Addentax Group Corp. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
As previously disclosed, Addentax Group Corp. (the “Company” or “our”) received a notice dated April 24, 2024, from the Listings Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the minimum bid price per share of its common stock, par value $0.001 per share (the “Common Stock”), was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), Nasdaq granted the Company 180 days, or until October 21, 2024, to regain compliance with the Minimum Bid Price Rule. In order to regain compliance, the closing bid price of the Common Stock must be at least $1 per share for a minimum of 10 consecutive business days during this 180-day period. The Company’s Common Stock has not regained compliance with the Minimum Bid Price Rule as of that date. By letter dated October 21, 2024, the Company requested an additional 180-day extension in which to regain compliance.
On October 22, 2024, the Company received notice from Nasdaq indicating that, while the Company has not regained compliance with the Minimum Bid Price Rule, the Staff has determined that the Company is eligible for an additional 180-day period, or until April 21, 2025, to regain compliance. The Staff’s determination was based on (i) our meeting the continued listing requirement for market value of our publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Minimum Bid Price Rule, and (ii) our providing written notice to Nasdaq of our intent to cure the deficiency during this second compliance period, if necessary by effecting a reverse stock split. If at any time during this second 180-day period the closing bid price of the Company’s Common Stock is at least $1 per share for at least a minimum of 10 consecutive business days, the Staff have stated that they will provide written confirmation of compliance. If compliance cannot be demonstrated by April 21, 2025, the Staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal the Staff’s determination to a hearings panel.
The Company is diligently working to regain compliance with the Minimum Bid Price Rule and has already received stockholder approval to effect a reverse stock split, if necessary, to regain compliance therewith. There can be no assurance, however, of the Company’s ability to maintain compliance with the Minimum Bid Price Rule once compliance therewith is regained or maintain compliance with any other Nasdaq listing requirements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Addentax Group Corp. | ||
| Date: October 23, 2024 | By: | /s/ Hong Zhida |
| Hong Zhida | ||
| Chief Executive Officer | ||