Powell Max Limited Receives Nasdaq Notice Regarding Continued Listing Compliance

Rhea-AI Summary

Powell Max (Nasdaq: PMAX) received a Nasdaq notice on Feb 5, 2026 that it no longer met certain corporate governance rules after a director resignation. The board appointed four independent directors on Jan 30, 2026 and reconstituted an audit committee on Feb 6, 2026.

The company notified Nasdaq and believes it has regained compliance with Listing Rule 5605(c)(2); the notice does not affect trading of Class A ordinary shares on Nasdaq Capital Market under the symbol PMAX.

Positive

• Board appointed four independent directors on Jan 30, 2026
• Audit committee reconstituted to three independent directors on Feb 6, 2026
• Company believes it regained Nasdaq compliance with Listing Rule 5605(c)(2)

Negative

• Received Nasdaq notice of noncompliance due to director resignation effective Dec 31, 2025
• Nasdaq granted a cure period expiring by the earlier of the next annual meeting or Dec 31, 2026 (or no later than June 29, 2026 if applicable)

Key Figures

Audit committee requirement: 3 independent directors Cure period deadline: December 31, 2026 Notice date: February 5, 2026 +5 more

8 metrics

Audit committee requirement 3 independent directors Nasdaq Listing Rule 5605(c)(2) requirement

Cure period deadline December 31, 2026 Latest date to regain compliance under Nasdaq notice

Notice date February 5, 2026 Date Nasdaq notified Powell Max of non-compliance

Director resignation effective date December 31, 2025 Effective date of Ms. Lee Chern Koay’s resignation

New independent directors 4 directors Appointed on January 30, 2026

Reconstituted audit committee size 3 independent directors Audit committee reconstituted on February 6, 2026

Price change -6.15% Move over the prior 24 hours before this news

52-week range $1.56–$8.96 Current price $2.46 is 72.54% below 52-week high

Market Reality Check

Price: $2.46 Vol: Volume 8,398 is far below...

low vol

$2.46 Last Close

Volume Volume 8,398 is far below the 1,066,570 20-day average (relative volume 0.01). low

Technical Price at 2.46, trading below the 2.69 200-day MA and 72.54% under the 52-week high.

Peers on Argus

PMAX fell 6.15% while close peers showed mixed moves and only NISN appeared in m...

1 Up

PMAX fell 6.15% while close peers showed mixed moves and only NISN appeared in momentum scans, up 4.14%, suggesting a stock-specific move rather than a broad sector trend.

Historical Context

1 past event · Latest: Sep 23 (Negative)

Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Sep 23	Earnings results	Negative	-2.3%	H1 2025 results showed revenue growth but a large net loss vs prior profit.

Pattern Detected

Limited history in the window shows one earnings release where weak profitability coincided with a modest share price decline.

Recent Company History

In H1 2025, Powell Max reported revenue of HK$23.9 million (up 5.3%) but a net loss of HK$20.4 million, versus a prior-year profit. That earnings report on Sep 23, 2025 saw the stock fall about 2.27% over 24 hours. Today’s Nasdaq governance notice relates instead to board composition and audit committee requirements, adding to an already complex regulatory backdrop without changing reported financials.

Market Pulse Summary

This announcement details Nasdaq’s notice that Powell Max temporarily fell out of compliance with au...

Analysis

This announcement details Nasdaq’s notice that Powell Max temporarily fell out of compliance with audit committee independence rules after a director resignation. The company responded by appointing four new independent directors and reconstituting a three-member independent audit committee, and believes it has regained compliance. Against prior news of losses and capital structure changes, investors may watch ongoing Nasdaq correspondence and future filings to confirm continued adherence to listing standards.

Key Terms

audit committee, independent directors, nasdaq capital market, class a ordinary shares

4 terms

audit committee financial

"the Company’s board of directors reconstituted the audit committee"

A company's audit committee is a small group of board members who act like independent inspectors for the firm's finances, overseeing how financial reports are prepared, monitoring internal controls, and managing the relationship with external auditors. Investors care because a strong audit committee reduces the risk of accounting errors, fraud, or misleading statements, making financial statements more trustworthy and helping protect shareholder value.

independent directors financial

"appointed four new independent directors and on February 6, 2026"

Members of a company’s board who do not have significant business, family, or financial ties to the company and are not part of its management; they are chosen to provide impartial oversight of strategy, financial reporting, executive pay and risk. They matter to investors because independent directors act like an objective referee, helping ensure decisions favor shareholders’ long-term interests rather than insiders, which can strengthen trust and reduce the chance of mismanagement or conflicts of interest.

nasdaq capital market regulatory

"continue to trade on the Nasdaq Capital Market under the symbol"

The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.

class a ordinary shares financial

"listing of the Company’s Class A ordinary shares, which will continue"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

AI-generated analysis. Not financial advice.

HONG KONG, Feb. 11, 2026 (GLOBE NEWSWIRE) -- Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, announced that on February 5, 2026 it received a notification from The Nasdaq Stock Market LLC (“Nasdaq”) stating that, due to the resignation of Ms. Lee Chern Koay from the Company’s board of directors and audit committee effective December 31, 2025, the Company no longer meets certain Nasdaq corporate governance requirements, specifically the independent director and audit committee composition rules under Nasdaq Listing Rule 5605(c)(2) and related provisions, which require an audit committee composed of at least three independent directors.

Nasdaq has provided the Company with a cure period under the applicable listing rules, granting the Company until the earlier of its next annual shareholders’ meeting or December 31, 2026 (and, if the next annual meeting occurs before June 29, 2026, then no later than June 29, 2026) to regain compliance by submitting to Nasdaq documentation, including biographies of any new directors, evidencing compliance.

On January 30, 2026, the Company’s board of directors appointed four new independent directors and on February 6, 2026, the Company’s board of directors reconstituted the audit committee to consist of three independent directors, each of whom satisfies the independence requirements of Nasdaq Listing Rule 5605(a)(2) and the heightened independence and financial literacy requirements of Nasdaq Listing Rule 5605(c)(2). As a result, the Company believes it has regained compliance with the applicable Nasdaq corporate governance requirements. The Company has notified Nasdaq of the foregoing and intends to continue to monitor its compliance with all applicable listing standards.

The notice has no immediate effect on the listing of the Company’s Class A ordinary shares, which will continue to trade on the Nasdaq Capital Market under the symbol “PMAX.”
  
About Powell Max Limited

Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements with regard to the Company’s plan to regain compliance with the Nasdaq corporate governance requirements. Words such as “will,” “future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. Actual results could differ materially from those described in these forward-looking statements due to certain risk factors detailed in the Company's filings with the United States Securities and Exchange Commission (the “SEC”). You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in our most recent annual report on the form 20-F and other reports and documents that we file from time to time with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

For investor and media inquiries, please contact:

Company Info:

Powell Max Limited

Investor Relations ir@janfp.com  (852) 2158 2888

FAQ

Why did Nasdaq notify Powell Max (PMAX) about continued listing compliance on Feb 5, 2026?

Nasdaq notified PMAX because a director resignation left the company without a three-member independent audit committee. According to the company, the resignation of Ms. Lee Chern Koay effective Dec 31, 2025 caused the audit committee composition to fall below Nasdaq Listing Rule 5605(c)(2).

Has Powell Max (PMAX) regained compliance with Nasdaq Listing Rule 5605(c)(2)?

Yes, the company says it has regained compliance after board actions in early 2026. According to the company, four independent directors were appointed on Jan 30, 2026 and the audit committee was reconstituted to three independent directors on Feb 6, 2026.

Will the Nasdaq notice affect trading of Powell Max (PMAX) Class A ordinary shares?

No, the notice has no immediate effect on trading of PMAX shares on Nasdaq. According to the company, Class A ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol PMAX while compliance is addressed.

What deadline did Nasdaq set for Powell Max (PMAX) to regain compliance with listing rules?

Nasdaq granted a cure period until the earlier of the next annual meeting or Dec 31, 2026, with an earlier June 29, 2026 cut-off in some cases. According to the company, documentation including new director biographies must be submitted to Nasdaq to evidence compliance.