Society Pass Regains Compliance with Nasdaq Minimum Closing Bid Price Rule

Rhea-AI Summary

Society Pass (NASDAQ: SOPA), an e-commerce ecosystem in Southeast Asia, announced that it has regained compliance with Nasdaq's Listing Rule 5550(a)(2). This rule mandates a minimum bid price of $1.00 per share. The company's stock maintained this price for 10 consecutive business days, leading Nasdaq to close the prior bid price deficiency matter.

Positive

• Society Pass regained compliance with Nasdaq's Listing Rule 5550(a)(2).
• The company's stock maintained a minimum bid price of $1.00 for 10 consecutive business days.
• Nasdaq considers the prior bid price deficiency matter closed.

Negative

• Previous non-compliance with Nasdaq's minimum bid price rule indicates past stock performance issues.

SINGAPORE, May 16, 2024 (GLOBE NEWSWIRE) -- Society Pass Inc. (NASDAQ: SOPA) (“SoPa” or the “Company”), a leading e-commerce ecosystem in Southeast Asia (“SEA”), announced a formal notification from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with Listing Rule 5550(a)(2), which requires the Company’s common stock to maintain a minimum bid price of $1.00 per share.

Nasdaq made this determination after the closing bid price for Company’s stock was at $1.00 per share or greater for the prior 10 consecutive business days. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.

About Society Pass

Established in 2018, Society Pass Inc. operates as a data-driven e-commerce ecosystem across Vietnam, Indonesia, Philippines, Singapore, and Thailand. With strategic offices across SEA, the company operates in interconnected verticals—loyalty, digital media, travel, telecommunications and lifestyle—serving consumers and merchants/brands in Southeast Asia. Society Pass Incorporated (Nasdaq: SOPA) is committed to driving innovation and reshaping the digital commerce landscape in the region.

For more information, please visit:

Website: www.thesocietypass.com 

LinkedIn: www.linkedin.com/company/societypass 

Facebook: www.facebook.com/thesocietypass 

Twitter: twitter.com/society_pass

Instagram: www.instagram.com/societypass 

Cautionary Note Concerning Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of applicable securities laws. Such statements are based on management's current expectations and beliefs and are subject to various risks and uncertainties that could cause actual results to differ materially. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable laws.

Media Contact:

Rokas Sidlauskas

Chief Marketing Officer

Email: rokas@thesocietypass.com 

FAQ

What recent compliance did Society Pass regain?

Society Pass regained compliance with Nasdaq's Listing Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share.

When did Society Pass (SOPA) regain Nasdaq compliance?

Society Pass regained Nasdaq compliance on May 16, 2024.

What is the Nasdaq Listing Rule 5550(a)(2)?

Nasdaq Listing Rule 5550(a)(2) requires a company's common stock to maintain a minimum bid price of $1.00 per share.

How long did SOPA maintain a $1.00 bid price to regain compliance?

Society Pass maintained a $1.00 bid price for 10 consecutive business days.

What was the impact of Society Pass regaining Nasdaq compliance?

Regaining compliance has resolved the prior bid price deficiency matter according to Nasdaq.