HONG
KONG, July 10, 2024 /PRNewswire/ -- MMTEC, Inc.
(NASDAQ: MTC) ("MMTEC", "we", "our" or the "Company"), a
China-based technology company
that provides access to the U.S. financial markets, today announced
that on July 8, 2024, the Company
received a notification letter (the "Notification Letter") from the
Listings Qualifications Department of The Nasdaq Stock Market
LLC ("Nasdaq") regarding a failure to meet Nasdaq's minimum bid
price requirements. The Notification
Letter advised that for the last 30 consecutive business the
minimum closing bid price per share for the Company's common stock
was below the $1.00 per share
requirement for continued listing under Nasdaq Listing
Rule 5550(a)(2) (the "Bid Price Rule"). This press release is
issued pursuant to Nasdaq Listing Rule 5810(b), which requires
prompt disclosure of receipt of a deficiency
notification.
The Notification Letter has no immediate effect on the listing
or trading of the Company's common stock on the Nasdaq Capital
Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until January 6, 2025 (the "Compliance Period"), to
regain compliance with the Bid Price
Rule. If at any time during the Compliance Period, the
closing bid price per share of the Company's common stock is at
least $1.00 for a minimum of 10
consecutive business days, Nasdaq will provide the Company a
written confirmation of compliance and the matter will be
closed, unless the Staff exercises its
discretion to extend this 10 day period pursuant to Nasdaq Listing
Rule 5810(c)(3)(H).
In the event the Company does not regain compliance by
January 6, 2025, the Company may be eligible for an additional
180 calendar day period to regain compliance. To qualify, the
Company will be required to 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 will need to provide written
notice of its intention to cure the deficiency during the second
compliance period, including by effecting a reverse stock split, if
necessary. If the Company chooses to implement a reverse stock
split, it must complete the split no later than ten business days
prior to the expiration of the second compliance period.
The Company intends to monitor the
closing bid price of its common stock and may, if appropriate,
consider available options to regain compliance with the Bid Price
Rule, which could include effecting a reverse stock split. However,
there can be no assurance that the Company will be able to regain
compliance with the Bid Price Rule.
About MMTEC, Inc.
Headquartered in Hong Kong Special Administrative Region, our
Company mainly focuses on investment banking and asset management
business, providing customers with one-stop and all-round financial
services.
More information about the Company can be found at:
www.haisc.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding its ability to regain
compliance with the Bid Price Rule, its continued growth, its
business outlook, and other similar statements are
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission, including the Company's most recently filed Annual
Report on Form 20-F and its subsequent filings. For these reasons,
among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
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SOURCE MMTEC, Inc.