Globavend Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

Globavend Holdings (Nasdaq: GVH), an emerging e-commerce logistics provider, has received a notice from Nasdaq indicating non-compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company has until February 12, 2025, to regain compliance by having its closing bid price meet or exceed $1.00 per ordinary share for at least ten consecutive business days.

The notice does not immediately affect GVH's listing, and its ordinary shares will continue to trade under the symbol 'GVH'. Globavend intends to monitor the situation and may consider implementing options to regain compliance, including a potential reverse stock split.

Positive

• Ordinary shares continue to trade on Nasdaq Capital Market under symbol 'GVH'
• Company has 180 days until February 12, 2025 to regain compliance

Negative

• Received Nasdaq notification of non-compliance with $1.00 minimum bid price requirement
• May need to implement a reverse stock split to regain compliance

Ordinary shares will continue to trade on the Nasdaq Capital Market, and the Company’s listing on such exchange is not affected by the receipt of the Notice

PERTH, AUSTRALIA, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Globavend Holdings Limited (Nasdaq: GVH) (the “Company” or “GVH”), an emerging e-commerce logistics provider, disclosed that it had received a notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) that GVH is not currently in compliance with the $1.00 minimum bid price requirement for continued listing of the Company’s ordinary shares (the “Ordinary Shares”) on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rules (the “Minimum Bid Price Requirement”). The Notice indicated that the Company has 180 days, or until February 12, 2025 (the “Compliance Deadline”), to regain compliance with the Minimum Bid Price Requirement by having the closing bid price of the Ordinary Shares meet or exceed $1.00 per Ordinary Share for at least ten consecutive business days.

The Notice has no immediate effect on the listing of the Company’s Ordinary Shares, which continue to trade on The Nasdaq Capital Market under the symbol “GVH.” The Company intends to monitor the closing bid price of its Ordinary Shares and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement, including a reverse stock split (i.e., a share consolidation).

About Globavend Holdings Limited

Globavend Holdings Limited, an emerging e-commerce logistics provider, offers end-to-end logistics solutions in Hong Kong, Australia, and New Zealand. The Company primarily serves enterprise customers, including e-commerce merchants and operators of e-commerce platforms, facilitating business-to-consumer (B2C) transactions. As an e-commerce logistics provider, Globavend delivers integrated cross-border logistics services from Hong Kong to Australia and New Zealand. It provides customers with a comprehensive solution, encompassing pre-carriage parcel drop-off, parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation, and final delivery.

Forward-Looking Statements

This press release contains certain forward-looking statements, including those regarding the Company’s plans to regain compliance with the minimum bid requirement, the potential to obtain any additional extensions from Nasdaq, the Company’s ability to regain or maintain compliance with the Nasdaq Listing Rules or continue its listing on Nasdaq. . Words such as “will,” “future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. These statements are subject to inherent uncertainties, many of which are difficult to predict and generally beyond the Company’s control.. These and other risk factors and uncertainties are detailed in our annual report on Form 20-F. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise, except as required by law.

For investor and media inquiries, please contact:

Company Info:

Globavend Holdings Limited
Wai Yiu Yau, Chairman and CEO
project@globavend.com 61 08 6141 3263

FAQ

What is the minimum bid price requirement that Globavend Holdings (GVH) failed to meet?

Globavend Holdings (GVH) failed to meet the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.

When is the deadline for Globavend Holdings (GVH) to regain compliance with Nasdaq's minimum bid price requirement?

Globavend Holdings (GVH) has until February 12, 2025, to regain compliance with Nasdaq's minimum bid price requirement.

How can Globavend Holdings (GVH) regain compliance with Nasdaq's minimum bid price requirement?

Globavend Holdings (GVH) can regain compliance by having its closing bid price meet or exceed $1.00 per ordinary share for at least ten consecutive business days before February 12, 2025.

Will Globavend Holdings (GVH) be immediately delisted from Nasdaq due to this notification?

No, Globavend Holdings (GVH) will not be immediately delisted. The company's ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol 'GVH'.