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TOKYO, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Lead Real Estate Co., Ltd (Nasdaq: LRE) (“LRE” or “the Company”), a Japanese real estate developer of luxury residential properties, including single-family homes and condominiums across Tokyo, Kanagawa prefecture and Sapporo, today announced that the Company received a staff determination letter (the “Letter”) on February 12, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”), notifying the Company of the determination from the Nasdaq staff (the “Staff”) to delist the Company’s securities from The Nasdaq Global Market because the Company has not regained compliance with Nasdaq Listing Rule 5450(b)(1)(C), which requires a market value of publicly held shares of at least $5,000,000. This announcement is made in compliance with Nasdaq Listing Rule 5810(b).
Pursuant to the Letter, unless the Company requests an appeal of the Staff’s determination, trading of the Company’s American Depositary Shares will be suspended at the opening of business on February 21, 2025, and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.
The Letter stated that the Company may appeal Staff’s determination to a Hearings Panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. A hearing request will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Hearings Panel’s decision. The Company intends to request a hearing to appeal the Staff’s delisting determination by 4:00 p.m. (Eastern Time) on February 19, 2025.
About Lead Real Estate Co., Ltd
Lead Real Estate Co., Ltd is a Japanese developer of luxury residential properties, including single-family homes and condominiums, across Tokyo, Kanagawa prefecture, and Sapporo. In addition, the Company operates hotels in Tokyo and leases apartment building units to individual customers in Japan and Dallas, Texas.
The Company’s mission is to serve its customers by offering stylish, safe, and luxurious living. The Company’s vision is to adopt the Kaizen (continuous improvement) approach to seek to improve its operations, and to leverage its nationally recognized, award-winning luxury homes and strong market position in the luxury residential property market in Tokyo, Kanagawa prefecture, and Sapporo to create a global transaction platform allowing access to prime Japanese condominiums as well as overseas condominiums, including in the U.S. and Hong Kong.