TNL Mediagene Granted Continued Listing by Nasdaq Hearings Panel, Subject to Meeting $1 Bid Price Rule On or Before January 7, 2026

Rhea-AI Summary

TNL Mediagene (Nasdaq: TNMG) announced that on December 23, 2025 the Nasdaq Hearings Panel granted continued listing on The Nasdaq Capital Market, subject to the company demonstrating compliance with Listing Rule 5550(a)(2) (the $1 Bid Price Rule) on or before January 7, 2026.

The exception requires the company to promptly notify Nasdaq of any significant events affecting compliance; the Panel may reconsider the exception if new adverse events arise. The Panel hearing occurred December 16, 2025 after the company appealed a November 6, 2025 staff determination to delist for failure to meet the $1 bid price requirement. The company presented a compliance plan, including a reverse share split announced December 19, 2025, and will continue trading pending a final written decision after January 7, 2026.

Positive

• Nasdaq Panel granted continued listing subject to exception
• Shares will continue trading on Nasdaq pending final decision

Negative

• Must regain compliance with $1 bid price by January 7, 2026
• Company previously received a staff determination to delist on November 6, 2025

Key Figures

Bid price requirement $1.00 per share Nasdaq Listing Rule 5550(a)(2) minimum bid price

Compliance deadline January 7, 2026 Date by which company must meet $1 Bid Price Rule

Listing rule Rule 5550(a)(2) Nasdaq Capital Market $1 Bid Price Rule reference

Compliance period 180 calendar days Initial period to regain $1 bid price before delisting determination

Market Reality Check

$2.79 Last Close

Volume Volume 262,313 is 3.06x the 20-day average of 85,829, showing elevated trading interest ahead of the listing decision. high

Technical Shares trade below the 200-day MA, with price at 2.75 versus the MA at 9.36, indicating a pre-existing downtrend.

Peers on Argus

TNMG fell 4.98% while peers were mixed: EDUC +2.3%, SCHL +5.75%, GCI -1.09%, and others near flat. This points to stock-specific pressure rather than a sector-wide move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 22	AI partnership update	Positive	+5.8%	Early AI content licensing revenues via TollBit marketplace integration.
Dec 19	Shareholder letter	Positive	-31.1%	FY2025 guidance, capital improvements, partnerships, and profitability outlook.
Dec 19	Reverse split action	Neutral	-31.1%	Announcement of 1-for-20 share consolidation to support Nasdaq compliance.
Dec 15	Analyst commentary	Positive	-17.3%	Sidoti note on financial flexibility, reduced overhang, and execution focus.
Dec 11	Data partnership	Positive	-1.1%	Partnership with CMoney to enhance AdTech data and audience insights.

Pattern Detected

Recent history shows frequent negative reactions to otherwise constructive operational and financing updates, with only the latest AI licensing news seeing a positive move.

Recent Company History

Over the past weeks, TNL Mediagene has focused on capital structure, partnerships, and compliance. A 1-for-20 share consolidation and financing changes aimed to improve flexibility and support Nasdaq’s $1.00 bid requirement. Strategic partnerships, including data and AI content licensing, sought to drive growth. However, several of these announcements, such as the Sidoti highlight and shareholder letter, saw negative price reactions, underscoring investor sensitivity as the company navigates listing compliance.

Market Pulse Summary

The stock moved -7.3% in the session following this news. A negative reaction despite the conditional listing extension would fit prior patterns where constructive updates still met selling pressure. The requirement to meet the $1.00 bid by January 7, 2026 and the Panel’s discretion to reconsider the exception add perceived risk. Past news on financing and strategy often saw downside, suggesting that uncertainty around long-term compliance and capital structure could have continued to weigh on sentiment.

Key Terms

nasdaq hearings panel regulatory

"the Company has been notified by the Nasdaq Hearings Panel"

A Nasdaq hearings panel is a group of experts that reviews cases when a company's stock listing is at risk of being removed from the exchange. They evaluate whether the company has met certain standards and determine if it can keep trading on Nasdaq. This process matters to investors because it can affect a company's ability to raise money and maintain credibility in the market.

listing rule 5550(a)(2) regulatory

"demonstrate compliance with the Listing Rule 5550(a)(2), or the $1 Bid Price Rule"

Listing Rule 5550(a)(2) is a Nasdaq listing standard that sets a minimum share-price requirement for securities to be listed or to remain listed on the Nasdaq Capital Market. It matters to investors because falling below that minimum can trigger delisting reviews or increased volatility, much like a safety bar on a ride — if a stock can’t meet the height requirement, it risks being removed from the exchange, which can reduce liquidity and access for buyers and sellers.

$1 bid price rule regulatory

"Listing Rule 5550(a)(2), or the $1 Bid Price Rule"

A $1 bid price rule is a listing standard that requires a stock’s quoted bid price to stay at or above one US dollar for a set period to remain on an exchange or market tier. It matters to investors because falling below that threshold often triggers warnings, potential removal from the exchange and reduced visibility and trading options—similar to a height requirement that can bar a rider from a ride, low bids can bar a stock from preferred market access and increase the risk and illiquidity for holders.

nasdaq capital market regulatory

"continued listing on The Nasdaq Capital Market has been granted"

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.

reverse share split financial

"its plan (including the reverse share split the Company announced on December 19)"

A reverse share split is when a company reduces the number of its shares outstanding by combining multiple shares into one, effectively increasing the price of each share. For investors, this can help improve the company's image or meet stock exchange listing requirements, but it does not change the total value of their investment. It’s similar to turning many small pieces of a puzzle into fewer larger pieces—nothing new is added or lost, just rearranged.

staff determination letter regulatory

"due to a staff determination letter (the "Determination Letter") on November 6, 2025"

A staff determination letter is a written decision from the employees of a government or market regulator about a specific filing, application or compliance question; it tells a company whether the regulator accepts, rejects or needs more information. For investors, it matters because the letter can affect a company’s ability to sell securities, keep a stock listing, or move forward with a product or transaction—similar to a building inspector’s report that decides if construction can continue.

AI-generated analysis. Not financial advice.

TOKYO and TAIPEI, Taiwan, Dec. 24, 2025 /PRNewswire/ -- TNL Mediagene (Nasdaq: TNMG) (the "Company"), a Tokyo-based next-generation digital media and data group in Asia, today announced that on December 23, 2025, the Company has been notified by the Nasdaq Hearings Panel (the "Panel") of The Nasdaq Stock Market LLC ("Nasdaq") that the Company's request for continued listing on The Nasdaq Capital Market has been granted, subject to the following:

On or before January 7, 2026, the Company must demonstrate compliance with the Listing Rule 5550(a)(2), or the $1 Bid Price Rule. It is a requirement during the exception period that the Company provide prompt notification of any significant events that occur during this time that may affect the Company's compliance with Nasdaq requirements. This includes, but is not limited to, any event that may call into question the Company's ability to meet the terms of the exception granted. The Panel reserves the right to reconsider the terms of this exception based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of the Company's securities on Nasdaq inadvisable or unwarranted.

The decision was made by the Panel following a hearing held on December 16, 2024, during which the Company presented its plan (including the reverse share split the Company announced on December 19) to regain compliance with $1 Bid Price Rule. In the meantime, the Company will continue to be listed and its shares will continue to be traded on Nasdaq, pending a final written decision by the Panel after January 7, 2026.

On November 13, 2025, the Company filed a request for a hearing before the Panel to present its financial and operational data and compliance plan with the applicable listing requirements. This request was due to a staff determination letter (the "Determination Letter") on November 6, 2025 from the staff of the Listing Qualifications Department of Nasdaq notifying the Company of the staff's determination to delist the Company's securities from The Nasdaq Capital Market due to the Company's failure to regain compliance with the $1 per share bid price requirement for continued listing as set forth in Listing Rule 5550(a)(2), or the $1 Bid Price Rule, following the 180 calendar day compliance period. On November 13, 2025, the Company received a letter from Nasdaq granting the appeal and scheduling the hearing by the Panel for December 16, 2025.

About TNL Mediagene

Headquartered in Tokyo, TNL Mediagene was formed in May 2023 through the merger of Taiwan's The News Lens Co. and Japan's Mediagene Inc., two of the region's leading independent digital media groups. The company's operations span original and licensed media brands in Japanese, Chinese, and English, covering topics such as news, business, technology, science, food, sports, and lifestyle. It also offers AI-driven advertising services, marketing technology platforms, e-commerce, and innovative solutions tailored to the needs of advertising agencies. Known for its political neutrality, appeal to younger audiences, and high-quality content, TNL Mediagene has approximately 500 employees across Asia, with offices in Japan, Taiwan, and Hong Kong.
https://www.tnlmediagene.com/

Cautionary Statement Regarding Forward-Looking Statements 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to TNL Mediagene. Forward-looking statements generally relate to future events or TNL Mediagene's future financial or operating performance. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements in this communication include, but are not limited to, statements about TNL Mediagene's future business plan and growth strategies and statements by TNL Mediagene's management. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for TNL Mediagene to predict these events or how they may affect TNL Mediagene. In addition, risks and uncertainties are described in TNL Mediagene's filings with the Securities and Exchange Commission, including the risks and uncertainties set forth under the heading "Risk Factors" in TNL Mediagene's Annual Report on Form 20-F filed on April 30, 2025, as may be supplemented or amended by the TNL Mediagene's Reports of a Foreign Private Issuer on Form 6-K.  These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. TNL Mediagene cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks that TNL Mediagene presently does not know or that TNL Mediagene currently does not believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by TNL Mediagene, its directors, officers or employees or any other person. Except as required by applicable law, TNL Mediagene does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of TNL Mediagene as of any date subsequent to the date of this communication.

 

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SOURCE TNL Mediagene

FAQ

What did Nasdaq decide for TNL Mediagene (TNMG) on December 23, 2025?

The Nasdaq Hearings Panel granted continued listing subject to TNMG demonstrating compliance with the $1 Bid Price Rule by January 7, 2026.

Will TNMG shares keep trading while Nasdaq reviews compliance?

Yes. TNMG will continue to be listed and its shares will continue to trade on Nasdaq pending a final written decision after January 7, 2026.

What trigger could cause Nasdaq to reconsider TNMG's exception?

The Panel may reconsider if any event, condition, or circumstance arises that, in its opinion, makes continued listing inadvisable or unwarranted.

What compliance action did TNMG present to the Nasdaq Panel?

TNMG presented a compliance plan at the December 16, 2025 hearing, including a reverse share split announced December 19, 2025.

Why was TNMG facing delisting before the hearing?

On November 6, 2025, Nasdaq staff determined to delist TNMG for failing to regain compliance with the $1 per share bid price after the 180-day compliance period.