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JX Luxventure Limited Receives Nasdaq Delisting Notice for Failing to Maintain a $1.00 Share Price and Requested and Granted a Hearing Scheduled for May 25, 2023.
HAIKOU, China, April 28, 2023 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: JXJT) (the "Company"), a company delivering comprehensive products solutions to
About this update from Jx Luxventure Group Inc.
[{"type":"text","content":"HAIKOU, China, April 28, 2023 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: JXJT) (the \"Company\"), a company delivering comprehensive products solutions to global high-net-worth families serviced by our business customers with business segments covering tourism, duty-free cross-border merchandise and technlology solutions, announced today that on April 25, 2023, it received a Staff Determination Letter (the \"Determination Letter\") from the Listing Qualifications Department of The Nasdaq Stock Market LLC (\"Nasdaq\") notifying the Company that, unless the Company requests an appeal of that determination to a Nasdaq Hearings Panel, the Staff determined that the Company's securities will be scheduled for delisting from the Nasdaq Capital Market and will be suspended at the opening of business on May 4, 2023 due to the Company's failure to regain compliance with a minimum bid price of $1.00 per share requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the \"Minimum Bid Requirement\").\nEarlier, on October 24, 2022, the Company received its first letter from Nasdaq (the \"Notice\"), notifying the Company that based upon the closing bid price of its common stock for the last 30 consecutive business days preceding the Notice, the Company was not in compliance with the Minimum Bid Requirement. The Notice provided the Company a period of 180 calendar days from the date of the Notice, or until April 24, 2023, as set forth in Listing Rule 5810(c)(3)(A) (the \"Compliance Period\"), to regain compliance with Minimum Bid Requirement. The Company did not regain compliance with Minimum Bid Requirement by April 24, 2023, and, as stated in the Determination Letter, the Staff believes that the Company is not eligible for an additional 180-day cure period. To qualify for this extension, the Company would have to meet the continued listing requirement for the market value of publicly held shares and other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Requirement. Specifically, Staff does not believe that the Company complies with the $5,000,000 minimum stockholders' equity initial listing requirement for The Nasdaq Capital Market. \nOn April 26, 2023, the Company submitted a request for a hearing before the Nasdaq Hearings Panel to prese...