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Securities law

GIBO Holdings Limited Receives Notification of Non-Compliance with Nasdaq Listing Rules

Strategic Insights

— 1 min read

GIBO Holdings Limited, a unique and integrated AIGC animation streaming platform, has received a letter from The Nasdaq Stock Market LLC notifying the company of its non-compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii) and Listing Rule 5450(a)(1). The letter indicates that the company's securities had a closing bid price of $0.10 or less for the last ten consecutive trading days, triggering the Low Priced Stocks Rule. The Nasdaq staff has determined to delist the company's securities from The Nasdaq Global Market, and the company has been provided 180 calendar days to regain compliance. However, due to the company's shares also having a closing bid price of $0.10 or less for the last ten consecutive trading days, the Nasdaq determined to delist the company's securities. The company intends to request a hearing to appeal the delisting determination and is considering options to regain compliance, including a reverse stock split.

Key Takeaways:

  • GIBO Holdings Limited received a letter from The Nasdaq Stock Market LLC notifying non-compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii) and Listing Rule 5450(a)(1).
  • The company's securities had a closing bid price of $0.10 or less for the last ten consecutive trading days, triggering the Low Priced Stocks Rule.
  • The Nasdaq staff has determined to delist the company's securities from The Nasdaq Global Market.
  • The company has been provided 180 calendar days to regain compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii).
  • The company's shares also had a closing bid price of $0.10 or less for the last ten consecutive trading days.
  • GIBO intends to request an appeal of the delisting determination and is considering a reverse stock split as an option to regain compliance.

Statistics:

  • The company's shares had a closing bid price of $0.10 or less for the last ten consecutive trading days.
  • The Nasdaq has provided the company with 180 calendar days to regain compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii).
  • The company has approximately 86 million registered users on its AIGC animation streaming platform.

Sources:

  • GIBO Holdings Ltd., _PRNewswire_, "GIBO Holdings Limited Receives Notification of Non-Compliance with Nasdaq Listing Rules".
  • United States Private Securities Litigation Reform Act of 1995.

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