XIAMEN,
China, March 21, 2025 /PRNewswire/ -- Pop Culture
Group Co., Ltd ("Pop Culture" or the "Company") (Nasdaq: CPOP), a
hip-hop culture company headquartered in China, today announced that the Company
received a notification letter (the "Notification Letter") from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq"), dated March 17, 2025,
notifying the Company that it is not in compliance with the minimum
bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2)
for continued listing on The Nasdaq Capital Market. This press
release is issued pursuant to Nasdaq Listing Rule 5810(b), which
requires prompt disclosure upon the receipt of a deficiency
notification.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Nasdaq 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 Class A ordinary shares for the 31 consecutive business
days from January 30, 2025 to
March 14, 2025, 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 September 15, 2025, to regain compliance
with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the
Company's Class A ordinary shares must have a closing bid price of
at least US$1.00 for a minimum of 10 consecutive business days. In
the event the Company does not regain compliance by September 15,
2025, the Company may be eligible for additional time to regain
compliance or may face delisting.
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 Class A ordinary shares and may, if
appropriate, consider implementing available options, including,
but not limited to, implementing a reverse share split of its
outstanding Class A ordinary shares, to regain compliance with the
minimum bid price requirement under the Nasdaq Listing Rules.
About Pop Culture Group Co., Ltd
Pop Culture Group Co., Ltd is a hip-hop culture company
headquartered in Xiamen, China.
The Company aims to promote hip-hop culture and its values while
fostering cultural exchanges between the
United States and China.
With the values of hip-hop culture at its core and the younger
generation as its primary target audience, the Company hosts
entertainment events, operates hip-hop-related online programs, and
provides event planning and execution services and brand promotion
services to corporate clients. In recent years, the Company has
focused on developing and hosting its own hip-hop events. For more
information, visit the Company's website at http://ir.cpop.cn/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy, and financial needs. Investors can
find many (but not all) of these statements by the use of words
such as "approximates," "believes," "hopes," "expects,"
"anticipates," "estimates," "projects," "intends," "plans," "will,"
"would," "should," "could," "may," or other similar expressions.
The Company undertakes no obligation to update or revise publicly
any forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
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SOURCE Pop Culture Group Co., Ltd