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NEWS
Santech Holdings Limited Announces 180-Day Extension to Regain Compliance with Nasdaq Minimum Bid Requirement
Thursday, 5th December at 6:14 am
HONG KONG, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Santech Holdings Limited (NASDAQ: STEC) ("Santech" or the "Company") announced today that it has received an extension of the period to regain compliance with The Nasdaq Stock Market Inc.'s (the "Nasdaq") the minimum bid price requirement (the "Minimum Bid Price Requirement").
Thursday, 5th December at 6:14 am
HONG KONG, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Santech Holdings Limited (NASDAQ: STEC) ("Santech" or the "Company") announced today that it has received an extension of the period to regain compliance with The Nasdaq Stock Market Inc.'s (the "Nasdaq") the minimum bid price requirement (the "Minimum Bid Price Requirement").
On December 4, 2024, the Company received a letter from the staff of the Listing Qualifications Department of Nasdaq notifying the Company that, while the Company has not regained compliance with the Minimum Bid Price Requirement, Nasdaq has determined that the Company is eligible for an additional 180 calendar day period, or until May 26, 2025, (the "Second Compliance Period") to regain compliance.
Nasdaq's determination was in part based on (i) the Company meeting the applicable market value of publicly held shares requirement for continued listing and all other applicable requirements for initial listing on the Capital Market (except for the Minimum Bid Price Requirement), (ii) the Company's written notice of its intention to cure the Minimum Bid Price Requirement by effecting a reverse stock split, if necessary, (iii) the Company's agreement to the conditions outlined in the Nasdaq Listing Agreement, and (iv) additional supporting information provided in the Company's application to transfer the listing of its ordinary shares from the Nasdaq Global Market to the Nasdaq Capital Market (the "Application").
The Company submitted the Application in order to be provided with a Second Compliance Period. This transfer to the Nasdaq Capital Market was approved and became effective as of December 5, 2024.
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