In This Article:
NANPING, China, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Golden Heaven Group Holdings Ltd. ("Golden Heaven" or the "Company") (Nasdaq: GDHG), an amusement park operator in China, today announced the Company received a staff determination letter (the “Letter”), on August 9, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, due to the Company's failure to regain compliance with the minimum bid price of $1.00 per share requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Requirement"), Nasdaq has determined (the “Determination”) that the Company's securities will be scheduled for delisting from Nasdaq unless the Company requests an appeal of such Determination to a Hearings Panel (the "Panel").
On February 8, 2024, the Company received a letter from Nasdaq (the "Notice"), notifying the Company that, based upon the closing bid price of its Class A ordinary shares for the last 30 consecutive business days preceding the Notice, the Company was not in compliance with the Minimum Bid Requirement. In accordance with Listing Rule 5810(c)(3)(A), the Notice provided the Company a period of 180 calendar days from the date of the Notice, or until August 6, 2024, to regain compliance with the Minimum Bid Requirement.
According to the Letter, the Company had not regained compliance with the Minimum Bid Requirement as of August 6, 2024, and is not eligible for a second 180-day period. Specifically, Nasdaq does not believe the Company will cure the deficiency and sustain compliance with the Minimum Bid Requirement. In that regard, Nasdaq notes in the Letter that, as of August 8, 2024, the closing bid price of the Company’s Class A ordinary shares was $0.12. Unless the Company requests an appeal of the Determination by August 16, 2024, the Company’s Class A ordinary shares will be suspended at the opening of business on August 20, 2024, and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission, which will remove the Company’s Class A ordinary shares from listing and registration on Nasdaq.
The Company plans to timely appeal the Determination to the Panel in due course. A hearing request will stay the suspension of the Company’s securities and the filing of Form 25-NSE pending the Panel’s decision. The Company is considering all options available to it, including a reverse stock split, and will provide its shareholders with material updates when they are available.