The closing bid price for the Company's ordinary shares had fallen below $1.00 per share for 33 consecutive business days and accordingly, the Company no longer complies with the minimum bid price requirement for continued listing on the Nasdaq Capital Market pursuant to the Nasdaq Listing Rule 5550(a)(2). However the Nasdaq Listing Rules also provide the Company a compliance period of 180 calendar days (i.e. by June 24, 2024) in which to regain compliance. If the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to June 24, 2024 (i.e. June 7, 2024).