Magic Empire Global Limited announces that the bid price deficiency concern raised by Nasdaq has been successfully resolved
Rhea-AI Summary
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.
Positive
- Regained Nasdaq listing compliance, avoiding potential delisting
- Maintained $1.00+ share price for 10 consecutive trading days
- Secured continued listing on Nasdaq Capital Market
Negative
- Previously faced delisting risk due to minimum bid price non-compliance
News Market Reaction
On the day this news was published, MEGL declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Hong Kong, March 04, 2025 (GLOBE NEWSWIRE) -- Magic Empire Global Limited (NASDAQ: MEGL) (“MEGL”, or the “Company”) is pleased to announce that the bid price deficiency concern raised by Nasdaq has been successfully resolved.
The Company has received written notification (the “Nasdaq Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it has regained compliance with the minimum bid price requirement set forth in the rules for continued listing on the Nasdaq Capital Market (the “Listing Rules”).
On February 26, 2025, the Company received a letter from Nasdaq notifying the Company that it has not regained compliance with Listing Rule 5550(a)(2). Accordingly, its securities will be delisted from the Capital Market. The Company may appeal Staff’s determination to the Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series.
On March 4, 2025, the Company received formal notification from Nasdaq, that the Company has regained compliance with the Nasdaq Minimum Bid Price Requirement. Nasdaq made this determination of compliance after the closing bid price of the Company’s ordinary shares was at
MEGL remains committed to maintaining the highest standards of corporate governance and compliance. The company appreciates the support of its shareholders.
About Magic Empire Global Limited
Magic Empire Global Limited is a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting services. Its service offerings mainly comprise (i) IPO sponsorship services; (ii) financial advisory and independent financial advisory services; (iii) compliance advisory services; (iv) underwriting services; and (iv) corporate services. For more information, visit the Company’s website at http://www.meglmagic.com.
Safe Harbor Statement
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.
Hong Kong:
Magic Empire Global Limited
Ms. Vivien Tai
Tel: +852 3577 8770
E-mail: meglir@giraffecap.com
FAQ
How did Magic Empire Global (MEGL) resolve its Nasdaq bid price deficiency in March 2025?
What was the minimum share price requirement MEGL needed to meet for Nasdaq compliance?
When did MEGL receive the initial Nasdaq delisting notice?
What is the current status of MEGL's Nasdaq listing after resolving the bid price deficiency?
