Glonghui, May 15 | RAYA.US (RAYA.US) announced that on November 20, 2023, the company received a written notice from the NASDAQ Stock Market Listing Qualification Department. Based on the closing purchase price of $0.0001 per share (“common stock”) for the past 30 consecutive trading days, the company failed to comply with NASDAQ Capital Market NASDAQ Listing Rule 5450 (a) (1) (1), which requires listed securities to maintain a minimum purchase price of $1.0 per share (“minimum purchase price requirement”), NASDAQ Listing Rule 5810 (C) (3) (A), If it is less than 30 consecutive trading days, the minimum purchase price requirement may not be met. The company was offered a period of 180 calendar days until May 13, 2024 to resume compliance.
On May 14, 2023, the company received a written notice from NASDAQ stating that although the company has not resumed compliance with minimum bid requirements until May 13, 2024 under section 5810 (c) (3) (A) of the NASDAQ listing rules, the company is eligible for an additional 180 calendar days or until November 11, 2024 to resume compliance with rule 5550 (a) (2) for the NASDAQ listing. To restore compliance, the closing bid for the company's common shares must reach or exceed $1.00 per share during this 180-day period for at least ten business days.
The notice is not immediately effective for the listing of common shares on the NASDAQ capital market. If the company fails to resume compliance by November 11, 2024, NASDAQ will issue a notice stating that the company's common stock will be delisted... The company will then have the right to appeal the NASDAQ decision to the NASDAQ Listing Eligibility Panel and request a hearing.
The company intends to monitor the closing price of common stock and consider its available options to address non-compliance with minimum bid requirements. There is no guarantee that the company will be able to re-comply with the NASDAQ capital market's continuing listing requirements, and there is no guarantee that NASDAQ will further extend the time it takes for the company to return to compliance (if applicable).