Reported Earlier, Ohmyhome Faces Nasdaq Deficiency Notice Over Share Price Drop, Granted 180 Days to Regain Compliance
On April 30, 2024, Ohmyhome Limited (the “Company”) received a deficiency letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Capital Market (“Nasdaq”) notifying the Company that, for the preceding 30 consecutive business days, the closing bid price for the Company’s ordinary shares, (the “Ordinary Shares”), was below the minimum $1.00 per share requirement for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”).
The receipt of the deficiency letter has no immediate effect on the Company’s Nasdaq listing. In accordance with Nasdaq rules, the Company has been provided an initial period of 180 calendar days, or until October 28, 2024 (the “Compliance Date”), to regain compliance with the Bid Price Requirement. If the Company does not regain compliance during such 180-day period, the Company may be eligible for an extension of an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for the Bid Price Requirement, and provide a written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, then Nasdaq will notify the Company of its determination to delist the Company’s Ordinary Shares, at which point the Company will have an opportunity to appeal the delisting determination to a Hearings Panel. If, at any time before the Compliance Date, the closing bid price for the Ordinary Shares is at least $1.00 for a minimum of ten consecutive business days, the Staff will provide the Company written confirmation of compliance with the Bid Price Requirement.
The Company intends to monitor the closing bid price of the Ordinary Shares and may, if appropriate, consider available options to regain compliance with the Bid Price Requirement.