 to regain compliance with the Nasdaq's minimum
As previously announced, the Company received a written notification from Nasdaq dated January 19, 2024, indicating that the Company was not in compliance with the Bid Price Requirement, and Nasdaq granted the Company a period of 180 calendar days, or until July 17, 2024, to regain compliance with the Bid Price Requirement.
Nasdaq’s determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the Bid Price Requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period and if necessary, by effecting a reverse stock split.
The Extension Notice has no immediate effect on the continued listing status of the Company’s class A ordinary shares on Nasdaq, which will continue to trade on the Nasdaq Capital Market under the symbol “OST”. To regain compliance, the Company's class A ordinary shares must have a closing bid price of at least US
The Company intends to monitor the closing bid price of its class A ordinary shares between now and January 13, 2025 and is considering its options in order to regain compliance with the Bid Price Requirement. The Extension Notice does not affect the Company's business operations, its U.S. Securities and Exchange Commission reporting requirements, or its contractual obligations.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About Ostin Technology Group Co., Ltd.
Founded in 2010, the Company is a supplier of display modules and polarizers in China. The Company designs, develops, and manufactures TFT-LCD display modules in a wide range of sizes and customized sizes which are mainly used in consumer electronics, outdoor LCD displays, and automotive displays. The Company also manufactures polarizers used in the TFT-LCD display modules.
For more information, please visit http://www.austinelec.com/
Forward-Looking Statement
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, 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. 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 forecast on market trends; the Company's future business development; the demand for and market acceptance for new products; expectation to receive customer orders for new products; the anticipated timing for the marketing and sales of new products; changes in technology; the Company's ability to attract and retain skilled professionals; client concentration; and general economic conditions affecting the Company's industry 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. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Ostin Technology Group Co., Ltd.
ir@austinelec.com
Investor Relations:
Janice Wang
Wealth Financial Services LLC
Phone: +86 13811768599 +1 628 283 9214
Email: services@wealthfsllc.com
FAQ
What is the new deadline for Ostin Technology Group (OST) to regain compliance with Nasdaq's minimum bid price rule?
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Will Ostin Technology Group (OST) continue trading on Nasdaq during the compliance period?
