Iao Kun Group (IKGH) Receives Nasdaq Listing Notification
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Iao Kun Group Holding Company Limited (“IKGH”) (NASDAQ: IKGH), which operates through its subsidiaries and related promotion entities that act as VIP room gaming promoters and a collaborator, today announced that on September 13, 2016, it received a written notice (the “Notice”) from the Listing Qualifications department of The Nasdaq Stock Market (“Nasdaq”) indicating that IKGH is not in compliance with the minimum bid price requirement of $1.00 per share set forth in Nasdaq Listing Rule 5450(a)(1).
The Nasdaq Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price for the 30 consecutive business days ended September 12, 2016, IKGH did not meet this requirement. IKGH has been provided a 180 day period in which to regain compliance. If at any time during this period the closing bid price of IKGH’s common stock is at least $1.00 for a minimum of ten consecutive business days, IKGH will receive a written confirmation of compliance from Nasdaq and the matter will be closed.
In addition, following the initial 180 day period, IKGH may be eligible for an additional 180 day period to regain compliance, subject to IKGH effecting a reverse stock split during the second 180 day compliance period if necessary to cure the deficiency.
At present, IKGH will work to regain compliance during the initial 180 day compliance period and will actively monitor its performance with respect to the listing standards.
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