TOP Financial Group receives nasdaq deficiency notice

TOP Financial Group Limited (NASDAQ: TOP) received a notification from Nasdaq on April 28 regarding its failure to maintain the minimum bid price requirement for continued listing.

The Hong Kong-based online brokerage firm's Class A ordinary shares closed below $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). The notification does not immediately affect the trading or listing of the company's shares.

Under Nasdaq rules, TOP Financial has 180 calendar days until October 26, 2026, to regain compliance. The company must achieve a closing bid price of $1.00 or higher for at least ten consecutive business days during this period to satisfy the requirement.

If TOP Financial fails to meet the deadline, it may qualify for an additional 180-day compliance period, provided it meets other continued listing requirements for market value of publicly held shares and initial listing standards for The Nasdaq Capital Market. The company would need to provide written notice of its intention to cure the deficiency during the second period, potentially through a reverse stock split.

TOP Financial operates through subsidiaries providing online brokerage services for equities, futures, and options trading, along with asset management, money lending, and trust services. Its operating subsidiaries hold licenses from Hong Kong's Securities and Futures Commission and have expanded into Australia and Singapore markets.

The company stated the notification does not affect its business operations and indicated it intends to take measures to regain compliance within the prescribed timeframe.

You May Also Be Interested In

• PN Smart Energy signs deal to acquire 9.9 MW solar portfolio in China
• Netlist files ITC complaint against Micron over patent claims
• AGM Group Holdings regains Nasdaq listing compliance