HAIKOU,
China, April 28, 2023 /PRNewswire/ -- JX
Luxventure Limited (Nasdaq: JXJT) (the "Company"), a company
delivering comprehensive products solutions to global
high-net-worth families serviced by our business customers with
business segments covering tourism, duty-free cross-border
merchandise and technlology solutions, announced today that on
April 25, 2023, it received a Staff
Determination Letter (the "Determination Letter") from the Listing
Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq")
notifying the Company that, unless the Company requests an appeal
of that determination to a Nasdaq Hearings Panel, the Staff
determined that the Company's securities will be scheduled for
delisting from the Nasdaq Capital Market and will be suspended at
the opening of business on May 4,
2023 due to the Company's failure to regain compliance with
a 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").
Earlier, on October 24, 2022, the
Company received its first letter from Nasdaq (the "Notice"),
notifying the Company that based upon the closing bid price of its
common stock for the last 30 consecutive business days preceding
the Notice, the Company was not in compliance with the Minimum Bid
Requirement. The Notice provided the Company a period of 180
calendar days from the date of the Notice, or until April 24, 2023, as set forth in Listing Rule
5810(c)(3)(A) (the "Compliance Period"), to regain compliance with
Minimum Bid Requirement. The Company did not regain compliance with
Minimum Bid Requirement by April 24, 2023, and, as stated in the
Determination Letter, the Staff believes that the Company is not
eligible for an additional 180-day cure period. To qualify for this
extension, the Company would have to meet the continued listing
requirement for the market value of publicly held shares and other
initial listing standards for The Nasdaq Capital Market, with the
exception of the Minimum Bid Requirement. Specifically, Staff does
not believe that the Company complies with the $5,000,000 minimum
stockholders' equity initial listing requirement for The Nasdaq
Capital Market.
On April 26, 2023, the Company
submitted a request for a hearing before the Nasdaq Hearings Panel
to present its plan to regain compliance with the Minimum Bid
Requirement. On April 27, 2023, the
Company received a letter from Nasdaq granting the appeal and
scheduling the hearing for May 25,
2023. This hearing request will stay the suspension of the
Company's securities and the filing of Form 25-NSE pending the
Nasdaq Hearings Panel's decision.
The Company is implementing its plan to regain compliance with
the Minimum Bid Requirement and is working to meet all other
continued listing requirements for the Nasdaq Capital Market. In
that regard, on April 26, 2023, the
Company effected a one-for-ten (1-for-10) reverse stock split (the
"Reverse Stock Split") of its common stock on the Nasdaq Capital
Market. The Company believes that it will be able to regain the
Minimum Bid Requirement prior to the date of the hearing if the
closing bid price of its common stock is at or above $1.00 per share for a minimum of 10 consecutive
business days. The Company also intends to present its financial
data, including stockholders' equity in its annual report on Form
20-F prior to the date of the hearing, to demonstrate its
compliance with other continued listing requirements for the Nasdaq
Capital Market. However, there can be no assurance that the Company
will regain compliance with the Minimum Bid Requirement and will
continue to meet all other continued listing requirements for The
Nasdaq Capital Market.
In the meantime, the Company's common stock will continue to be
listed and traded on The Nasdaq Capital Market, pending a final
decision by the Nasdaq Hearings Panel.
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure Limited is a company
delivering comprehensive products solutions to global
high-net-worth families serviced by our business customers with
business segments covering tourism, duty-free cross-border
merchandise and technology solutions. To learn more about the
Company, please visit its corporate website at
en.jxluxventure.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of JX Luxventure Limited, and
its subsidiary companies. All statements, other than statements of
historical fact included herein, are "forward-looking statements"
in nature within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements due to a variety of factors,
including those discussed in the Company's periodic reports filed
with the Securities and Exchange Commission and available on its
website (http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
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SOURCE JX Luxventure Limited