Nasdaq Grants Borqs Technologies Another 180 Days to Regain $1 Bid Price Compliance

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Borqs Technologies, Inc. (Nasdaq: BRQS) has received a notice from Nasdaq confirming eligibility for an additional 180 days to comply with the $1 bid price requirement until August 15, 2022. The company intends to address this deficiency, potentially through a reverse stock split. To regain compliance, Borqs must maintain a closing bid price of at least $1 for 10 consecutive business days during this period.

Positive

Eligible for an additional 180 days to regain compliance with Nasdaq's $1 bid price requirement.
Potential reverse stock split indicated as a strategy for compliance.

Negative

Currently not in compliance with Nasdaq's minimum bid price requirement.

News Market Reaction – BRQS

+8.26%

1 alert

+8.26% News Effect

On the day this news was published, BRQS gained 8.26%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

02/16/2022 - 09:30 AM

SANTA CLARA, Calif., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, announces that Nasdaq Listing Qualifications has provided written notice dated February 15, 2022, that the Company is eligible for another 180 calendar day period, or until August 15, 2022, to regain compliance with Nasdaq’s minimum $1 bid price requirement. The Company has provided written notice, as required by Nasdaq, of our intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. Compliance can be attained during this additional time period if the closing bid price of the Company’s security is at least $1 per share for a minimum of 10 consecutive business days.

Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
sandra.dou@borqs.net
www.borqs.com

FAQ

What is Borqs Technologies' current status with Nasdaq regarding compliance?

Borqs Technologies is currently not in compliance with Nasdaq's minimum bid price requirement but has been given an additional 180 days until August 15, 2022, to regain compliance.