SU Group Holdings Receives Notice of Delisting from Nasdaq Due to Minimum Publicly Held Share Deficiency; Company Appeals Determination
SU Group Holdings (Nasdaq: SUGP), a Hong Kong-based security engineering services company, received a delisting notice from Nasdaq on September 17, 2025, due to failing to maintain the minimum requirement of 500,000 publicly held shares. This deficiency emerged following a reverse stock split implemented on July 31, 2025, which was originally intended to cure a previous minimum bid price requirement issue.
The company has appealed the determination to a hearings panel, which temporarily stays the delisting process that would have been effective September 26, 2025. SUGP shares will continue trading on Nasdaq during the appeal process. The company plans to resolve the deficiency through various measures, including a potential secondary offering via Form F-1 to increase publicly held shares.
SU Group Holdings (Nasdaq: SUGP), una società di servizi di ingegneria della sicurezza con sede a Hong Kong, ha ricevuto da Nasdaq una notifica di delisting il 17 settembre 2025, per non aver mantenuto il requisito minimo di 500.000 azioni detenute pubblicamente. Tale deficit è emerso dopo uno reverse stock split adottato il 31 luglio 2025, inizialmente finalizzato a risolvere un problema precedente legato al prezzo minimo di offerta.
L’azienda ha presentato ricorso a un comitato di udienze, che ha temporaneamente sospeso il processo di delisting che sarebbe diventato effettivo il 26 settembre 2025. Le azioni SUGP continueranno a essere negoziate su Nasdaq durante l’iter di ricorso. La società intende eliminare la carenza mediante diverse misure, tra cui una possibile offerta secondaria tramite Form F-1 per aumentare le azioni detenute pubblicamente.
SU Group Holdings (Nasdaq: SUGP), empresa de servicios de ingeniería de seguridad con sede en Hong Kong, recibió un aviso de retirada de Nasdaq el 17 de septiembre de 2025 por no cumplir con el mínimo de 500.000 acciones en circulación. Esta deficiencia surgió tras un reverse split implementado el 31 de julio de 2025, que originalmente buscaba corregir un problema previo relacionado con el precio mínimo de la oferta.
La compañía ha apelado la determinación ante un panel de audiencias, que suspendió temporalmente el proceso de delisting que habría sido efectivo el 26 de septiembre de 2025. Las acciones de SUGP seguirán cotizando en Nasdaq durante el proceso de apelación. La empresa planea resolver la deficiencia mediante diversas medidas, incluida una posible oferta secundaria mediante Form F-1 para aumentar las acciones en circulación.
SU Group Holdings (Nasdaq: SUGP), 홍콩에 본사를 둔 보안 엔지니어링 서비스 회사는 2025년 9월 17일 Nasdaq로부터 상장폐지 통보를 받았으며, 공개적으로 보유된 최소 주식 50만 주를 유지하지 못해 발생했습니다. 이 결손은 2025년 7월 31일에 시행된 역분할로 인해 생겼으며, 이전의 최소 매수 가격 요건 문제를 해결하기 위한 목적이었습니다.
회사는 심의 패널에 이의를 제기했고, 심의 패널은 2025년 9월 26일에 발효될 상장폐지 절차를 일시 정지했습니다. SUGP 주식은 항소 절차 동안 Nasdaq에서 계속 거래될 예정입니다. 회사는 공모를 통한 공개 주식 수 증가를 포함한 다양한 조치를 통해 결손을 해결할 계획입니다. Form F-1을 통한 2차 공모도 포함될 수 있습니다.
SU Group Holdings (Nasdaq: SUGP), une société de services d’ingénierie de sécurité basée à Hong Kong, a reçu un avis de radiation de Nasdaq le 17 septembre 2025 pour non-respect du seuil minimum de 500 000 actions détenues publiquement. Cette carence est apparue après une opération de regroupement inversé réalisée le 31 juillet 2025, initialement destinée à remédier à un problème antérieur lié au prix minimum d’offre.
L’entreprise a fait appel de la décision devant un panel d’audiences, qui a temporairement suspendu le processus de radiation qui aurait pris effet le 26 septembre 2025. Les actions SUGP continueront à être négociées sur Nasdaq pendant la procédure d’appel. La société prévoit de résoudre la carence par diverses mesures, y compris une éventuelle offre secondaire via le formulaire F-1 pour augmenter les actions détenues publiquement.
SU Group Holdings (Nasdaq: SUGP), ein in Hongkong ansässiges Unternehmen für Sicherheits-Engineering-Dienstleistungen, erhielt am 17. September 2025 eine Delisting-Mitteilung von Nasdaq, da es die Mindestanforderung von 500.000 öffentlich gehaltenen Aktien nicht erfüllt. Dieses Defizit entstand nach einem am 31. Juli 2025 durchgeführten Reverse-Split, der ursprünglich dazu gedacht war, ein früheres Problem mit dem Mindestangebotskurs zu beheben.
Das Unternehmen hat gegen die Entscheidung Berufung bei einem Hearing Panel eingelegt, das den Delisting-Prozess, der am 26. September 2025 in Kraft getreten wäre, vorübergehend ausgesetzt hat. Die SUGP-Aktien werden während des Berufungsverfahrens weiterhin an der Nasdaq notiert bleiben. Das Unternehmen plant, das Defizit durch verschiedene Maßnahmen zu beheben, einschließlich einer möglichen Sekundäremission über Form F-1, um die öffentlich gehaltenen Aktien zu erhöhen.
SU Group Holdings (Nasdaq: SUGP)، شركة خدمات هندسة أمان مقرها هونغ كونغ، قد تلقت إشعار إزالة إدراج من Nasdaq في 17 سبتمبر 2025 بسبب عدم الحفاظ على الحد الأدنى المتمثل في 500,000 سهم متداول علناً. ظهرت هذه النقص بسبب تقسيم عكسي للأسهم تم تطبيقه في 31 يوليو 2025، كان مخصصاً أصلاً لحل مشكلة سابقة تتعلق بسعر العرض الأدنى.
قد جارت الشركة القرار أمام لجنة جلسات استماع، والتي أوقفت مؤقتاً عملية الإزالة من التداول التي كان من المفترض أن تكون سارية في 26 سبتمبر 2025. ستستمر أسهم SUGP في التداول على Nasdaq خلال عملية الاستئناف. تخطط الشركة لحل الخلل من خلال إجراءات متعددة، بما في ذلك عرض ثانوي محتمل عبر النموذج F-1 لزيادة الأسهم المملوكة علناً.
SU Group Holdings（纳斯达克：SUGP），一家总部位于香港的安全工程服务公司，因未能维持公开持有股票的最低数量50万股，于2025年9月17日收到纳斯达克的退市通知。此缺陷出现在于2025年7月31日实施的逆向股票拆分之后，最初的目的是为了解决先前的最低出价价格要求问题。
公司已向听证小组提起申诉，该小组暂时中止了本应于2025年9月26日生效的退市程序。在上诉期间，SUGP股票将继续在纳斯达克交易。公司计划通过多种措施来解决该缺陷，其中包括通过提交表格F-1进行潜在的二次发行，以增加公开持股数量。
- Company has already filed an appeal which temporarily prevents immediate delisting
- Management has proposed a compliance plan including a potential secondary offering to increase public float
- Shares continue trading on Nasdaq during the appeal process
- Risk of delisting from Nasdaq due to insufficient publicly held shares (below 500,000 requirement)
- Reverse stock split resulted in new compliance issues
- Potential secondary offering may lead to dilution
- If delisted, company faces reduced market visibility, limited trading liquidity, and financing challenges
Insights
SU Group faces potential Nasdaq delisting for failing minimum publicly held shares requirement, significantly threatening its market presence and investor liquidity.
SU Group Holdings' received a delisting determination from Nasdaq for failing to maintain the minimum 500,000 publicly held shares requirement under Rule 5550(a)(4). This development follows the company's July 31st reverse stock split, which was ironically implemented to cure a previous minimum bid price deficiency. The reverse split inadvertently created this new compliance issue by reducing the total number of publicly traded shares.
While the company has appealed the determination to a hearings panel, which temporarily stays the delisting process, this situation places SU Group in a precarious position. The company's shares will continue trading under "SUGP" until either the deficiency is rectified or the appeal is heard.
The company has proposed a compliance plan and is contemplating a secondary offering via Form F-1 to increase its publicly held shares. However, if these remediation efforts fail, the consequences would be severe. A delisting would substantially reduce the company's market visibility, limit trading liquidity, restrict access to capital markets, potentially violate loan covenants, and damage relationships with stakeholders.
The clustering of multiple compliance issues in quick succession - first the minimum bid price problem in March 2025, followed by the publicly held shares deficiency resulting from the remedial action - suggests deeper structural challenges within the company's capital structure. The sequential nature of these problems raises questions about management's foresight in planning compliance strategies and understanding their regulatory implications.
As previously reported on Form 6-K, on March 20, 2025, the Company received a written notification letter (the "First Letter") from Nasdaq, notifying the Company it was not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2). On July 31, 2025, the Company effected a reverse stock split in order to cure the deficiency under Nasdaq Listing Rule 5550(a)(2) for continued listing. On July 31, 2025, the Company's ordinary shares were also redesignated as Class A ordinary shares (the "ordinary shares"), as previously reported on Form 6-K on August 20, 2025.
As a result of the reverse stock split, on August 27, 2025, as previously reported on From 6-K, the Company received a written notification letter (the "Second Letter") from Nasdaq notifying the Company that it no longer meets the minimum 500,000 publicly held shares requirement for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(4). The Company submitted a compliance plan to Staff on September 15, 2025, detailing the actions the Company intends to take in order to restore compliance with Nasdaq Listing Rule 5550(a)(4) and 5550(a)(2).
As noted above, the Company has already appealed Staff's determination to a hearings panel. The Company intends to cure the deficiencies as soon as possible and if the hearing is to move forward will provide a plan to regain compliance to the Panel and will present a plan that includes a discussion of the actions that it believes will enable it to regain compliance with Nasdaq Listing Rule 5550(a)(2) and 5550(a)(4). Among other actions, the Company is currently contemplating a secondary offering on a registration statement on Form F-1 which will increase the Company's publicly held shares amount.
If the Company does not rectify the deficiencies and has to go to a hearing and the Panel disagrees and/or does not grant the Company an extension to comply with Nasdaq Listing Rule 5550(a)(2) and 5550(a)(4) the Company will be subject to being delisted from the Nasdaq. If a delisting occurs, the Company will be faced with a number of material adverse consequences, including limited availability of market quotations for its ordinary shares; limited news and analyst coverage; decreased ability to obtain additional financing or failure to comply with the covenants required by the Company's borrowing arrangement; limited liquidity for the Company's shareholders due to thin trading; and a potential loss of confidence by investors, employees and other third parties who do business with the Company.
About SU Group Holdings Limited
SU Group (Nasdaq: SUGP) is an integrated security-related services company that primarily provides security-related engineering services, security guarding and screening services, and related vocational training services in Hong Kong. Through its subsidiaries, SU Group has been providing turnkey services to the existing infrastructure or planned development of its customers through the design, supply, installation, and maintenance of security systems for over two decades. The security systems that SU Group provides services include threat detection systems, traffic and pedestrian control systems, and extra-low voltage systems in private and public sectors, including commercial properties, public facilities, and residential properties in Hong Kong. For more information visit www.sugroup.com.hk.
Forward-Looking Statements
The Company makes forward-looking statements in this report within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events. These statements may be preceded by, followed by or include the words "may," "might," "will," "will likely result," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or similar expressions. These forward-looking statements are based on information available to the Company as of the date of this report and involve substantial risks and uncertainties. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to a variety of factors, including the Company's ability to submit a plan to regain compliance satisfactory to Nasdaq and the Panel; the Company's ability to evidence that it has a minimum of 500,000 publicly held shares and a minimum bid price of at least
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SOURCE SU Group Holdings Limited
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