Borqs Technologies (BRQS) receives Nasdaq notification regarding minimum bid price deficiency
- Wall Street slips as tax uncertainty, tech losses weigh
- Invesco (IVZ) Reportedly in Talks to Merge With State Street's (STT) Asset Management Business, Citi Sees More Cons than Pros
- Jefferies Raises Price Targets on Alphabet (GOOGL) and Facebook (FB) as They Are Still Inexpensive Relative to Growth, Reiterates Snap (SNAP) as a Best Growth Idea
- Tesla (TSLA) Could Deliver 900K EV Units This Year and 1.3M in 2022 - Wedbush
- Dollar hits three-week high, boosted by recent upbeat data, Fed taper view
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), today announced that the Company has received a written notification (the “Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) on August 18, 2021, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq’s rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's ordinary shares for the 30 consecutive business days from July 7, 2021 to August 17, 2021, the Company no longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until February 14, 2022, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive trading days. In the event the Company does not regain compliance by February 14, 2022, the Company may be eligible for additional time to regain compliance or may face delisting. If during any compliance period the ordinary shares have a closing bid price of $0.10 or less for 10 consecutive trading days, Nasdaq’s Listing Qualifications Department shall issue a Staff Delisting Determination.
The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Turning Point Brands (TPB) was informed FDA issued Marketing Denial Order in response to a PMTA covering certain vapor products
- Helbiz (HLBZ) Announces Partnership between Helbiz Media and FOX Networks Group to Broadcast Serie B Championship
- Corcept Therapeutics (CORT) Announces Results from Phase 2 Trial of Relacorilant in Patients with Recurrent Platinum-Resistant Ovarian Cancer
Create E-mail Alert Related CategoriesCorporate News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!