(RTTNews) - NewGenIvf Group Limited (NIVF), a comprehensive fertility services provider in Asia, today, announced that it has received a Delisting Notice due to non-compliance with two Nasdaq Listing Rules, but has appealed the decision.
The two Nasdaq rules with which the company is not in compliance are the minimum $15 million Market Value of Publicly Held Shares (MVPHS) and the $50 million Market Value of Listed Securities (MVLS) requirement.
The company was informed of the MVPHS Deficiency and MVLS Deficiency in May of this year and had an initial compliance period of 180 calendar days, or until November 20, 2024, to meet the MVPHS and MVLS requirements. With the deadline now passed, the Nasdaq has issued a delisting notice.
Following the receipt of the notice, NewGenIvf has decided to appeal the delisting determination to stay any further action by the Nasdaq. Additionally, the company is implementing several strategic initiatives including securing two major funding agreements, aimed at strengthening its financial position and increasing shareholders' equity, to ensure its shares remain publicly traded.
The company will also apply to move its securities from the Nasdaq Global Market to the Nasdaq Capital Market.
NIVF is currently trading at $0.54, down 2.41%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
