HONG
KONG, April 19, 2024
/PRNewswire/ -- Intelligent Living Application Group Inc. (NASDAQ:
ILAG) ("Intelligent Living" or the "Company"), a premium lockset
manufacturer in Hong Kong,
announced today that, on April 17,
2024, the Company received a written notification from the
NASDAQ Stock Market Listing Qualifications Staff (the "Staff")
indicating that the Company has been granted an additional 180
calendar day period or until October 14,
2024, to regain compliance with the $1.00 minimum closing bid price requirement for
continued listing on the NASDAQ Capital Market pursuant to NASDAQ
Listing Rule (the "Minimum Bid Price Requirement").
NASDAQ's determination was based on the Company meeting the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing on
the NASDAQ Capital Market, with the exception of the bid price
requirement, and the Company's written notice to NASDAQ of its
intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary. If at any
time during this additional time period the closing bid price of
the Company's security is at least $1.00 per share for a minimum of 10 consecutive
business days, NASDAQ will provide written confirmation of
compliance and this matter will be closed. If compliance cannot be
demonstrated by October 14, 2024,
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 "Panel") of
NASDAQ.
This notification from Nasdaq has no immediate effect on the
listing or trading of the Company's ordinary shares, which will
continue to trade on the Nasdaq Capital Market under the symbol
"ILAG". The Company will monitor the closing bid price of its
ordinary shares and will consider various options to regain
compliance before October 14,
2024.
About Intelligent Living Application Group Inc.
Intelligent Living Application Group Inc. ("ILAG") is a premium
lockset manufacturer headquartered in Hong Kong. It manufactures and sells high
quality mechanical locksets to customers mainly in the United States and Canada and has continued to diversify and
refine its product offerings in the past 40 years to meet its
customers' needs. ILAG has obtained the ISO9001 quality assurance
certificate and various accredited quality and safety certificates
including American National Standards Institute (ANSI) Grade 2 and
Grade 3 standards that are developed by the Builders Hardware
Manufacturing Association (BHMA) for ANSI. ILAG keeps investing in
self-designed automated product lines, new craftsmanship and
developing new products including smart locks. For more
information, visit the Company's website at
http://www.i-l-a-g.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "potential,"
"continue" or other similar expressions. The Company undertakes no
obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's registration statement and other filings with the SEC,
which are available for review at www.sec.gov.
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SOURCE Intelligent Living Application Group, Inc.