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BANGKOK, Oct. 14, 2024 (GLOBE NEWSWIRE) -- NewGenIvf Group Limited (NASDAQ: NIVF) (“NewGen” or the “Company”), today announced that on October 8, 2024, the Company received a letter (the “Deficiency Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is currently not in compliance with the closing bid price requirement under Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Rule”).
The Deficiency Letter notified the Company that, for the preceding 30 consecutive business days, the Company’s Class A Ordinary Shares (the “Class A Shares”) did not meet the minimum closing bid price of $1 per share pursuant to Nasdaq Listing Rule 5450(a)(1). The Company has an initial compliance period of 180 calendar days, or until April 7, 2025 (the “Compliance Date”), to regain compliance with the Minimum Bid Price Rule. The Deficiency letter stated that if at any time the closing bid price of the Company’s Class A Shares is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance with this requirement, as applicable.
If the Company does not regain compliance with the above requirements by the Compliance Date, the Company will receive written notification that its securities are subject to delisting. The Company may be eligible for additional time to regain compliance, which will require the Company to submit to Nasdaq written notice of its intent to cure the deficiency ahead of the Compliance Date. The Company intends to monitor the minimum bid price of its Class A Shares and may, if appropriate, consider available options to regain compliance with the Nasdaq requirements.
This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The Deficiency Letter has no immediate effect on the listing of the Company’s Class A Shares, which will continue to trade uninterrupted on Nasdaq under the ticker symbol “NIVF.”
About NewGen
NewGen is a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments. With a mission to aid couples and individuals in building families regardless of fertility challenges, NewGen has dedicated itself to creating increased access to infertility treatment and providing comprehensive fertility services for its customers. NewGen's management team collectively has over a decade of experience in the fertility industry. NewGen's clinics are located in Thailand, Cambodia, and Kyrgyzstan, and present a full suite of services for its patients, including comprehensive infertility and assisted reproductive technology treatments, egg and sperm donation, and surrogacy, in the appropriate jurisdictions, respectively. To learn more, visit www.newgenivf.com. The information contained on, or accessible through, NewGen's website is not incorporated by reference into this press release, and you should not consider it a part of this press release.