Intelligent Living Application Group Inc. Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

Intelligent Living Application Group (NASDAQ: ILAG), a Hong Kong-based lockset manufacturer, received a notification from Nasdaq on January 23, 2025, regarding non-compliance with the minimum bid price requirement. The company's shares traded below $1.00 for 30 consecutive trading days, violating Nasdaq Marketplace Rule 5550(a)(2).

The company has been granted a 180-day compliance period until July 22, 2025, to regain compliance. ILAG can meet the requirement if its shares close at or above $1.00 for at least 10 consecutive business days. If unsuccessful, the company may be eligible for an additional 180-day period, provided it meets other Nasdaq Capital Market listing requirements and indicates intention to cure the deficiency, potentially through a reverse stock split.

Positive

• No immediate effect on current Nasdaq listing
• 180-day compliance period granted with possibility of additional 180-day extension

Negative

• Stock trading below $1.00 for 30 consecutive days
• Risk of potential delisting from Nasdaq if compliance not achieved
• May need to implement reverse stock split to maintain listing

HONG KONG, Jan. 27, 2025 /PRNewswire/ -- Intelligent Living Application Group Inc. (NASDAQ: ILAG) ("Intelligent Living" or the "Company"), a premium lockset manufacturer in Hong Kong, announced today that, on January 23, 2025, the Company received a letter from the Nasdaq Stock Market ("Nasdaq") notifying the Company that, because the closing bid price for the Company's ordinary shares listed on Nasdaq was below $1.00 for 30 consecutive trading days, the Company no longer meets the minimum bid price requirement for continued listing on Nasdaq under Nasdaq Marketplace Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share (the "Minimum Bid Price Requirement").

The notification has no immediate effect on the listing of the Company's ordinary shares. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification, until July 22, 2025 (the "Compliance Period"), to regain compliance with the Minimum Bid Price Requirement. If at any time before the expiration of the Compliance Period the bid price of the Company's ordinary shares closes at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance. If the Company does not regain compliance by the end of the Compliance Period, the Company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company's securities will be subject to delisting.

The Company intends to continue actively monitoring the bid price for its ordinary shares between now and the expiration of the Compliance Period and will consider all available options to resolve the deficiency and regain compliance with the Minimum Bid Price Requirement.

About Intelligent Living Application Group Inc.

Intelligent Living Application Group Inc. is a premium lockset manufacturer and distributor headquartered in Hong Kong. Intelligent Living manufactures and sells high quality mechanical locksets to customers mainly in the United States and Canada and has continued to diversify and refine its product offerings in the past 40 years to meet its customers' needs. Intelligent Living obtained the ISO9001 quality assurance certificate and various accredited quality and safety certificates including American National Standards Institute (ANSI) Grade 2 and Grade 3 standards that are developed by the Builders Hardware Manufacturing Association (BHMA) for ANSI. Intelligent Living keeps investing in self-designed automated product lines, new craftsmanship and developing new products including smart locks. For more information, visit the Company's website at http://www.i-l-a-g.com.

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 identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" 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 SEC, which are available for review at www.sec.gov. 

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SOURCE Intelligent Living Application Group, Inc.

FAQ

What is the deadline for ILAG to meet Nasdaq's minimum bid price requirement?

ILAG has until July 22, 2025, to meet Nasdaq's minimum bid price requirement of $1.00 per share.

How can ILAG regain compliance with Nasdaq's listing requirements?

ILAG can regain compliance if its stock closes at $1.00 or above for a minimum of 10 consecutive business days before July 22, 2025.

What happens if ILAG fails to meet the minimum bid requirement by July 22, 2025?

If ILAG fails to comply by July 22, 2025, it may be eligible for an additional 180-day period if it meets other Nasdaq Capital Market listing requirements and commits to implementing a reverse stock split if necessary.

What triggered Nasdaq's deficiency notice to ILAG?

ILAG received the notice because its stock traded below $1.00 for 30 consecutive trading days, violating Nasdaq Marketplace Rule 5550(a)(2).