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CIMG Inc. (NASDAQ:IMG) announced Friday that it received an additional delist determination letter from The Nasdaq Stock Market. According to a statement based on its SEC filing, the company was notified by Nasdaq on July 17 that it remains out of compliance with the minimum bid price requirement under Listing Rule 5550(a)(2).
Nasdaq had previously informed CIMG Inc. on January 14 that its common stock had closed below $1.00 per share for 30 consecutive business days, triggering the non-compliance notice. The company was granted 180 calendar days, until July 14, to regain compliance. As of this week, CIMG Inc. has not met the requirement and is not eligible for a second 180-day extension because it does not satisfy the initial listing criteria for The Nasdaq Capital Market under the Equity Standard or alternative standards.
The latest letter from Nasdaq states that this continued non-compliance serves as an additional basis for delisting the company’s securities from The Nasdaq Stock Market.
CIMG Inc. appealed a prior Nasdaq delisting determination letter dated June 27, and a hearing before the Nasdaq Hearings Panel is scheduled for August 14. Nasdaq has notified the company that the Panel will consider the new deficiency in making its decision about CIMG Inc.’s continued listing. The company is preparing to present its position regarding the additional deficiency at the upcoming hearing.
CIMG Inc. stated it is actively addressing the deficiencies noted in the Nasdaq delist determination letters dated June 17 and July 17, and is preparing for the scheduled hearing.
This information is based on a press release statement filed with the Securities and Exchange Commission.
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