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Springview Holdings Ltd (NASDAQ:SVH) disclosed Monday that it received a Staff Delisting Determination from the Nasdaq Stock Market following its failure to comply with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The information was released in a statement based on a recent SEC filing.
According to the company, the Nasdaq Listing Qualifications Department notified Springview Holdings on April 25 that its Class A ordinary shares had closed below $1.00 per share for 30 consecutive business days, triggering non-compliance with the exchange’s continued listing standards. The company was granted a 180-day period, ending October 22, to regain compliance.
On Friday, Springview Holdings reported it received a follow-up letter from Nasdaq stating that it had not regained compliance within the specified time frame. As a result, Nasdaq staff issued a determination to delist the company’s shares. Trading of the company’s Class A ordinary shares is scheduled to be suspended at the opening of business on November 4.
Springview Holdings said it intends to appeal the decision to a Nasdaq Hearings Panel, as permitted under Nasdaq rules. The company noted that hearings are typically held approximately 30 to 45 days after a hearing request is submitted. The deadline to request a hearing is 4:00 p.m. Eastern Time on October 31.
The company stated it will use reasonable efforts to regain compliance with the minimum bid price rule but noted there is no assurance it will succeed or meet other Nasdaq listing criteria.
All information is based on a press release statement and the company’s SEC filing.
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