Borqs Technologies receives Nasdaq notification regarding minimum bid price deficiency
August 20 2021 - 4:15PM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
today announced that the Company has received a written
notification (the “Notification Letter”) from the Nasdaq Stock
Market LLC (“Nasdaq”) on August 18, 2021, notifying the Company
that it is not in compliance with the minimum bid price requirement
set forth in Nasdaq’s rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed
securities to maintain a minimum bid price of US$1.00 per share,
and Listing Rule 5810(c)(3)(A) provides that a failure to meet the
minimum bid price requirement exists if the deficiency continues
for a period of 30 consecutive business 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 impact the
Company's listing on the Nasdaq Capital Market at this time. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been provided 180 calendar days, or until February 14, 2022, to
regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain
compliance, the Company's ordinary shares must have a closing bid
price of at least US$1.00 for a minimum of 10 consecutive trading
days. In the event the Company does not regain compliance by
February 14, 2022, the Company may be eligible for additional time
to regain compliance or may face delisting. If during any
compliance period the ordinary shares have a closing bid price of
$0.10 or less for 10 consecutive trading days, Nasdaq’s Listing
Qualifications Department shall issue a Staff Delisting
Determination.
The Company's business operations are not
affected by the receipt of the Notification Letter. The Company
intends to monitor the closing bid price of its ordinary shares and
may, if appropriate, consider implementing available options,
including, but not limited to, implementing a reverse share split
of its outstanding ordinary shares, to regain compliance with the
minimum bid price requirement under the Nasdaq Listing Rules.
Investor Contact:Sandra DouVice
President of Corporate FinanceBorqs Technologies,
Inc.sandra.dou@borqs.netwww.borqs.com
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