Prestige Wealth Inc. Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency
July 26 2024 - 4:30PM
Prestige Wealth Inc. (NASDAQ: PWM) (“PWM”, or the “Company”),
a wealth management and asset management services provider
based in Hong Kong, today announced that, on July 23, 2024, the
Company received a letter from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the
Company that based on the closing bid price of the Class A ordinary
shares of the Company for the last 33 consecutive business days,
the Company no longer meets the continued listing requirement of
Nasdaq under Nasdaq Listing Rules 5550(a)(2), to maintain a minimum
bid price of $1 per share.
The notification has no immediate effect on the
listing or trading of the Company’s Class A ordinary shares on
Nasdaq. Nasdaq has provided the Company with an 180 calendar days
compliance period, or until January 20, 2025, in which to regain
compliance with Nasdaq continued listing requirement. In the event
that the Company does not regain compliance in the compliance
period, the Company may be eligible for an additional 180 calendar
days, should the Company meet the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for The Nasdaq Capital Market, with the exception of the
bid price requirement, and is able to provide written notice of its
intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. However,
if it appears that the Company will not be able to cure the
deficiency, or if the Company is otherwise not eligible, Nasdaq
will provide notice that the Company’s securities will be subject
to delisting.
The Company is currently evaluating options to
regain compliance and intends to timely regain compliance with
Nasdaq’s continued listing requirement. Although the Company will
use all reasonable efforts to achieve compliance with Rule
5550(a)(2), there can be no assurance that the Company will be able
to regain compliance with that rule or will otherwise be in
compliance with other Nasdaq continued listing requirement.
About Prestige Wealth Inc.
Prestige Wealth Inc. is a wealth management and
asset management services provider based in Hong Kong, assisting
its clients in identifying and purchasing well-matched wealth
management products and global asset management products. With a
focus on quality service, the Company has retained a loyal customer
base consisting of high-net-worth and ultra-high-net-worth clients
in Asia. Through the Company’s wealth management service, it
introduces clients to customized wealth management products and
provides them with tailored value-added services. The Company
provides asset management services via investment funds that it
manages and also provides discretionary account management services
and asset management-related advisory services to clients. For more
information, please visit the Company’s website:
http://ir.prestigewm.hk
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can find many (but not all) of these statements by
the use of words such as “approximates,” “believes,” “hopes,”
“expects,” “anticipates,” “estimates,” “projects,” “intends,”
“plans,” “will,” “would,” “should,” “could,” “may” or other similar
expressions in this prospectus. The Company undertakes no
obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company’s registration statement and other filings with the
SEC.
For more information, please
contact:
Prestige Wealth Inc.Investor
Relations DepartmentEmail: ir@prestigefh.com
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