Gronghui May 15 丨 Raya Electronics (RAYA.US) announced that on November 20, 2023, the company received a request from the Nasdaq Stock Market Listing Qualification Departmentlivecasinosupersicbowritten notice of failure to comply with the NASDAQ Listing Rules 5450(a)(1) on the NASDAQ Capital Markets requiring listed securities to maintain a minimum bid price of US$1.0 per share (the "Minimum Bid Price Requirement") based on the closing bid price of US$0.0001 ("Common Stock") over the past 30 consecutive trading days, as stipulated in the NASDAQ Listing Rules 5810(C)(3)(A)livecasinosupersicboIf the shortfall lasts for 30 consecutive trading days, there is a situation where the minimum bid price requirement is not met. The company was given a 180 calendar day deadline until May 13, 2024 to restore compliance.
On May 14, 2023, the company received a written notice from Nasdaq stating that although the company had not resumed compliance with the minimum bid requirement under Rule 5810(c)(3)(A) of the Nasdaq Listing Rules before May 13, 2024, the company was eligible to extend it for an additional 180 calendar days or until November 11, 2024 to resume compliance with Rule 5550(a)(2) for the Nasdaq listing. In order to restore compliance, closing bids for the company's common stock must reach or exceed $1.00 per share during this 180-day period for at least ten business days.
The notice does not have immediate effect on listings of common shares on the Nasdaq Capital Market. If the company fails to return to compliance by November 11, 2024, Nasdaq will issue a notice stating that the company's common stock will be delisted. The company will then have the right to appeal the Nasdaq decision to the Nasdaq Eligibility Panel and request a hearing.
The company intends to monitor the closing price of its common stock and consider options available to it to resolve non-compliance with minimum bid requirements. There is no guarantee that the company will be able to return to compliance with the continuing listing requirements of Nasdaq Capital Markets, nor that Nasdaq will further extend the time for the company to return to compliance, if applicable.
