Semilux's Path to Compliance Following Nasdaq Notification
Semilux's Notification from Nasdaq Regarding Filing Delays
Semilux International Ltd. (NASDAQ: SELX), based in Taipei, has encountered a significant challenge as indicated by a notification letter it received from Nasdaq's Listing Qualifications Department. The notice, which arrived on May 27, signals that the company has fallen out of compliance with a crucial Nasdaq listing requirement.
Impact of the Deficiency Letter
The notification, often referred to as the “Deficiency Letter,” explains that Semilux failed to file its annual report on Form 20-F for the fiscal year ending December 31, 2024, by the required deadline. As per Nasdaq Listing Rule 5250(c)(1), timely submission of all necessary reports to the U.S. Securities and Exchange Commission (SEC) is mandatory for companies that are listed on the exchange.
According to Nasdaq regulations, Semilux has 60 calendar days to propose a plan that outlines how it intends to rectify this compliance issue. If approved, Nasdaq may provide an extension of up to 180 days to allow the company to meet the compliance requirements by November 11, 2025.
Reasons for the Filing Delay
The delay in filing stems from the additional time needed to finalize financial statements and prepare the complex Annual Report. The management team at Semilux is committed to resolving these issues swiftly and is working diligently to file the Annual Report as soon as possible.
Continuing Operations Unaffected
It's important to note that the receipt of the Deficiency Letter does not currently jeopardize the listing of Semilux's ordinary shares on the Nasdaq Capital Market. The company is executing its operational strategies whilst addressing this compliance matter. Transparency is key, and this notification aligns with Nasdaq Listing Rule 5810(b), which mandates prompt communication about compliance deficiencies.
About Semilux International Ltd.
Domiciled in the Cayman Islands, Semilux operates through its subsidiaries, which include Taiwan Color Optics, Inc. (TCO) and Semilux Ltd. TCO specializes in optical and 3D sensing technologies. Their focus revolves around the design, customization, and supply of optical components and integrated circuits tailored for various progressive industries such as autonomous driving and intelligent lighting systems.
Working closely with clients, TCO is adept at producing high-precision optics and sensing modules tailored to the specific requirements, enhancing ease of integration into various applications. Notable applications of TCO's offerings are evident in automotive technologies like laser headlight systems, adaptive driving beams, and systems crucial for light detection and autonomous driving functionalities (LiDAR).
Investor Relations and Contact Information
For further insights or inquiries regarding Semilux, interested parties can reach out via their investor relations email at IR@semilux.com. The company emphasizes maintaining strong communication with stakeholders while navigating these recent challenges.
Frequently Asked Questions
What prompted Semilux to receive the Deficiency Letter?
Semilux received the Deficiency Letter for failing to file its Annual Report on Form 20-F by the required deadline.
What actions can Semilux take to address the Nasdaq compliance issue?
Semilux must submit a compliance plan within 60 days of receiving the letter to regain compliance with Nasdaq regulations.
How much time does Semilux have to regain compliance with Nasdaq?
If approved, Semilux could have up to 180 additional days to comply, extending the timeline to November 11, 2025.
Does the notification impact Semilux's stock on Nasdaq?
Currently, the receipt of the Deficiency Letter does not affect the listing of Semilux's ordinary shares on the Nasdaq Capital Market.
What industries does Semilux operate in?
Semilux operates primarily in optical and 3D sensing technology, servicing industries like autonomous driving and intelligent lighting.
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