HONG KONG, Dec. 30, 2024 (GLOBE NEWSWIRE) — Garden Stage Limited (NASDAQ: GSIW) (GSIW or the Company), announced today that it received a notice of default (Notice) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq) on December 24, 2024, indicating that the Company is not currently listed on the Nasdaq- It complies with the minimum bid price requirement set forth in the listing rules for continued listing on the Nasdaq Capital Market because the closing price of the Company’s common stock, which are listed on the Nasdaq Capital Market, have been below $1.00 per share for 30 consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that failure to meet the minimum bid price requirement there is If the shortage continues for 30 consecutive working days. The notice provides that the company has 180 calendar days from the date of the notice or until June 23, 2025 to restore compliance with the minimum bid price requirement.
The receipt of the notice has no immediate impact on the Company’s business operations or the listing of the Company’s common stock, which will continue to trade continuously on Nasdaq under the ticker symbol GSIW. According to the notices, the company has until June 23, 2025 to regain compliance with the minimum tender price requirement, during which time the company’s common stock will continue to trade on the Nasdaq Capital Market. If at any time prior to June 23, 2025, the offering price of the Company’s common stock closes at or above $1.00 per share for at least 10 consecutive business days, Nasdaq will provide the Company with written confirmation of compliance.
If the Company does not regain compliance by June 23, 2025, the Company may have additional time to regain compliance. To qualify, a company is required to meet the permanent listing requirement of the market value of publicly held shares and all other initial listing standards of the Nasdaq Capital Market, except for the minimum offering price requirement. In addition, the Company is required to notify Nasdaq of its intent to cure the deficiency during the second compliance period.
About Garden Stage Limited
GSIW, through our operating subsidiaries, is a Hong Kong-based financial services provider primarily engaged in the provision of (i) placement and underwriting services; (ii) securities trading and brokerage services; (iii) asset management services; and (iv) investment advisory services. Our operation is carried out through our wholly owned operating subsidiaries: a) I Win Securities Limited, which is licensed to carry out Type 1 (securities) regulated activities in Hong Kong under the SFO, and b) I Win Asset Management Limited, which is licensed Type 4 (securities advice) and Type 9 (asset management) regulated activities under the SFO in Hong Kong in Kong. I Win Securities Limited is a stock exchange participant and holds the right to trade on one stock exchange. I Win Securities Limited is a member of the HKSCC.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may be defined by terminology such as “will”, “expects”, “expects”, “future”, “intends”, “plans”, “believes”, “estimates”, “certain” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the US Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Additional information regarding these and other risks is provided in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update such information, except as required by applicable law.
For more information, please contact:
Garden Stage Limited
Chan Se Ho
Executive Director
Email: rickychan@iwinsec.com
Tel: (852) 2688 6333
Source: Garden stage Limited