Primega Group Holdings Limited resolved a fee issue with Nasdaq, ensuring continued trading and compliance with listing rules.
Quiver AI Summary
Primega Group Holdings Limited has received a delisting notice from Nasdaq due to unpaid fees required under Nasdaq Listing Rule 5900 Series. The notification indicated that failure to address this issue would result in delisting, with shares set to be suspended on December 3, 2024. However, Primega made a complete repayment of the outstanding fees on November 26, 2024, and subsequently received confirmation from Nasdaq on November 27 that the matter is resolved, restoring compliance with the listing rules. Trading of the Company's shares continues without interruption, and the situation does not affect its business operations or financial position. Primega Group specializes in environmentally friendly transportation services in the construction industry in Hong Kong.
Potential Positives
- The Company has resolved the outstanding fees issue with Nasdaq by making a full repayment, ensuring compliance with Nasdaq Listing Rule 5250(f).
- The notification from Nasdaq stating that the matter is now closed demonstrates that the Company can continue trading without any further delisting risk.
- The Company confirmed that its business operations and financial position remain unaffected by the delisting notice, allowing it to focus on growth.
- There are no further disciplinary actions imposed on the Company by Nasdaq, indicating a clean slate moving forward.
Potential Negatives
- Nasdaq's notification regarding the failure to pay required fees raises concerns about the Company's financial management and operational oversight.
- The risk of delisting and potential suspension of trading, even if resolved, could negatively impact investor confidence and market perception of the Company.
- The incident reflects negatively on the Company's compliance efforts and governance practices, which may influence future investor relations.
FAQ
What triggered the delisting notice for Primega Group Holdings?
The delisting notice was triggered by the Company's failure to pay certain fees required under Nasdaq Listing Rule 5900 Series.
When did Primega Group Holdings resolve the outstanding fees?
The Company made a full repayment of the outstanding fees on November 26, 2024.
Will Primega Group Holdings face any further disciplinary action from Nasdaq?
No, neither the Company nor its subsidiaries are subject to any further disciplinary action by Nasdaq.
How does the delisting notice affect Primega's trading status?
The delisting notice does not impact the trading of the Company's shares, which continues as usual.
What services does Primega Group Holdings provide?
Primega provides transportation services in the construction industry, focusing on soil and rock transportation and diesel oil trading.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
HONG KONG, Nov. 30, 2024 (GLOBE NEWSWIRE) -- On November 21, 2024, Primega Group Holdings Limited (Nasdaq: PGHL) (the "
Company
"), was notified by Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market LLC ("
Nasdaq
") that the Company has not paid a sum of certain fees as required under Nasdaq Listing Rule 5900 Series ("
Delisting Notice
"). Nasdaq Listing Rule 5250(f) states that "the Company is required to pay all applicable fees as described in the Rule 5900 Series." Nasdaq notified the Company that the failure to comply with this requirement served as a basis for delisting the Company's securities from the Nasdaq Capital Market. The notification from Nasdaq further outlined that if the Company does not elect to appeal, the Company will face delisting from the Nasdaq Capital Market and the Company's shares will be suspended on December 3, 2024.
The Company has made a full and complete repayment of the outstanding fees on November 26, 2024. On November 27, 2024, the Company received notification from Nasdaq that subject to certain disclosure obligations, which this press release forms a part of, the matter regarding Outstanding Fees is closed.
The Company is now in compliance with Nasdaq Listing Rule 5250(f).
Trading of the Company's shares is unaffected and continues as usual.
The Delisting Notice does not impact the Company's business operations or financial position, and we remain focused on maintaining business growth. Neither the Company nor any of its subsidiaries are subject to any further disciplinary action by Nasdaq.
PRIMEGA GROUP HOLDINGS LIMITED
About Primega Group Holdings Limited
Primega Group Holdings Limited is a provider of transportation services that employs environmentally friendly practices with the aim of facilitating reuse of construction and demolition materials and reduction of construction waste. Through an operating subsidiary in Hong Kong, the Company operates in the construction industry, mainly handling transportation of materials excavated from construction sites. The services principally comprise of (i) soil and rock transportation services; (ii) diesel oil trading; and (iii) construction works, which mainly include excavation and lateral support works and bored piling. The Company generally provides its services as a subcontractor to other construction contractors in Hong Kong.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's filings with the SEC.
For investor and media inquiries, please contact:
Company Info
Primega Group Holdings Limited
Man Siu Ming, Director and Chairman of the Board
msm@primegagroup.com
+852 3997 3682
Investor Relationship
HBK Strategy Limited
Katy Chan, Director
ir@hbkstrategy.com
+852 2498 3681
