Reebonz Receives Nasdaq Deficiency Notice, Has 180 Days to Regain Compliance
September 05 2019 - 8:30AM
Reebonz Holding Limited (the “Company” or “Reebonz”; Nasdaq: RBZ),
a leading online luxury marketplace and platform in Asia Pacific,
announced today that it has received a notification letter from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") dated August 29, 2019 indicating that the Company did
not meet the continued listing requirement of maintaining a minimum
Market Value of Publicly Held Shares ("MVPHS") for the Nasdaq
Global Market, as set forth in the Nasdaq Listing Rule
5450(b)(3)(C) because the market value of the Company's publicly
held ordinary shares for the last 30 consecutive business days was
below the minimum MVPHS requirement of US$15,000,000.
Pursuant to Rule 5810(c)(3)(D) of the Nasdaq
Listing Rules, the Company has a compliance period of 180 calendar
days, or until February 25, 2020 (the "Compliance Period"), to
regain compliance with Nasdaq's minimum MVPHS requirement. If at
any time during the Compliance Period, the Company's MVPHS closes
at US$15,000,000 or more for a minimum of ten consecutive business
days, Nasdaq will provide the Company a written confirmation of
compliance and the matter will be closed.
In the event the Company does not regain
compliance with Rule 5450(b)(3)(C) prior to the expiry of the
Compliance Period, the Company will receive written notification
that its securities are subject to delisting from the Nasdaq Global
Market. At that time, the Company may appeal the delisting
determination to a Hearing's Panel of Nasdaq.
During the Compliance Period, the Company's
ordinary shares will continue to be listed and trade on the Nasdaq
Global Market.
Forward-Looking and Cautionary
StatementsCertain statements made in this release are
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Reebonz’s control, that could
cause actual results or outcomes to differ materially from those
discussed in the forward-looking statements. Important factors,
among others, that may affect actual results or outcomes include:
the ability to regain and maintain Nasdaq’s continued listing
standards; Reebonz’s ability to manage growth; the reaction of
Reebonz customers and suppliers to its business combination; rising
costs adversely affecting Reebonz’s profitability; potential
litigation involving Reebonz’s intellectual property; and general
economic and market conditions impacting demand for Reebonz’s
products. See the risk factors disclosed in Reebonz’s most recently
filed prospectus, filed with the SEC on April 17, 2019 for
additional risks. Reebonz does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
About Reebonz:
Headquartered in Singapore, Reebonz is the
trusted online platform for buying and selling a wide range of
luxury products. Reebonz makes luxury accessible by giving our
members more from the world of luxury through Reebonz.com and
Reebonz Closets app—a standalone C2C platform that allows customers
to buy and sell their pre-owned items to a community of over 5.5
million members. With an easy shopping experience, members can
enjoy convenient access to new and pre-owned luxuries curated from
all around the world. Reebonz has offices located in Australia,
Hong Kong, Indonesia, Malaysia, South Korea, Thailand, and Taiwan.
For investor and media inquiries, please contact:
Reebonz Holding Limited | ir@reebonz.com Christensen | Tip Fleming
| tfleming@ChristensenIR.com | Contact: +1 917 412 3333
For more information on Reebonz, please visit
www.reebonz.com
Stay connected with us
at:Facebook: @ReebonzSG |
Instagram: @ReebonzOfficial
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