Magic Empire Global Limited Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency
March 01 2024 - 4:05PM
Magic Empire Global Limited (NASDAQ: MEGL) (“MEGL”, or the
“Company”) announced that, on February 28, 2024, the Company
received a letter from the Listing Qualifications staff of The
Nasdaq Stock Market (“Nasdaq”) notifying the Company that based on
the closing bid price of the Company for the period from January
16, 2024 to February 27, 2024, the Company no longer meets the
continued listing requirement of Nasdaq under Nasdaq Listing Rules
5550(a)(2), to maintain a minimum bid price of $1 per share.
The notification has no immediate effect on the
listing of the Company’s ordinary shares. Nasdaq has provided
the Company with an 180 calendar days compliance period, or until
August 26, 2024, in which to regain compliance with Nasdaq
continued listing requirement. In the event that the Company does
not regain compliance in the compliance period, the Company may be
eligible for an additional 180 calendar days, should the Company
meet the continued listing requirement for market value of publicly
held shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the bid price requirement,
and is able to provide written notice of its intention to cure the
deficiency during the second compliance period, by effecting a
reverse stock split, if necessary. However, if it appears that the
Company will not be able to cure the deficiency, or if the Company
is otherwise not eligible, Nasdaq will provide notice that the
Company’s securities will be subject to delisting.
The Company is currently evaluating options to
regain compliance and intends to timely regain compliance with
Nasdaq’s continued listing requirement. Although the Company will
use all reasonable efforts to achieve compliance with Rule
5550(a)(2), there can be no assurance that the Company will be able
to regain compliance with that rule or will otherwise be in
compliance with other Nasdaq continued listing requirement.
About Magic Empire Global
Limited
Magic Empire Global Limited is a financial
services provider in Hong Kong which principally engage in the
provision of corporate finance advisory services and underwriting
services. Its service offerings mainly comprise (i) IPO sponsorship
services; (ii) financial advisory and independent financial
advisory services; (iii) compliance advisory services; (iv)
underwriting services; and (iv) corporate services. For more
information, visit the Company’s website at
http://www.meglmagic.com.
Safe Harbor Statement
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.
Hong Kong:
Magic Empire Global LimitedMs. Vivien TaiTel:
+852 3577 8770E-mail: meglir@giraffecap.com
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