XChange TEC.INC RECEIVES NASDAQ MINIMUM BID PRICE DEFICIENCY NOTICE
XChange TEC has received a Nasdaq deficiency notice on November 8, 2024, for failing to maintain the required minimum bid price of $1 per share on The Nasdaq Capital Market. Due to multiple reverse stock splits over the past two years with a cumulative ratio of 250:1 or more, the company is not eligible for the standard 180-day compliance period. To prevent immediate suspension of trading, XChange TEC plans to request a hearing before the Nasdaq Hearings Panel, which will automatically stay any suspension pending the panel's decision.
XChange TEC ha ricevuto un avviso di deficienza da Nasdaq l'8 novembre 2024, per non aver mantenuto il prezzo minimo richiesto di $1 per azione sul Nasdaq Capital Market. A causa di diversi frazionamenti azionari inversi negli ultimi due anni con un rapporto cumulativo di 250:1 o superiore, l'azienda non è idonea per il normale periodo di conformità di 180 giorni. Per evitare la sospensione immediata delle negoziazioni, XChange TEC prevede di richiedere un'udienza davanti al Nasdaq Hearings Panel, che sospenderà automaticamente qualsiasi sospensione in attesa della decisione del panel.
XChange TEC ha recibido un aviso de deficiencia de Nasdaq el 8 de noviembre de 2024, por no mantener el precio mínimo requerido de $1 por acción en el Nasdaq Capital Market. Debido a múltiples divisiones de acciones inversas en los últimos dos años con una relación acumulativa de 250:1 o más, la empresa no es elegible para el período estándar de cumplimiento de 180 días. Para evitar la suspensión inmediata de las operaciones, XChange TEC planea solicitar una audiencia ante el Nasdaq Hearings Panel, que suspenderá automáticamente cualquier suspensión mientras se espera la decisión del panel.
XChange TEC는 2024년 11월 8일에 나스닥 결함 통지를 받았습니다. 이는 나스닥 자본 시장에서 주당 $1의 최소 공모가를 유지하지 못했기 때문입니다. 지난 2년간 누적 비율이 250:1 이상인 여러 번의 역분할로 인해, 회사는 일반 180일 준수 기간에 해당하지 않습니다. 거래의 즉각적인 중단을 방지하기 위해 XChange TEC는 나스닥 청문 위원회에 청문회를 요청할 계획이며, 이 요청으로 위원회의 결정이 내려지는 동안 모든 중단이 자동으로 유예됩니다.
XChange TEC a reçu un avis de défaillance de Nasdaq le 8 novembre 2024, pour ne pas avoir maintenu le prix minimum exigé de 1 $ par action sur le Nasdaq Capital Market. En raison de plusieurs fusions d'actions inversées au cours des deux dernières années avec un ratio cumulatif de 250:1 ou plus, l'entreprise n'est pas éligible pour la période de conformité standard de 180 jours. Pour éviter une suspension immédiate des transactions, XChange TEC prévoit de demander une audience devant le Nasdaq Hearings Panel, qui suspendra automatiquement toute suspension en attendant la décision du panel.
XChange TEC hat am 8. November 2024 eine Nasdaq-Mängelmitteilung erhalten, weil das Unternehmen den erforderlichen Mindestkurs von $1 pro Aktie am Nasdaq Capital Market nicht aufrechterhalten konnte. Aufgrund mehrerer umgekehrter Aktiensplits in den vergangenen zwei Jahren mit einem kumulierten Verhältnis von 250:1 oder mehr ist das Unternehmen nicht berechtigt für den standardmäßigen 180-tägigen Compliance-Zeitraum. Um eine sofortige Handelsaussetzung zu verhindern, plant XChange TEC, eine Anhörung vor dem Nasdaq Hearings Panel zu beantragen, was automatisch jede Aussetzung bis zur Entscheidung des Panels aussetzt.
- None.
- Received Nasdaq deficiency notice for failing to maintain $1 minimum bid price
- Not eligible for standard 180-day compliance period due to previous reverse stock splits
- Risk of immediate trading suspension without successful panel hearing
- Multiple reverse stock splits in past two years with ratio exceeding 250:1
Insights
This delisting notice represents a significant red flag for XChange TEC.INC. The company's inability to maintain the
Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based upon the closing bid price of the Company's American Depositary Shares ("ADSs") for the last 30 consecutive business days, the Company no longer meets this requirement. Normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the Bid Price Rule. However, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Rule 5810(c)(3)(A) due to the fact that the Company effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one. Accordingly, unless the Company requests a hearing before a Hearings Panel (the "Panel"), trading of the Company's ADSs will be suspended. Accordingly, the Company intends to timely request a hearing before the Panel and such request will automatically stay any suspension or delisting action pending the Panel's decision of the hearing. There can be no assurance as to the decision of the Panel.
About XChange TEC.INC
XChange TEC.INC, through its subsidiaries and consolidated variable interest entities, operates insurance agency and insurance technology business. The insurance agency is PRC-licensed and operates nationwide in the PRC with a wide range of insurance products underwritten by major insurance companies, including industry leading and/or state-owned property and casualty insurance companies as well as certain regional property and casualty insurance companies in the PRC. The insurance technology business is focused on operating and developing insurance technology in the PRC, including developing SaaS platform to connect consumers and underwriting support.
Forward-Looking Statements
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. These statements include, among others, statements regarding the Company's plans to regain compliance with Nasdaq Rules for continued listing. The Company's actual results may differ materially from those expressed in any forward-looking statements as a result of various factors and uncertainties. The reports filed by the Company with the
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SOURCE XChange TEC.INC
FAQ
Why did XChange TEC (XHG) receive a Nasdaq deficiency notice in November 2024?
What happens to XHG stock trading after the Nasdaq deficiency notice?
Why isn't XHG eligible for the standard 180-day compliance period?
