Reebonz Receives Nasdaq Notice of Non-Compliance; Intends to Request Hearing
March 04 2020 - 4:05PM
Reebonz Holding Limited (the “Company” or “Reebonz;” Nasdaq: RBZ),
a leading online luxury marketplace and platform in Asia Pacific,
announced today that it received formal notice from the Listing
Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC
(“Nasdaq”), dated February 27, 2020, indicating that the Company’s
ordinary shares would be subject to delisting from The Nasdaq
Global Market based upon the Company’s non-compliance with the
continued listing requirement of maintaining a minimum Market Value
of Publicly Held Shares ("MVPHS") of at least $15,000,000, as set
forth in Nasdaq Listing Rule 5450(b)(3)(C), unless the Company
timely requests a hearing before the Nasdaq Hearings Panel (the
“Panel”).
Accordingly, the Company intends to request a
hearing before the Panel on a timely basis, which will
automatically stay any suspension or delisting action pending the
hearing and the expiration of any additional extension period
granted by the Panel following the hearing. At the hearing,
the Company intends to present its plan to regain compliance with
all applicable criteria for continued listing. However, there
can be no assurance that the Panel will determine to continue the
Company’s listing, or that the Company will be able to evidence
compliance with all applicable listing criteria within the period
of time that may be granted by the Panel under the Listing Rules,
which period may not exceed August 25, 2020.
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 effective registration statement, filed with the SEC on
November 9, 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
For more information on Reebonz, please visit
www.reebonz.com
Stay connected with us
at:Facebook: @ReebonzSG |
Instagram: @ReebonzOfficial
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