Gelonghui May 15th, Raia Electronics (RAYA)GmafamilyfeudUs) announced that on November 20, 2023, the company received a written notice from the listing qualification Department of the Nasdaq Stock Market, calculated at the closing price of $0.0001 per share ("common stock") over the past 30 consecutive trading days. Failure to comply with Nasdaq listing rules 5450 (a) (1) requires listed securities to maintain a minimum purchase price of $1.00 per share ("minimum purchase price requirements"), and Nasdaq listing rules 5810 (C) (3) (A)GmafamilyfeudIf it lasts less than 30 consecutive trading days, there is a failure to meet the minimum purchase price requirements. The company is providedGmafamilyfeudThere was a period of 180 calendar days until May 13, 2024 to restore compliance.
On May 14, 2023, the company receivedGmafamilyfeudA written notice from Nasdaq states that, although the Company has not resumed compliance with the minimum bid requirement before May 13, 2024, in accordance with Rule 5810 (c) (3) (A) of the Nasdaq listing rules, the Company is eligible for an extension of another 180 calendar days or until November 11, 2024 to restore compliance with Rule 5550 (a) (2) of the Nasdaq listing rules. In order to restore compliance, the closing offer for the company's common shares must reach or exceed $1.00 per share for at least ten working days during this 180-day period.
The notice did not take immediate effect on the listing of common shares on the NASDAQ capital market. If the company fails to restore compliance by November 11, 2024, Nasdaq will issue a notice that the company's common shares will be delisted. The company will then have the right to appeal Nasdaq's decision to the Nasdaq listing eligibility panel and request a hearing.
The company intends to monitor the closing price of common shares and consider the options available to address non-compliance with the minimum bid requirements. There is no guarantee that the company will be able to re-comply with the continuing listing requirements of the Nasdaq capital market, nor can there be any guarantee that Nasdaq will further extend the time for the company to return to compliance (if applicable).
