YY Group Announces Receipt of Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
Rhea-AI Summary
YY Group Holding (NASDAQ: YYGH) has received a deficiency letter from Nasdaq on August 1, 2024, notifying the company of its non-compliance with the minimum bid price requirement of $1.00 per share. YYGH has been given until January 28, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive trading days. The company's Class A ordinary shares will continue to trade on Nasdaq under the ticker 'YYGH' during this period. YY Group is considering various measures to improve its financial position and results of operations to address the issue and cure the deficiency within the given timeframe.
Positive
- Company's shares continue to trade uninterrupted on Nasdaq
- 180-day grace period provided to regain compliance
- Company considering measures to improve financial position
Negative
- Non-compliance with Nasdaq's minimum bid price requirement
- Risk of potential delisting if compliance is not regained
- Indication of poor stock performance over the last 30 business days
News Market Reaction
On the day this news was published, YYGH gained 1.27%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SINGAPORE, Aug. 05, 2024 (GLOBE NEWSWIRE) -- YY Group Holding Limited (NASDAQ: YYGH) (“YY Group”, “YYGH”, or the “Company”), a data and technology-driven provider of hotel and hospitality staffing and commercial cleaning and janitorial services, today announces that it has received a deficiency letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Capital Market (“Nasdaq”) on August 1, 2024, notifying the Company that it was not in compliance with the minimum bid price requirement as set forth under Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure upon the receipt of a deficiency notification.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US
In accordance with the Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until January 28, 2025, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's Class A Shares must have a closing bid price of at least US
The receipt of the Notification Letter has no immediate effect on the Company's business operations or the listing of the Company's Class A Shares, which will continue to trade uninterrupted on the Nasdaq under the ticker "YYGH". To address this issue, the Company intends to continuously monitor its closing bid price and is in the process of considering various measures to improve its financial position and results of operations, which the Company expects to countervail the short-term adverse effects on its trading price and cure the deficiency in due time.
About YY Group Holding Limited
YY Group Holding Limited is a Singapore-based provider of hotel and hospitality staffing and commercial cleaning and janitorial services. Rooted in innovation and a commitment to user-centric experiences, YY Circle leverages app-based technology to optimize the labor sourcing market and the Internet of Things to revolutionize the cleaning industry.
For more information on the Company, please log on to https://yygroupholding.com/.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (SEC). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
For further information, please contact:
Singapore Investor Contact
Phua Zhi Yong, Chief Financial Officer
YY Group
Enquiries@yygroupholding.com
U.S. Investor Contact
Jack Perkins
KCSA Strategic Communications
YYGroup@kcsa.com
FAQ
What is the minimum bid price requirement that YYGH failed to meet?
When does YYGH need to regain compliance with Nasdaq's minimum bid price requirement?
What must YYGH do to regain compliance with Nasdaq's listing rules?
Will YYGH's stock continue to trade on Nasdaq during the compliance period?
