VS Media Announces Receipt of Nasdaq Minimum Bid Price Notification
December 29 2023 - 6:00AM
VS Media Holdings Limited (NASDAQ: VSME, the “Company”), a leader
in managing a global network of digital creators, announced today
that today announced that it received written notification on
December 27, 2023, from The Nasdaq Stock Market LLC that it no
longer complies with the minimum bid price requirement for
continued listing on the Nasdaq Capital Market pursuant to the
Nasdaq Listing Rule 5550(a)(2).
The closing bid price for the Company's ordinary shares had
fallen below $1.00 per share for 33 consecutive business days and
accordingly, the Company no longer complies with the minimum bid
price requirement for continued listing on the Nasdaq Capital
Market pursuant to the Nasdaq Listing Rule 5550(a)(2). However the
Nasdaq Listing Rules also provide the Company a compliance period
of 180 calendar days (i.e. by June 24, 2024) in which to regain
compliance. If the Company chooses to implement a reverse stock
split, it must complete the split no later than ten business days
prior to June 24, 2024 (i.e. June 7, 2024).
If at any time during this 180 day period, the closing bid price
of the Company's ordinary shares is at least $1.00 for a minimum of
ten consecutive business days, the Company will be provided with
written confirmation of compliance and the matter will be
closed.
In the event the Company does not regain compliance, it may be
eligible for additional time. To qualify, the Company will be
required to meet the continued listing requirement for market value
of publicly held shares and all other initial listing standards for
the Nasdaq Capital Market, with the exception of the bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. If the
Company meets these requirements, the Nasdaq will inform that
Company that it has been granted an additional 180 calendar days.
However, if it appears to the Staff that the Company will not be
able to cure the deficiency, or if the Company is otherwise not
eligible, its ordinary shares will be subject to delisting.
The Company intends to actively monitor the bid price for its
shares and is considering actions that it may take in response to
this notification in order to regain compliance with the continued
listing requirements, but no decisions about a response have been
made at this time.
About VS Media Holdings Limited
VS Media Holdings Limited is a Hong Kong-based company which
manages a global network of digital creators (“Creators”) who
create and publish content to social media platforms such as
YouTube, Facebook, Instagram, and TikTok. Their Creators include
influencers, KOLs—Key Opinion Leaders, bloggers, and other content
creators who cultivate fanbases on social media platforms. The
Company empowers and supports Creators by (i) providing them with
production facilities, training, and funding to produce quality
content; (ii) helping them expand their social media influence and
fanbase by assisting with marketing, public relations and audience
analytics; and (iii) most importantly, enabling them to monetize
their influence by working effectively with brands, platforms, and
fans. It also bridges the divide between brands and Creators
through helping brands reach their target audience effectively by
(i) advising on content strategy and budget and recommending
specific Creators; (ii) communicating with and managing selected
Creators; (iii) producing engaging and relevant content with
Creators to promote key messages for brands; (iv) publishing
branded content on Creators’ social media channels; (v) amplifying
the reach of Creators’ and brands’ content through precise media
planning and buying on social media platforms; (vi) providing
optimization and retainer services through data analysis and
reporting.
For more information on the Company, please log on
https://www.vs-media.com/.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements that are
subject to various risks and uncertainties. Such statements include
statements regarding the Company's ability to grow its business and
other statements that are not historical facts, including
statements which may be accompanied by the words "intends," "may,"
"will," "plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential" or similar
words. Actual results could differ materially from those described
in these forward-looking statements due to certain factors,
including without limitation, the Company's ability to achieve
profitable operations, customer acceptance of new products, the
effects of the spread of Coronavirus (COVID-19) and future measures
taken by authorities in the countries wherein the Company has
supply chain partners, the demand for the Company's products and
the Company's customers' economic condition, the impact of
competitive products and pricing, successfully managing and,
general economic conditions and other risk factors detailed in the
Company's filings with the United States Securities and Exchange
Commission. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company does not undertake any responsibility to update the
forward-looking statements in this release, except in accordance
with applicable law.
Contact information:
VS Media Holdings Limitedir@vs-media.com
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