CatCat
7 months ago
SANTA CLARA, Calif., Oct. 06, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, โBorqsโ, or the โCompanyโ), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that it has received multiple non-binding indications of interest for its stake in Holu Hou Energy LLC (โHHEโ) and a selected group of potential buyers have been invited to participate in the second round of due diligence and negotiations for the complete divestment of the Companyโs interest in HHE.
As previously announced, the Company was mandated by CFIUS to divest its ownership in the solar energy storage subsidiary, HHE, due to national security concerns. Subsequently, Cantor Fitzgerald & Co., a nationally reputable investment firm, was engaged by the Company to initiate and manage the sales process of the Companyโs ownership in HHE and has received considerable interest from potential buyers. The said transaction is on track to be finalized by the end of the year.
โProceeds from the divestment will be used for the growth of our business, making strategic M&A, and we will also consider a share buyback program and/or a special dividend payout in order to enhance our shareholder value,โ said Mr. Pat Chan, CEO of Borqs Technologies.
CatCat
9 months ago
EXPLANATORY NOTE
On October 25, 2023, Borqs Technologies, Inc. (the โCompanyโ) received notification from the Nasdaq Hearings Panel (the โPanelโ), that the Panel has determined to delist the ordinary shares of the Company due to its failure to meet the terms of the Panelโs June 2, 2023 decision that granted the Company an extension until October 24, 2023 to regain compliance with the minimum $1 bid price requirement, as set forth in Nasdaqโs Listing Rule 5550(a)(2). Trading of the Companyโs ordinary shares will be suspended on the Nasdaq Capital Market as of the open of trading on Friday October 27, 2023. Accordingly, the ordinary shares of the Company are expected to commence quotation on the OTC Markets (either OTCQB or OTC Pink Market) as of the open of trading on Friday October 27, 2023 under the current stock symbol โBRQSโ. The transition to the OTC Markets will not affect the Companyโs business operations and the Company will continue to file periodic and other reports under the Securities Exchange Act of 1934, as amended.
The Company has submitted an application to have its ordinary shares quoted on the OTCQX, which is typically a three to four week process for approval. OTCQX is the top tier of three markets organized by OTC Markets Group Inc. for trading over-the-counter securities, and is designed for established, investor-focused U.S. and international companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and be current with their disclosure. There is no guarantee that the ordinary shares will be approved for quotation on OTCQX within three to four weeks or at all.