Webuy Global Ltd. Receives Nasdaq Notification Regarding Non-Compliance with Minimum Bid Price Rule
Singapore, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Webuy Global Ltd. (NASDAQ:WBUY) (the "Company"), today announced that it received a letter on January 22, 2025, from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company has not regained compliance with Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule"), which requires listed securities to maintain a minimum bid price of $1.00 per share. As a result, the Nasdaq staff has issued a Staff Delisting Determination, and the trading of the Company's Class A ordinary shares will be suspended at the opening of business on January 29, 2025.
The Minimum Bid Price Rule requires listed securities to achieve a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days within the compliance period. Despite its efforts, the Company was unable to achieve compliance within the allotted timeframe, which consisted of an initial 180-calendar-day period ending July 25, 2024, followed by an additional 180-calendar-day extension period ending January 21, 2025.
The Company will be appealing Nasdaq's determination by requesting a hearing before a Nasdaq Hearings Panel (the "Panel") pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. A request for the hearing must be submitted by no later than 4:00 p.m. Eastern Time on January 29, 2025. Hearings are typically scheduled to occur approximately 30-45 days after the hearing request is filed.
After the suspension, the Company's Class A ordinary shares are expected to trade on OTC pending the Panel's decision after the hearing to reinstate its listing on Nasdaq. The Company will use all reasonable efforts to regain compliance with the Minimum Bid Price Rule, but there can be no assurance that it will successfully do so or that it will remain in compliance with other Nasdaq listing criteria.
The Company remains committed to its business operations and strategic initiatives as it works toward resolving this matter.
About Webuy Global Ltd.
Webuy Global Ltd. is a forward-thinking, technology-driven company aimed at becoming the leading e-commerce and travel platform in Southeast Asia. Leveraging advanced AI technologies, the Company enhances its 'group buy' model by providing personalized recommendations, predictive demand analytics, and seamless community interactions. In addition, Webuy integrates AI-powered travel solutions, such as its proprietary AI Travel Consultant, to deliver personalized itineraries, group travel planning, and real-time support. These innovations streamline the traditional supply chain, foster a community-driven shopping experience, and simplify travel planning for its users. Webuy is committed to improving the lives of millions of families in Southeast Asia with high-quality, affordable products, services, and travel experiences. For more information, visit https://www.webuysg.com/Investor/
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company's current expectations. These statements are not guarantees of future performance and are subject to certain risks and uncertainties described more fully in the Company's filings with the SEC. Forward-looking statements are made as of this date, and the Company undertakes no duty to update them, except as required by law.
Webuy Global Ltd. Email: [email protected]