X3 Holdings Receives Extension to Regain Compliance with the Nasdaq's Minimum Bid Price Requirement
Rhea-AI Summary
X3 Holdings Co., (Nasdaq: XTKG), a global digital solutions and technology services provider, has received a 180-day extension from Nasdaq to regain compliance with the minimum $1.00 bid price requirement for continued listing on the Nasdaq Capital Market. The new deadline is April 7, 2025. To comply, XTKG's closing bid price must be at least $1.00 for a minimum of 10 consecutive business days before the deadline.
The company plans to monitor its closing bid price and effectuate a reverse stock split, subject to shareholder approval at the annual general meeting on November 4, 2024. XTKG expects these actions will help address the short-term adverse effects on its trading price and cure the deficiency. The extension does not immediately impact XTKG's listing, trading operations, or ordinary shares, which continue to trade on Nasdaq under the ticker 'XTKG'.
Positive
- Received 180-day extension to regain compliance with Nasdaq's minimum bid price requirement
- Company has until April 7, 2025 to meet the $1.00 minimum bid price
- Plans to effectuate a reverse stock split to address the issue
- Continued uninterrupted trading on Nasdaq under ticker 'XTKG'
Negative
- Failure to meet Nasdaq's minimum $1.00 bid price requirement
- Risk of potential delisting if compliance is not achieved by the new deadline
- Necessity for a reverse stock split, which may be viewed negatively by some investors
News Market Reaction
On the day this news was published, XTKG declined 2.69%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
To address this issue, the Company intends to continuously monitor its closing bid price and to effectuate a reverse stock split, subject to the shareholders' approval at the annual general meeting, which will be convened on November 4, 2024. Upon the approval and completion of the reverse stock spilt, the Company expects that it will countervail the short-term adverse effects on its trading price and cure the deficiency in due time as well as regain compliance with the Bid Price Requirement.
The receipt of the extension period has no immediate effect on the listing or trading of the Company's business operations or the listing of the Company's ordinary shares, which will continue to trade uninterrupted on the Nasdaq under the ticker "XTKG".
About X3 Holdings
X3 Holdings Co., Ltd. (Nasdaq: XTKG) is a global provider of digital solutions and technology services spanning diverse industries. The Company is operating across diversified business segments in digital technologies, cryptomining operations, renewable energy and agriculture technologies. X3 Holdings is headquartered in
Safe Harbor 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. These statements include, among others, statements regarding the Company's plans to regain compliance with the minimum bid price requirement. 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 Securities and Exchange Commission discuss these and other important factors and risks that may affect the Company's business, results of operations and financial conditions. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. 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:
Corporate Investor Relations
Email: ir@x3holdings.com
Website: www.x3holdings.com
View original content:https://www.prnewswire.com/news-releases/x3-holdings-receives-extension-to-regain-compliance-with-the-nasdaqs-minimum-bid-price-requirement-302272657.html
SOURCE X3 Holdings Co., Ltd.
FAQ
What is the new deadline for X3 Holdings (XTKG) to regain compliance with Nasdaq's minimum bid price requirement?
How can X3 Holdings (XTKG) regain compliance with Nasdaq's bid price requirement?
What action is X3 Holdings (XTKG) planning to take to address the minimum bid price issue?
Does the Nasdaq extension affect X3 Holdings' (XTKG) current trading status?
