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HONG KONG - Fenbo Holdings Limited (NASDAQ: FEBO), a Hong Kong-based original equipment manufacturer for Spectrum Brands with a market capitalization of $16.5 million, disclosed that it has received a notification from Nasdaq regarding non-compliance with the stock market’s listing rules. The company’s stock has declined significantly, falling over 88% in the past six months according to InvestingPro data. The Determination Letter, dated January 16, 2025, states that Fenbo has not met the Annual Meeting Requirement of holding a shareholder meeting within twelve months of the fiscal year-end on December 31, 2023.
The company’s listing status on Nasdaq remains unaffected at present. Fenbo has been given until March 3, 2025, to submit a plan that outlines steps to conform with the Annual Meeting Requirement. If the plan is accepted, Nasdaq may allow an extension of up to 180 days, or until June 30, 2025, for the company to achieve compliance.
Chairman and CEO Mr. Huang Hongwu expressed commitment to maintaining the company’s Nasdaq listing, citing the benefits of liquidity and pricing efficiency the exchange provides for shareholders. Fenbo is currently preparing to hold its annual shareholder meeting and expects to regain compliance following this event. InvestingPro analysis reveals the company maintains a healthy current ratio of 2.47, indicating strong short-term liquidity, though it’s currently experiencing rapid cash burn. Get access to 8 more key ProTips and comprehensive financial metrics with an InvestingPro subscription.
Fenbo Holdings has over three decades of experience in manufacturing personal care electric appliances, notably electrical hair styling products, and has been a sole OEM for Spectrum Brands since 2006. The company’s products under the Remington brand are sold in Europe, the United States, and Latin America.
The company cautions that there is no certainty that Nasdaq will approve its compliance plan or that it will be able to meet the listing standards within the potential extension period. Despite achieving 9% revenue growth in the last twelve months, InvestingPro’s Financial Health Score indicates WEAK overall company health, suggesting potential challenges ahead. Unlock detailed financial analysis and real-time alerts with InvestingPro to stay ahead of market developments. Should the plan be rejected, Fenbo will have the right to appeal to a Hearing Panel under Nasdaq Listing Rule 5815(a). Non-compliance without rectification could ultimately lead to delisting from the Nasdaq Stock Market.
This news is based on a press release statement from Fenbo Holdings Limited. The company has emphasized that forward-looking statements in the release are not guarantees of future performance and involve risks and uncertainties. Investors are advised to review the company’s SEC filings for a more comprehensive understanding of potential risks.
In other recent news, Fenbo Holdings Ltd, a manufacturer of electric housewares and fans, has been notified by the Nasdaq Stock Market of non-compliance with its listing rules, specifically for failing to hold an annual shareholder meeting within the required timeframe after its fiscal year-end on December 31, 2023. The company received a Determination Letter from Nasdaq on January 16, 2025, and must now submit a plan to regain compliance by March 3, 2025. Despite maintaining a healthy current ratio of 2.47, InvestingPro data reveals concerning trends for Fenbo Holdings, including rapid cash burn and high price volatility.
The company is currently preparing for an annual meeting to address this issue and expects to return to compliance following the meeting. If accepted by Nasdaq, Fenbo may receive an extension of up to 180 days from its fiscal year-end, or until June 30, 2025, to meet the requirement. However, there is no guarantee that Nasdaq will accept the company’s compliance plan, or that the company will be able to meet the conditions within any granted extension period. If the plan is rejected, Fenbo Holdings will have the right to appeal the decision to a Nasdaq Hearing Panel. These recent developments underline the challenges Fenbo Holdings faces in maintaining its listing status on the Nasdaq Stock Market.
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