Reebonz Receives Nasdaq Deficiency Notice, Has 180 Days to Regain Compliance
April 13 2020 - 4:30PM
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 April 7, 2020 indicating
that the Company did not meet the continued listing requirement of
maintaining a minimum bid price of $1 per share for the Nasdaq
Global Market, as set forth in the Nasdaq Listing Rule 5450(a)(1)
because the bid price of the Company's publicly held ordinary
shares for the last 30 consecutive business days was below the
minimum bid price requirement of US$1 per share.
Pursuant to Rule 5810(c)(3)(A) of the Nasdaq
Listing Rules, the Company has a compliance period of 180 calendar
days, or until October 5, 2020 (the "Compliance Period"), to regain
compliance with Nasdaq's minimum bid price requirement. If at any
time during the Compliance Period, the Company's bid price closes
at or above US$1 per share 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(a)(1) 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.
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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