HONG KONG, March 11, 2025 (GLOBE NEWSWIRE) -- Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, announced that it has received a notification letter (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) that the Company is not in compliance with the $1.00 minimum bid price requirement for continued listing of the Company’s Class A Ordinary Shares (the “Ordinary Shares”) on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rules (the “Minimum Bid Price Requirement”) because the closing bid price for the Ordinary Shares had been below $1.00 for 30 consecutive business days.
The Notice indicated that the Company has 180 days, or until September 1, 2025 (the “Compliance Deadline”), to regain compliance with the Minimum Bid Price Requirement by maintaining the closing bid price of the Ordinary Shares at or above $1.00 per Ordinary Share for at least ten consecutive business days prior to the Compliance Deadline.
The Notice has no immediate effect on the listing of the Company’s Ordinary Shares, which will continue to trade on The Nasdaq Capital Market under the symbol “PMAX.” The Company intends to monitor the closing bid price of its Ordinary Shares and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement, including effecting a reverse stock split (i.e., a share consolidation).
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