Magic Empire Global Limited Receives Extension from Nasdaq
Announcement Details
Hong Kong, Aug. 28, 2024 — Magic Empire Global Limited (NASDAQ: MEGL) (“MEGL”, or the “Company”) has announced that on August 27, 2024, the Company received a letter from Nasdaq, notifying the Company that Nasdaq has determined the Company is eligible for an additional 180 calendar day period, or until February 24, 2025, to regain compliance with the minimum bid price of $1 per share requirement pursuant to the continued listing requirement of Nasdaq under Nasdaq Listing Rules 5550(a)(2).
Compliance Requirements
This extension is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement. Additionally, the Company’s written notice to Nasdaq dated August 19, 2024, notes its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
Consequences of Non-Compliance
If compliance cannot be demonstrated by February 24, 2025, Nasdaq will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal the determination to a hearing panel.
Impact on Individuals
Personal Finance
For individual investors holding shares in Magic Empire Global Limited, the potential delisting of the Company’s securities could lead to a loss in the value of their investments. It is important for investors to monitor the situation closely and consider their options moving forward.
Global Implications
Market Confidence
The news of Magic Empire Global Limited’s compliance extension from Nasdaq could impact market confidence, as investors may view the Company’s struggles to meet listing requirements as a red flag. This could lead to increased volatility in the market as stakeholders evaluate the situation and make informed decisions.
Conclusion
In conclusion, Magic Empire Global Limited’s extension from Nasdaq provides the Company with additional time to regain compliance with listing requirements. It is crucial for investors to stay informed and make well-informed decisions regarding their investments. The global market may experience fluctuations in response to this news, highlighting the interconnected nature of the financial world.
