HPH Announces Receipt of Minimum Bid Price Notice from Nasdaq
Rhea-AI Summary
Highest Performances Holdings (NASDAQ: HPH) has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company's ADSs have traded below $1.00 for 35 consecutive business days. HPH has been granted a 180-day compliance period until May 20, 2025 to regain compliance by maintaining a closing bid price of $1.00 or higher for at least 10 consecutive business days. If unsuccessful, HPH may be eligible for an additional 180-day period if it meets other listing requirements. The company plans to take measures to regain compliance, including potentially implementing a reverse stock split.
Positive
- Eligible for additional 180-day compliance period if initial deadline is not met
- Current listing status remains unaffected during compliance period
Negative
- Stock trading below minimum Nasdaq requirement of $1.00 for 35 consecutive days
- Risk of potential delisting if compliance is not achieved by May 20, 2025
- Possible need for reverse stock split to maintain listing
News Market Reaction
On the day this news was published, HPH declined 0.40%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
GUANGZHOU, China, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Highest Performances Holdings Inc. (NASDAQ: HPH) (“HPH” or the “Company”), today announced that it has received written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”), dated November 21, 2024, indicating that for the last 35 consecutive business days, the closing bid price for the Company’s American depositary shares (the “ADSs”) was below the minimum bid price of US
Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until May 20, 2025, to regain compliance under the Nasdaq Listing Rules. If at any time during the 180-day compliance period, the closing bid price of the Company’s ADSs is US
In the event that the Company does not regain compliance by May 20, 2025, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the minimum bid price requirement. In this case, the Company will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary.
The Nasdaq notification letter will have no effect on the Company’s business operations, and the Company will take all reasonable measures to regain compliance.
About HPH
Founded in 2010 and formerly known as Puyi Inc., we have evolved with a vision to become a leading provider of intelligent technology-driven family and enterprise services. Our mission is to enhance the quality of life for families worldwide by leveraging two primary driving forces: technological intelligence and capital investments. We are dedicated to investing in high-quality enterprises with global potential, focusing on areas such as asset allocation, education and study tours, healthcare and elderly care, and family governance.
We currently hold controlling interests in two leading financial service providers in China. The first is AIX Inc., a technology-driven independent financial service platform traded on the Nasdaq. The second is Puyi Fund Distribution Co., Ltd., an independent wealth management service provider.
Highest Performances Holdings Inc., formerly known as Puyi Inc., was renamed on March 13, 2024 to reflect its strategic transformation.
Forward-looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When HPH uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from HPH’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: HPH’s ability to obtain proceeds from the Agreement; HPH’s goals and strategies; HPH’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets HPH serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by HPH with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in HPH’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. HPH undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
FAQ
Why did HPH receive a Nasdaq deficiency notice?
What is the deadline for HPH to regain Nasdaq compliance?
What happens if HPH fails to meet the May 20, 2025 deadline?
