bingorider| RAYA Electronics (RAYA.US): Received a notice from Nasdaq that the stock price falls below US$1 and needs to resume compliance within the deadline

Newsletter summary

Raia Electronics (RAYABingoriderUs) shares are warned for failing to meet the Nasdaq minimum purchase price requirements and are given an additional 180 days to resume compliance, otherwise they face the risk of delisting.

Text of news flash

[NASDAQ listing qualification Department asked Laiya Electronics to raise its share price] Real Electronics (stock code: RAYA.US) received it on November 20, 2023.BingoriderA written notice from the listing qualification Department of the NASDAQ Stock Market indicates that the company failed to comply with the minimum purchase price requirements of the NASDAQ listing rules on the NASDAQ capital market. Under the rules, the par value of listed securities needs to be maintained at least $1.0 per share. The company's closing price in the past 30 consecutive trading days failed to meet this standard, resulting in its failure to meet the minimum purchase price requirements. Nevertheless, the company was granted a grace period of 180 calendar days until May 13, 2024 to restore compliance. Although not able to restore compliance within the given time, Reia received further notice from Nasdaq on May 14, 2023, indicating that the company is eligible for an extension of another 180 calendar days, or until November 11, 2024, to restore compliance with listing Rule 5550 (a) (2). To achieve this goal, the closing bid for the company's common shares must last at least 10 working days to reach or exceed $1.00 per share. It is worth noting that the notice did not immediately affect the listing status of Leia's common shares on the NASDAQ capital market. However, if the company fails to restore compliance by November 11, 2024, Nasdaq will issue a delisting notice. In this case, Laiya Electronics will have the right to appeal to the Nasdaq listing eligibility panel and request a hearing. Reia plans to closely monitor the closing price of its common shares and is considering its possible options to address non-compliance with the minimum bid requirements. However, there is no guarantee that the company will be able to re-comply with the continuing listing requirements of the Nasdaq capital market, nor can there be any guarantee that NASDAQ will further extend its return to compliance (if applicable).