Summary by Moomoo AI
ESGL Holdings Limited, a foreign private issuer, has been granted approval by the Nasdaq Listing Qualifications Staff to transfer the listing of its ordinary shares from the Nasdaq Global Market to the Nasdaq Capital Market, effective May 3, 2024. This move comes after the company was notified on October 24, 2023, that it failed to meet the minimum bid price requirement and the Minimum Market Value of Publicly Held Shares (MVPHS) requirement for continued listing on the Nasdaq Global Market. While the company regained compliance with the MVPHS Rule within the initial 180-day grace period, it did not meet the minimum bid price requirement. As a result, ESGL Holdings Limited has been granted a second 180-day period, ending on October 21, 2024, to regain compliance with the $1.00 bid price requirement. The company is considering all available options, including a potential reverse stock split, to address the bid price deficiency within this period. Failure to demonstrate compliance by the deadline may result in delisting, which the company can appeal to the Nasdaq Hearings Panel.