Magic Empire Global says bid price deficiency concern successfully resolved
Magic Empire Global announced that the bid price deficiency concern raised by Nasdaq has been successfully resolved. The company has received written notification from The Nasdaq Stock Market LLC notifying the company that it has regained compliance with the minimum bid price requirement set forth in the rules for continued listing on the Nasdaq Capital Market. On February 26, the company received a letter from Nasdaq notifying the company that it has not regained compliance with Listing Rule 5550(a)(2). Accordingly, its securities will be delisted from the Capital Market. The company may appeal Staff's determination to the Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. On March 4, the company received formal notification from Nasdaq, that the company has regained compliance with the Nasdaq Minimum Bid Price Requirement. Nasdaq made this determination of compliance after the closing bid price of the Company's ordinary shares was at $1.00 per share or greater for the last 10 consecutive business days from February 18, 2025 to March 3, 2025. Accordingly, the company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.
