Metalpha Receives Notification of Deficiency from The Nasdaq Stock Market LLC

Metalpha Technology Holding (Nasdaq: MATH) has received a notification from Nasdaq regarding non-compliance with listing rules due to the delayed filing of its annual report (Form 20-F) for the fiscal year ended March 31, 2024.

Rhea-AI Summary

Metalpha Technology Holding (Nasdaq: MATH) has received a notification from Nasdaq regarding non-compliance with listing rules due to the delayed filing of its annual report (Form 20-F) for the fiscal year ended March 31, 2024. The company has until October 14, 2024, to submit a compliance plan to Nasdaq. If accepted, Metalpha could be granted an extension until February 10, 2025, to regain compliance.

The delay in filing is attributed to additional time needed for report preparation. Metalpha assures it is working diligently to complete and file the 2024 Form 20-F as soon as possible. This notification does not immediately affect the listing or trading of Metalpha's ordinary shares on the Nasdaq Capital Market.

Positive

• No immediate effect on Metalpha's Nasdaq listing or share trading
• Potential extension until February 10, 2025, to regain compliance if plan is accepted

Negative

• Non-compliance with Nasdaq Listing Rule 5250(c)(1) due to delayed annual report filing
• Risk of potential delisting if compliance is not regained within the given timeframe

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HONG KONG, Aug. 19, 2024 /PRNewswire/ -- Metalpha Technology Holding Limited (Nasdaq: MATH) (the "Company" or "Metalpha"), a global digital asset-focused wealth management company, today announced that on August 15, 2024 it has received a written notice from The Nasdaq Stock Market LLC (the "Nasdaq") which states that, as a result of not having timely filed its annual report on Form 20-F for the fiscal year ended March 31, 2024 (the "2024 Form 20-F"), Metalpha is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission (the "SEC"). This notice has no immediate effect on the listing or trading of Metalpha's ordinary shares on the Nasdaq Capital Market.

The Company is required by Nasdaq to submit its plan to regain compliance within 60 calendar days, or no later than October 14, 2024. If the plan is accepted by Nasdaq, the Company can be granted up to 180 calendar days from the 2024 Form 20-F's due date, or until February 10, 2025, to regain compliance.

The Company was not able to file the 2024 Form 20-F by its due date primarily due to the additional time needed to prepare the 2024 Form 20-F, as set forth in the Form 12b-25 submitted to the SEC on July 31, 2024. Metalpha continues to work diligently to complete the 2024 Form 20-F and strives to file it with the SEC as soon as reasonably practicable.

About Metalpha Technology Holding Limited

Founded in 2015, Metalpha Technology Holding Limited (Nasdaq: MATH) went public on October 20, 2017. The listed Company, through its subsidiaries, is dedicated to providing investing and wealth management services with a full-service, institutional-grade platform. With dedicated blockchain expertise, the Company aims to become a leader in the field of crypto wealth management services, bringing robust innovation and transparency to the customers and businesses it serves.

Forward-Looking Statements

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management's control. These statements involve risks and uncertainties that may cause Metalpha's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

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SOURCE Metalpha Technology Holding Limited

FAQ

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Why did Metalpha (MATH) receive a deficiency notice from Nasdaq?

Metalpha (MATH) received a deficiency notice from Nasdaq for not timely filing its annual report on Form 20-F for the fiscal year ended March 31, 2024, violating Nasdaq Listing Rule 5250(c)(1).

What is the deadline for Metalpha (MATH) to submit its compliance plan to Nasdaq?

Metalpha (MATH) must submit its plan to regain compliance to Nasdaq by October 14, 2024, which is 60 calendar days from the notification date.

How long does Metalpha (MATH) have to regain compliance with Nasdaq listing rules?

If Nasdaq accepts Metalpha's (MATH) compliance plan, the company could be granted up to 180 calendar days from the Form 20-F due date, or until February 10, 2025, to regain compliance.

Will Metalpha's (MATH) stock continue trading on Nasdaq despite the deficiency notice?

Yes, the deficiency notice has no immediate effect on the listing or trading of Metalpha's (MATH) ordinary shares on the Nasdaq Capital Market.