Borqs Technologies Receives Notification From Nasdaq Regarding Insufficient Minimum Offer Price | 2021-08-20 | Press Releases
SANTA CLARA, Calif., Aug. 20, 2021 (GLOBE NEWSWIRE) – Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs & CloseCurlyDoubleQuote; or the” Company & CloseCurlyDoubleQuote;), announced today that the Company has received written notification (the ” Notification letter & CloseCurlyDoubleQuote;) from Nasdaq Stock Market LLC (“Nasdaq & CloseCurlyDoubleQuote;) on August 18, 2021, informing the Company that it is not in compliance with the minimum purchase price requirement set out in the Nasdaq & CloseCurlyQuote; for maintaining the listing on the Nasdaq.
Nasdaq Listing Rule 5550 (a) (2) requires listed securities to maintain a minimum bid price of $ 1.00 per share, and Listing Rule 5810 (c) (3) (A) requires that it there is a breach of the minimum bid price requirement. if the fault persists for a period of 30 consecutive working days. Based on the closing bid price of the Company’s ordinary shares for the 30 consecutive business days from July 7, 2021 to August 17, 2021, the Company no longer meets the minimum bid price requirement.
The notification letter does not affect the company’s listing on the Nasdaq Capital Market at this time. Pursuant to Nasdaq Listing Rule 5810 (c) (3) (A), the Company has 180 calendar days, or until February 14, 2022, to re-comply with Listing Rule 5550 (a ) (2) of the Nasdaq. To restore compliance, the Company’s common shares must have a closing bid price of at least US $ 1.00 for at least 10 consecutive trading days. If the Company does not restore compliance by February 14, 2022, the Company may be given additional time to restore compliance or may be subject to delisting. If, during a compliance period, the common shares have a closing bid price of $ 0.10 or less for 10 consecutive trading days, Nasdaq’s listing qualifications department will issue a staff delisting decision.
The Company’s business operations are not affected by receipt of the notification letter. The Company intends to monitor the closing bid price of its Common Shares and may, from time to time, consider implementing available options, including, but not limited to, the implementation of a consolidation of shares of its outstanding common shares, in order to restore compliance with the minimum bid price. requirement under Nasdaq listing rules.
Vice President Corporate Finance
Borqs Technologies, Inc.