Leo333 : Richtech Robotics received notice from NASDAQ listing eligibility department regarding the closing price of its Class B common stock
On October 25, 2024, Richtech Robotics Inc. (the “Company”) received a notice from the listing eligibility department of NASDAQ Stock Market LLC (“NASDAQ”), informing the Company that since the closing price of the Company's Class B common stock had fallen below $1.00 per share for 30 consecutive working days, the Company no longer complied with the minimum purchase price requirement for continued listing on the NASDAQ Capital Market as stipulated in section 5550 (a) (2) of the NASDAQ Listing Rules. Nasdaq's notice had no direct impact on the listing of the company's Class B common stock on the NASDAQ capital market. According to NASDAQ Listing Rule 5810 (c) (3) (A), the company has been granted an initial compliance period of 180 calendar days, or until April 23, 2025 to re-meet minimum bid requirements. To re-qualify, the closing price of the company's Class B common stock must reach or exceed $1.00 per share for at least 10 consecutive business days before April 23, 2025. If the company fails to re-qualify by April 23, 2025, the company may be eligible for an additional grace period. To be eligible, the company is required to meet the continuing listing requirements for the market value of public stock holdings and all other initial listing standards on the NASDAQ capital market (other than the minimum bid requirement), and notify in writing that it intends to make up for the minimum bid shortfall during the second compliance period. If the company meets these requirements, NASDAQ staff will give the company an additional 180 calendar days to allow the company to meet the minimum bid requirements again. If Nasdaq staff determines that the company cannot make up for the shortfall, or that the company is not eligible for such an additional compliance period, Nasdaq will issue a notice and the company's Class B common stock will be delisted. The company has the right to appeal the delisting decision, and Class B common shares will continue to be listed on the NASDAQ capital market until the appeal process is completed.

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