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U-BX Technology Ltd. Announced Receipt of Notification Letter from Nasdaq

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U-BX Technology (NASDAQ:UBXG) has received notifications from Nasdaq regarding two compliance issues. First, the company's stock price has been below $1.00 for 31 consecutive business days, violating Rule 5550(a)(2). Second, its Market Value of Listed Securities (MVLS) has been below $35 million for 30 consecutive business days, violating Rule 5550(b)(2). Nasdaq has granted U-BX until April 21, 2025 to regain compliance on both issues. The company must maintain a closing bid price of $1.00 or higher and an MVLS of $35 million or more for at least ten consecutive business days to resolve these matters.

U-BX Technology (NASDAQ:UBXG) ha ricevuto notifiche da Nasdaq riguardo a due questioni di conformità. In primo luogo, il prezzo delle azioni della società è rimasto al di sotto di $1,00 per 31 giorni lavorativi consecutivi, violando la Regola 5550(a)(2). In secondo luogo, il Valore di Mercato delle Sicurezze Elencate (MVLS) è stato inferiore a $35 milioni per 30 giorni lavorativi consecutivi, violando la Regola 5550(b)(2). Nasdaq ha concesso a U-BX fino al 21 aprile 2025 per ripristinare la conformità su entrambe le questioni. L'azienda deve mantenere un prezzo di chiusura di offerta di $1,00 o superiore e un MVLS di $35 milioni o più per almeno dieci giorni lavorativi consecutivi per risolvere queste problematiche.

U-BX Technology (NASDAQ:UBXG) ha recibido notificaciones de Nasdaq sobre dos problemas de cumplimiento. Primero, el precio de las acciones de la compañía ha estado por debajo de $1.00 durante 31 días hábiles consecutivos, violando la Regla 5550(a)(2). Segundo, su Valor de Mercado de los Valores Cotizados (MVLS) ha estado por debajo de $35 millones durante 30 días hábiles consecutivos, violando la Regla 5550(b)(2). Nasdaq ha otorgado a U-BX hasta el 21 de abril de 2025 para recuperar el cumplimiento en ambas cuestiones. La empresa debe mantener un precio de oferta de cierre de $1.00 o más y un MVLS de $35 millones o más durante al menos diez días hábiles consecutivos para resolver estos asuntos.

U-BX Technology (NASDAQ:UBXG)는 Nasdaq으로부터 두 가지 준수 문제에 대한 통지를 받았습니다. 첫째, 회사의 주가가 31일 연속으로 $1.00 이하로 유지되어, 규정 5550(a)(2)를 위반했습니다. 둘째, 상장 증권의 시장 가치(MVLS)가 30일 연속으로 $35 백만 이하였으며, 이는 규정 5550(b)(2)를 위반한 것입니다. Nasdaq은 U-BX에게 2025년 4월 21일까지 두 문제에 대한 준수를 회복할 시간을 부여했습니다. 회사는 이 문제를 해결하기 위해 최소 10일 연속으로 $1.00 이상의 종가와 $35 백만 이상의 MVLS를 유지해야 합니다.

U-BX Technology (NASDAQ:UBXG) a reçu des notifications de Nasdaq concernant deux problèmes de conformité. Tout d'abord, le prix des actions de la société est resté en dessous de 1,00 $ pendant 31 jours ouvrables consécutifs, enfreignant la Règle 5550(a)(2). Deuxièmement, sa Valeur Marchande des Valeurs Listées (MVLS) est restée inférieure à 35 millions de dollars pendant 30 jours ouvrables consécutifs, enfreignant la Règle 5550(b)(2). Nasdaq a accordé à U-BX jusqu'au 21 avril 2025 pour retrouver la conformité sur ces deux questions. L'entreprise doit maintenir un prix de clôture d'offre d'au moins 1,00 $ et une MVLS d'au moins 35 millions de dollars pendant au moins dix jours ouvrables consécutifs pour résoudre ces problèmes.

U-BX Technology (NASDAQ:UBXG) hat von Nasdaq Benachrichtigungen über zwei Compliance-Probleme erhalten. Erstens lag der Aktienkurs des Unternehmens 31 aufeinanderfolgende Handelstage lang unter $1,00, was gegen Regel 5550(a)(2) verstößt. Zweitens lag der Marktwert der gelisteten Wertpapiere (MVLS) 30 aufeinanderfolgende Handelstage lang unter 35 Millionen Dollar, was gegen Regel 5550(b)(2) verstößt. Nasdaq hat U-BX bis zum 21. April 2025 Zeit gegeben, um in beiden Fragen die Compliance wiederherzustellen. Das Unternehmen muss einen Schlusskurs von $1,00 oder höher und einen MVLS von 35 Millionen Dollar oder mehr für mindestens zehn aufeinanderfolgende Handelstage aufrechterhalten, um diese Probleme zu lösen.

Positive
  • Company remains listed on Nasdaq during compliance period
  • 180-day grace period granted to address compliance issues
  • Possibility of additional 180-day extension if needed
Negative
  • Stock price below $1.00 minimum requirement for 31 consecutive days
  • Market Value of Listed Securities below $35 million minimum requirement
  • Risk of potential delisting if compliance is not achieved by April 21, 2025

Insights

This Nasdaq deficiency notice signals significant challenges for U-BX Technology. The company faces a dual compliance issue: trading below $1.00 per share and maintaining a market value below $35 million. While they have until April 2025 to resolve these issues, the situation reflects deeper concerns about the company's market performance and investor confidence.

The most concerning aspect is the MVLS requirement breach, as it indicates broader market skepticism about the company's fundamental value. With a current market cap of only $17.6 million, U-BX needs to more than double its market value to meet Nasdaq's requirements. This could potentially lead to dilutive financing or other corporate actions that might negatively impact existing shareholders.

Failure to meet these requirements could result in delisting, which would severely impact liquidity and institutional investor access. The 180-day compliance period provides some breathing room, but without significant operational improvements or strategic initiatives, the path to compliance remains challenging.

BEIJING, Oct. 25, 2024 (GLOBE NEWSWIRE) -- U-BX Technology Ltd. (the "Company" or "U-BX") (NASDAQ:UBXG), a leading company providing value-added services using artificial intelligence-driven technology to businesses within the insurance industry, including insurance carriers and brokers, today announced that it has received written notifications (the "Notification Letters") from the Listings Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on Oct. 21, 2024. The Notification Letters advised the Company that for the last 31 consecutive business days, the minimum closing bid price per share for the Company's ordinary shares was below the $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5550(a)(2). The Notification Letters also advised the Company that for the last 30 consecutive business days, the minimum Market Value of Listed Securities (MVLS) of the Company was below the $35 million requirement for continued listing under Nasdaq Listing Rule 5550(b)(2).

The Company would like to clarify that the Notification Letters have no current effect on the listing or trading of the Company's securities on Nasdaq. Pursuant to Nasdaq Listing Rules 5810(c)(3)(A), the Company has been granted a compliance period of 180 calendar days, until April 21, 2025, to regain compliance with the Nasdaq Listing Rule 5550(a)(2). If, at any time during this compliance period, the closing bid price of the Company's ordinary shares reaches US$1.00 per share or higher for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance, and the matter will be resolved. In the event the Company does not regain compliance by April 21, 2025, the Company may be eligible for an additional 180 calendar days. In addition, pursuant to Nasdaq Listing Rules 5810(c)(3)(C), the Company has been granted a compliance period of 180 calendar days, until April 21, 2025, to regain compliance with the Nasdaq Listing Rule 5550(b)(2). If, at any time during this compliance period, the Company’s MVLS closes at $35 million or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance, and the matter will be resolved.

The Company intends to actively monitor the bid price for its shares and the MVLS, and will evaluate available options to regain compliance with the continued listing requirements.

About U-BX Technology Ltd.

Headquartered in Beijing, UB-X Technology Ltd. is a provider of insurance technology in China. The Company focuses on providing value-added services using artificial intelligence-driven technology to businesses within the insurance industry. The Company's services and products primarily include: 1) Digital promotion services. The Company helps institutional clients boost their social media visibility and generate revenue through consumer engagement and client promotions. 2) Risk assessment services. The Company has developed a unique algorithm named "Magic Mirror" that calculates payout risks for auto insurance coverage based on vehicle information. Insurance carriers purchase the personalized risk reports generated by the algorithm. Magic Mirror utilizes AI and optical character recognition technology to produce detailed risk assessments, including accident likelihood, potential claims, and estimated settlement amounts. and 3) Value-added bundled benefits to insurance carriers. The benefits packages include auto maintenance services, auto value added services, vehicle moving notification services etc. For more information, please visit: https://www.u-bx.com/ .

Forward-Looking Statement

This press release contains forward-looking statements. 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. These forward-looking statements include, without limitation, the Company's statements regarding the expected trading of its Ordinary Shares on the Nasdaq Capital Market and the closing of the Offering. 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 uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed 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:

U-BX Technology Ltd.

Investor Relations Department

ir@u-bx.com


FAQ

What are the two Nasdaq compliance issues facing UBXG stock?

UBXG faces two issues: stock price below $1.00 for 31 consecutive business days and Market Value of Listed Securities (MVLS) below $35 million for 30 consecutive business days.

When must UBXG regain compliance with Nasdaq requirements?

UBXG has until April 21, 2025, to regain compliance with both the minimum bid price and MVLS requirements.

How can UBXG regain Nasdaq compliance?

UBXG must maintain a closing bid price of $1.00 or higher and an MVLS of $35 million or more for at least 10 consecutive business days.

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