U-BX Technology (UBXG) Receives Nasdaq Non-compliance Notice

U-BX Technology Ltd. (NASDAQ: UBXG), a leading company providing value-added services using artificial intelligence-driven technology to businesses within the insurance industry, including insurance carriers and brokers, today announced that it has received written notifications (the "Notification Letters") from the Listings Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on Oct. 21, 2024. The Notification Letters advised the Company that for the last 31 consecutive business days, the minimum closing bid price per share for the Company's ordinary shares was below the $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5550(a)(2). The Notification Letters also advised the Company that for the last 30 consecutive business days, the minimum Market Value of Listed Securities (MVLS) of the Company was below the $35 million requirement for continued listing under Nasdaq Listing Rule 5550(b)(2).

The Company would like to clarify that the Notification Letters have no current effect on the listing or trading of the Company's securities on Nasdaq. Pursuant to Nasdaq Listing Rules 5810(c)(3)(A), the Company has been granted a compliance period of 180 calendar days, until April 21, 2025, to regain compliance with the Nasdaq Listing Rule 5550(a)(2). If, at any time during this compliance period, the closing bid price of the Company's ordinary shares reaches US$1.00 per share or higher for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance, and the matter will be resolved. In the event the Company does not regain compliance by April 21, 2025, the Company may be eligible for an additional 180 calendar days. In addition, pursuant to Nasdaq Listing Rules 5810(c)(3)(C), the Company has been granted a compliance period of 180 calendar days, until April 21, 2025, to regain compliance with the Nasdaq Listing Rule 5550(b)(2). If, at any time during this compliance period, the Company’s MVLS closes at $35 million or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance, and the matter will be resolved.

The Company intends to actively monitor the bid price for its shares and the MVLS, and will evaluate available options to regain compliance with the continued listing requirements.

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