HAIKOU,
China, Nov. 1, 2022 /PRNewswire/ -- JX Luxventure
Limited (Nasdaq: JXJT) (the "Company"), a company delivering
comprehensive products solutions to global high-net-worth families
serviced by our business customers with business segments covering
tourism, duty-free cross-border merchandise, eCommerce and B2B SAAS
solutions, today announced that on October
24, 2022, the Company received the letter (the "Notification
Letter") from Nasdaq Stock Market, LLC ("Nasdaq"), notifying the
Company that it is not in compliance with the minimum bid price of
$1.00 per share for thirty (30)
consecutive days, as required by Nasdaq Rules for continued listing
(the "Rules"). In accordance with the Rules, the Company has been
provided 180 calendar days, or until April
24, 2023, to regain compliance with the Rules. The
Notification Letter also provides that if at any time during this
180-day period the closing bid price of the Company's security will
be at least $1.00 for a minimum of
ten consecutive business days, Nasdaq will provide its written
confirmation of compliance and this matter will be closed.
If the Company does not regain compliance within the 180-day
period, the Company may be eligible for additional time, provided
that it meets all listing standards for The Nasdaq Capital Market,
with the exception of the bid price requirement, and shall provide
written notice to Nasdaq of its intention to cure the deficiency
during the second compliance period, by effecting a reverse stock
split, if necessary. If Nasdaq determines that the Company meets
these requirements, it will notify the Company that it will be
granted an additional 180-day cure period, but if Nasdaq determines
that the Company does not meet these requirements, Nasdaq will
notify the Company that its securities will be subject to
delisting.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time (however, Nasdaq will
include the Company on its website in its list of non-compliant
Nasdaq companies and the basis of such non-compliance commencing
five business days from the date of the Notification Letter). The
Company's business operations are also not affected by the receipt
of the Notification Letter. The Company intends to monitor the
closing bid price of its securities on the Nasdaq Capital Market
and, if appropriate, consider implementing available options,
including a reverse stock split, to regain compliance with the
minimum bid price requirement under the Rules.
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure Limited is a company
delivering comprehensive products solutions to global
high-net-worth families serviced by our business customers with
business segments covering tourism, duty-free cross-border
merchandise, eCommerce and B2B SAAS solutions. To learn more
about the Company, please visit its corporate website at
en.jxluxventure.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of JX Luxventure Limited, and
its subsidiary companies. All statements, other than statements of
historical fact included herein, are "forward-looking statements"
in nature within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements due to a variety of factors,
including those discussed in the Company's periodic reports filed
with the Securities and Exchange Commission and available on its
website (http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
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SOURCE JX Luxventure Limited