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Magic Empire Global Limited reports developments tied to its Hong Kong financial services business, including corporate finance advisory, IPO sponsorship, financial and independent financial advisory, compliance advisory, underwriting, and corporate services. The company’s updates also cover operating results, Nasdaq Capital Market listing compliance, and capital actions involving ordinary shares.
MEGL news has included its Nasdaq IPO, the addition of corporate services such as accounting and financial reporting advisory, company secretarial services, and internal control enhancement, a share repurchase authorization, a special interim dividend, and the resolution of a Nasdaq minimum bid price compliance matter.
Magic Empire Global (NASDAQ: MEGL) has successfully resolved its bid price deficiency concern with Nasdaq. The company received formal notification on March 4, 2025, confirming compliance with the Nasdaq Minimum Bid Price Requirement after maintaining a closing bid price of $1.00 or higher for 10 consecutive business days from February 18 to March 3, 2025.
This resolution comes after a previous notification on February 26, 2025, where Nasdaq had initially determined MEGL's non-compliance with Listing Rule 5550(a)(2), which would have resulted in delisting from the Capital Market. The successful compliance means the prior bid price deficiency matter is now closed, and MEGL will continue its listing on the Nasdaq Capital Market.
Magic Empire Global (MEGL) reported its unaudited financial results for H1 2024. Revenue increased by 26.9% to HK$7.7 million (US$1.0 million), primarily driven by successful completion of two Nasdaq listing advisory projects. However, net income decreased by 13.6% to HK$0.6 million (US$80,000). The company's financial advisory services revenue significantly increased to HK$6.9 million, while compliance advisory services revenue decreased to HK$0.5 million. Selling, general and administrative expenses rose 27.6% to HK$9.2 million due to increased staff costs and business development expenses. Basic and diluted EPS decreased to HK$0.03 from HK$0.04 in the previous year.
Magic Empire Global (NASDAQ: MEGL) has received a notification from Nasdaq granting an additional 180 calendar days, until February 24, 2025, to regain compliance with the minimum bid price requirement of $1 per share. This extension was granted based on MEGL meeting other continued listing requirements for the Capital Market, except for the bid price requirement. The company has expressed its intention to cure the deficiency, potentially through a reverse stock split if necessary.
If MEGL fails to demonstrate compliance by the new deadline, Nasdaq will provide written notification of delisting, at which point the company may appeal to a hearing panel. MEGL is currently evaluating options to regain compliance but cautions that there is no assurance of success in meeting the rule requirements.
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Magic Empire Global Limited (Nasdaq: MEGL) has successfully closed its initial public offering (IPO) of 5,000,000 ordinary shares at $4.00 each, raising $20 million in gross proceeds. The shares began trading on Nasdaq on August 5, 2022. The offering was conducted on a firm commitment basis, with Network 1 Financial Securities, Inc. serving as the lead underwriter. The SEC declared the registration statement effective on August 4, 2022, and the final prospectus was filed the following day, with further information accessible via the SEC's website.
Magic Empire Global Limited (MEGL) has priced its initial public offering (IPO) at $4.00 per share for 5,000,000 ordinary shares, aiming for total gross proceeds of $20 million. The shares are set to begin trading on Nasdaq on August 5, 2022, with the offering expected to close around August 9, 2022, pending customary conditions. Network 1 Financial Securities, Inc. is the lead underwriter. A registration statement has been filed with the SEC, and a final prospectus will be available through the underwriter and the SEC's website.