Prestige Wealth Inc. Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency
Prestige Wealth (NASDAQ: PWM), a Hong Kong-based wealth and asset management firm, has received a Nasdaq notification regarding a minimum bid price deficiency. The company's Class A ordinary shares have failed to maintain the required $1 minimum bid price for 33 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
PWM has been granted a 180-day compliance period until January 20, 2025, to regain compliance. If unsuccessful, the company may be eligible for an additional 180 days if it meets other listing criteria. PWM is evaluating options to regain compliance but cannot guarantee success. Failure to comply may result in delisting from Nasdaq.
Prestige Wealth (NASDAQ: PWM), una società di gestione patrimoniale e degli investimenti con sede a Hong Kong, ha ricevuto una notifica da Nasdaq riguardo a una carenza nel prezzo minimo delle offerte. Le azioni ordinarie di Classe A della società non sono riuscite a mantenere il prezzo minimo di offerta di $1 per 33 giorni lavorativi consecutivi, violando la Regola di Listing Nasdaq 5550(a)(2).
PWM ha ricevuto un periodo di conformità di 180 giorni fino al 20 gennaio 2025, per ripristinare la conformità. Se non dovesse avere successo, la società potrebbe essere idonea a un ulteriore periodo di 180 giorni se soddisfa altri criteri di quotazione. PWM sta valutando opzioni per ristabilire la conformità ma non può garantire il successo. La mancata conformità potrebbe comportare il delisting da Nasdaq.
Prestige Wealth (NASDAQ: PWM), una firma de gestión de patrimonios y activos con sede en Hong Kong, ha recibido una notificación de Nasdaq sobre una deficiencia en el precio mínimo de las ofertas. Las acciones ordinarias Clase A de la compañía no han logrado mantener el precio mínimo de oferta de $1 durante 33 días hábiles consecutivos, lo que viola la Regla de Listado de Nasdaq 5550(a)(2).
PWM ha sido concedida un período de cumplimiento de 180 días hasta el 20 de enero de 2025 para restablecer la conformidad. Si no tiene éxito, la compañía podría ser elegible para otros 180 días si cumple con otros criterios de listado. PWM está evaluando opciones para restablecer la conformidad pero no puede garantizar el éxito. El incumplimiento podría resultar en delisting de Nasdaq.
프레스티지 웰스(나스닥: PWM), 홍콩에 본사를 둔 자산 관리 회사가 나스닥 통지를 수신했습니다. 이는 최소 입찰가 부족 문제와 관련이 있습니다. 회사의 A급 보통주가 33일 연속으로 요구되는 $1 최저 입찰가를 유지하지 못해 나스닥 상장 규정 5550(a)(2)을 위반했습니다.
PWM은 2025년 1월 20일까지 180일의 준수 기간이 부여되어 준수를 회복할 수 있습니다. 성공하지 못할 경우, 다른 상장 기준을 충족하면 추가로 180일이 주어질 수 있습니다. PWM은 준수를 회복할 수 있는 옵션을 평가 중이지만 성공을 보장할 수는 없습니다. 준수 실패는 나스닥에서의 상장 폐지로 이어질 수 있습니다.
Prestige Wealth (NASDAQ: PWM), une société de gestion de patrimoine et d'actifs basée à Hong Kong, a reçu une notification de Nasdaq concernant un déficit du prix minimum d'offre. Les actions ordinaires de Classe A de la société n'ont pas réussi à maintenir le prix minimum d'offre de $1 pendant 33 jours ouvrables consécutifs, violant ainsi la Règle de cotation Nasdaq 5550(a)(2).
PWM a reçu une période de conformité de 180 jours jusqu'au 20 janvier 2025, pour retrouver sa conformité. Si cela échoue, la société pourrait être éligible pour 180 jours supplémentaires si elle respecte d'autres critères de cotation. PWM évalue ses options pour retrouver la conformité mais ne peut garantir le succès. Le non-respect peut entraîner un déliste de Nasdaq.
Prestige Wealth (NASDAQ: PWM), eine in Hongkong ansässige Vermögensverwaltungsfirma, hat eine Benachrichtigung von Nasdaq über einen Mangel am Mindestgebotspreis erhalten. Die Klasse A Stammaktien des Unternehmens haben es versäumt, den erforderlichen Mindestgebotspreis von $1 für 33 aufeinanderfolgende Geschäftstage aufrechtzuerhalten, was gegen die Nasdaq-Listungsregel 5550(a)(2) verstößt.
PWM wurde ein 180-tägiger Compliance-Zeitraum bis zum 20. Januar 2025 gewährt, um die Konformität wiederherzustellen. Wenn dies nicht erfolgreich ist, könnte das Unternehmen weiteren 180 Tagen in Betracht ziehen, sofern es andere Listing-Kriterien erfüllt. PWM prüft Optionen zur Wiederherstellung der Konformität, kann jedoch keinen Erfolg garantieren. Das Nichteinhalten könnte zu einem Delisting von Nasdaq führen.
- 180-day compliance period granted by Nasdaq to regain minimum bid price
- Potential for additional 180-day extension if other listing criteria are met
- Company actively evaluating options to regain compliance
- Failure to maintain $1 minimum bid price for 33 consecutive business days
- Risk of delisting from Nasdaq if compliance is not achieved
- Uncertainty in ability to regain compliance with Nasdaq listing requirements
Insights
Prestige Wealth Inc.'s (PWM) notification from Nasdaq regarding its minimum bid price deficiency is a significant concern for investors. The company's stock has been trading below the required
- The sustained low stock price suggests a lack of investor confidence or broader market challenges affecting PWM.
- If PWM fails to regain compliance, it risks delisting from Nasdaq, which could severely impact its visibility, liquidity and access to capital.
- The company may need to consider drastic measures like a reverse stock split, which could be seen negatively by the market.
Investors should closely monitor PWM's efforts to address this issue and evaluate the company's fundamental performance. The next six months will be important for PWM to demonstrate its ability to enhance shareholder value and maintain its Nasdaq listing.
The notification PWM received from Nasdaq is not uncommon in the current market environment, especially for smaller cap companies. However, it does highlight some underlying issues that investors should consider:
- PWM's stock performance may be indicative of broader challenges in the Hong Kong-based wealth and asset management sector.
- The company's market capitalization and trading volume could be insufficient to attract institutional investors, potentially limiting its growth prospects.
- The
180% compliance period provides a window for PWM to implement strategic initiatives to boost investor confidence and stock price.
It's worth noting that PWM's situation is not unique. In volatile markets, many companies face similar challenges. The key for PWM will be to demonstrate a clear path to profitability and growth that can reignite investor interest. Shareholders should pay close attention to any forthcoming announcements regarding strategic shifts, cost-cutting measures, or potential M&A activities that could positively impact the stock price.
From a legal and compliance perspective, PWM's Nasdaq notification presents several critical considerations:
- The company must navigate a complex regulatory landscape to maintain its listing status, which is important for its credibility and access to capital markets.
- PWM has the option of a second 180-day compliance period if it meets certain criteria, providing additional flexibility but also prolonging uncertainty.
- Any attempts to artificially inflate the stock price could attract regulatory scrutiny, so PWM must be cautious in its approach to regaining compliance.
It's important to note that PWM's statement includes a standard disclaimer about the uncertainty of regaining compliance. This is a legal necessity to protect the company from potential shareholder litigation if it fails to meet Nasdaq's requirements. Investors should be aware that despite the company's stated intentions, there are no guarantees of a positive outcome. PWM's management will need to balance transparency with shareholders against the need to protect the company's interests during this delicate period.
HONG KONG, July 26, 2024 (GLOBE NEWSWIRE) -- Prestige Wealth Inc. (NASDAQ: PWM) (“PWM”, or the “Company”), a wealth management and asset management services provider based in Hong Kong, today announced that, on July 23, 2024, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that based on the closing bid price of the Class A ordinary shares of the Company for the last 33 consecutive business days, the Company no longer meets the continued listing requirement of Nasdaq under Nasdaq Listing Rules 5550(a)(2), to maintain a minimum bid price of
The notification has no immediate effect on the listing or trading of the Company’s Class A ordinary shares on Nasdaq. Nasdaq has provided the Company with an 180 calendar days compliance period, or until January 20, 2025, in which to regain compliance with Nasdaq continued listing requirement. In the event that the Company does not regain compliance in the compliance period, the Company may be eligible for an additional 180 calendar days, should the Company 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 is able to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company’s securities will be subject to delisting.
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 or will otherwise be in compliance with other Nasdaq continued listing requirement.
About Prestige Wealth Inc.
Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, assisting its clients in identifying and purchasing well-matched wealth management products and global asset management products. With a focus on quality service, the Company has retained a loyal customer base consisting of high-net-worth and ultra-high-net-worth clients in Asia. Through the Company’s wealth management service, it introduces clients to customized wealth management products and provides them with tailored value-added services. The Company provides asset management services via investment funds that it manages and also provides discretionary account management services and asset management-related advisory services to clients. For more information, please visit the Company’s website: http://ir.prestigewm.hk
Forward-Looking Statements
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 find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. 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.
For more information, please contact:
Prestige Wealth Inc.
Investor Relations Department
Email: ir@prestigefh.com
FAQ
What is the minimum bid price requirement for Prestige Wealth (PWM) to maintain Nasdaq listing?
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