LAS VEGAS, May 26, 2020 /PRNewswire/ -- Remark
Holdings, Inc. (NASDAQ: MARK), a diversified global technology
company with leading artificial intelligence ("AI") solutions and
digital media properties, today announced that it has received
notification from Nasdaq that the Company has regained compliance
with Nasdaq's minimum bid price and stockholders' equity rules and
met the requirements of the Nasdaq Hearing Panel decision which
requires that the Company evidence compliance with all applicable
criteria for continued listing. Accordingly, the Company's common
stock will continue to be listed on the Nasdaq Capital Market and
Nasdaq considers the matter closed.
"We are pleased to have regained compliance with the Nasdaq's
listing requirements, and we are grateful to our investors for
their trust and support while
the management team and board of directors worked to achieve this
end," noted Kai-Shing Tao, Chairman
and Chief Executive Officer of Remark Holdings, Inc. "With this
matter now resolved, we remain focused on driving growth in our
core business to create shareholder value."
Specifically, on November 20,
2019, the Nasdaq notified the Company that its common stock
failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business
days as required by The Nasdaq Capital Market set forth in Listing
Rule 5550(a)(2). Since then, the Nasdaq determined that for the 10
consecutive business days from May 8 through
May 21, 2020, the closing bid price of the Company's common
stock has been at $1.00 per share or
greater. Accordingly, the Company has regained compliance with
Listing Rule 5550(a)(2) and this matter is now closed.
In addition, on December 30, 2019,
the Nasdaq notified the Company that it had failed to maintain a
minimum market value of listed securities of $35,000,000 over the previous 30 consecutive
business days as required by The Nasdaq Capital Market set forth in
Listing Rule 5550(b)(2). Since then, Nasdaq has determined that for
the 10 consecutive business days from May 6
to May 21, 2020, the Company's market value of listed
securities has been $35,000,000 or
greater. Accordingly, the Company has regained compliance with
Listing Rule 5550(b)(2) and this matter is now closed.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated
suite of AI solutions that enable businesses and organizations to
solve problems, reduce risk and deliver positive outcomes. The
company's easy-to-install AI products are being rolled out in a
wide range of applications within the retail, financial, public
safety and workplace arenas. The company also owns and operates
digital media properties that deliver relevant, dynamic content and
ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations
in Los Angeles, California and in
Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please
visit the company's website at www.remarkholdings.com.
Forward-Looking Statements
This press release may contain forward-looking statements,
including information relating to future events, future financial
performance, strategies, expectations, competitive environment and
regulation. Words such as "may," "should," "could," "would,"
"predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in future tense, identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, including those
discussed in Part I, Item 1A. Risk Factors in Remark Holdings'
Annual Report on Form 10-K and Remark Holdings' other filings with
the SEC. Any forward-looking statements reflect Remark Holdings'
current views with respect to future events, are based on
assumptions and are subject to risks and uncertainties. Given such
uncertainties, you should not place undue reliance on any
forward-looking statements, which represent Remark Holdings'
estimates and assumptions only as of the date hereof. Except as
required by law, Remark Holdings undertakes no obligation to update
or revise publicly any forward-looking statements after the date
hereof, whether as a result of new information, future events or
otherwise.
Company Contact
E. Brian Harvey, Director of
Capital Markets and Investor Relations
Remark Holdings, Inc.
ebharvey@remarkholdings.com
702-701-9514
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SOURCE Remark Holdings, Inc.