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Powell Max Ltd (NASDAQ:PMAX) disclosed this week that it has received a determination letter from the Nasdaq Stock Market indicating that its securities are subject to delisting from the Nasdaq Capital Market. The company announced the development in a press release statement submitted to the Securities and Exchange Commission.
According to the filing, Powell Max received the letter on Tuesday after failing to regain compliance with Nasdaq’s minimum bid price requirement of $1.00 per share within the prescribed 180-day period, which ended on September 1. The company also did not meet the $5 million minimum stockholders’ equity initial listing requirement for the exchange.
Unless Powell Max requests an appeal before 4:00 p.m. Eastern Time on September 9, trading of its securities will be suspended at the opening of business on September 11. Nasdaq has indicated it will then file a Form 25-NSE with the SEC to remove the company’s securities from listing and registration on the exchange.
The company stated in the filing that it intends to request a hearing with a Nasdaq Hearings Panel, which would stay the suspension and delisting process pending the panel’s decision.
This information is based on a press release statement included in the company’s recent SEC filing.
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