Business
Megan Holdings Limited Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency
Kuala Lumpur, Malaysia, May 13, 2026 (GLOBE NEWSWIRE) -- Megan Holdings Limited (Nasdaq: MGN) (the “Company” or “Megan”), a Malaysia-based company principally
About this update from Megan Holdings Limited
[{"type":"text","content":"Kuala Lumpur, Malaysia, May 13, 2026 (GLOBE NEWSWIRE) -- Megan Holdings Limited (Nasdaq: MGN) (the “Company” or “Megan”), a Malaysia-based company principally engaged in the development, construction, and maintenance of aquaculture farms and related works, today announced that it received a notification letter from the Nasdaq Stock Market LLC (“Nasdaq”) on May 12, 2026, indicating that the Company is not in compliance with Nasdaq’s minimum bid price requirement. Nasdaq Listing Rule 5550(a)(2) requires that listed securities maintain a minimum bid price of $1.00 per share. The notification letter stated that the Company’s Class A ordinary shares, par value US$0.0001 per share (the “Class A Ordinary Shares”), have failed to maintain this minimum bid price for the last 30 consecutive business days, from March 30, 2026 to May 11, 2026. The notification does not immediately impact the listing or trading of the Company’s Class A Ordinary Shares on Nasdaq. Under Nasdaq rules, the Company has been granted a compliance period of 180 calendar days, or until November 9, 2026, to regain compliance. If, at any time during this period, the closing bid price of the Company’s Class A Ordinary Shares is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will confirm compliance, and the matter will be resolved. If the Company is unable to regain compliance by November 9, 2026, it may be eligible for additional time. 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, which may include implementing a reverse stock split if necessary. The Company is actively monitoring the bid price of its Class A Ordinary Shares and is considering all available options to regain compliance with Nasdaq’s requirements. The Company remains committed to delivering value to its shareholders and maintaining its listing on Nasdaq. About Megan Holdings Limited Megan Holdings Limited (the “Company” or “Megan”) is a Malaysia-based company principally engaged in the development, construction, and maintenance of aquaculture farms and related wo...