J-Long Group Limited Faces Nasdaq Compliance Challenge Ahead
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J-Long Group Limited Navigates Nasdaq Compliance Notification
HONG KONG – J-Long Group Limited (Nasdaq: JL), a prominent distributor of garment trims in Hong Kong, has been informed by Nasdaq Stock Market LLC about a non-compliance issue regarding the minimum market value of publicly held shares, a key requirement for its continued listing on the Nasdaq Global Market.
Understanding the Nasdaq Notification
According to the notification received on a recent date, J-Long Group Limited has not maintained the required minimum market value of publicly held shares (MVPHS) as outlined in Nasdaq Listing Rule 5450(b)(1)(C). This regulation mandates that listed securities maintain a MVPHS of at least US$5,000,000. The notification indicates that this deficiency persisted for over 30 business days, hence the current status.
Path to Compliance
Despite the concerning notification from Nasdaq, the company’s listing status remains intact for now. J-Long Group has been granted a compliance period of up to 180 calendar days, extending to a designated date in the future, to address and rectify the identified deficiencies. To regain compliance, the company will need to ensure its MVPHS is consistently above $5 million for at least 10 consecutive business days within this timeframe.
Potential Outcomes
Should J-Long Group Limited fail to meet these compliance requirements by the specified date, it may face delisting procedures. However, the company retains the right to appeal any delisting determination and may also explore options to transfer its securities to the Nasdaq Capital Market, ensuring that shareholders continue to have opportunities for trading.
Company Resiliency
Importantly, the operations of J-Long Group have not been adversely affected by this notification. The company's management is committed to closely monitoring its MVPHS and is actively considering strategies to regain compliance swiftly. J-Long Group Limited remains optimistic about its prospects on the Nasdaq market.
About J-Long Group Limited
Renowned for its comprehensive distribution of reflective and non-reflective garment trims, J-Long Group Limited stands out in the Hong Kong market. The company specializes in a diverse range of products including heat transfers, fabrics, woven labels, piping, and more. It prides itself on providing tailored services, including market trend analysis and quality control, which consistently meet customer needs.
Contact Information
For more inquiries, reach out to Edwin Chun Yin Wong, CEO and Director, via email at ir@j-long.com or call +852 3693 2110 for immediate assistance.
Frequently Asked Questions
What does the Nasdaq notification entail for J-Long Group Limited?
The notification indicates that the company is currently not meeting the minimum market value requirement for publicly held shares, which poses a risk to its listing.
How long does J-Long Group Limited have to regain compliance?
The company has been given a 180-calendar-day period to rectify the situation and demonstrate compliance with Nasdaq’s minimum market value requirement.
What actions can J-Long Group Limited take if it fails to comply?
If the company does not meet the compliance requirements, it has the option to appeal the delisting decision or transfer its securities to the Nasdaq Capital Market.
Is the company's operations affected by this notification?
No, J-Long Group Limited’s operational activities remain unaffected by the Nasdaq notification, and they continue to serve their customers as usual.
What services does J-Long Group Limited provide?
J-Long Group Limited offers a wide range of services including market analysis, product design, production, and quality control for garment trims.
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