Garden Stage Limited received a Nasdaq notice for not meeting bid price requirements, with a compliance deadline of June 23, 2025.
Quiver AI Summary
Garden Stage Limited (NASDAQ: GSIW) announced that it received a notification from Nasdaq on December 24, 2024, indicating it's not in compliance with the minimum bid price requirement, as its ordinary shares have closed below $1.00 per share for 30 consecutive business days. According to Nasdaq rules, GSIW has 180 days, until June 23, 2025, to rectify this and regain compliance. During this period, the shares will continue to trade on Nasdaq without interruption. If the company’s share price closes at or above $1.00 for at least 10 consecutive days before the deadline, compliance will be confirmed. If it fails to meet the requirement, GSIW may request more time to comply, provided it meets other listing standards. The company operates as a Hong Kong-based financial services provider specializing in various financial activities through its licensed subsidiaries.
Potential Positives
- The company has been granted a 180-day period to regain compliance with Nasdaq’s minimum bid price requirement, indicating it has time to address the issue.
- The receipt of the delinquency notification does not have an immediate effect on the company's business operations or the trading of its shares, allowing normal business activities to continue.
- The company remains eligible for a second compliance period if it fails to regain compliance initially, demonstrating a potential path forward.
Potential Negatives
- The company received a delinquency notification from Nasdaq due to non-compliance with the minimum bid price requirement, indicating potential financial instability.
- The notification puts the company at risk of being delisted if it fails to regain compliance by June 23, 2025, which could impact investor confidence.
- The requirement to inform Nasdaq of its intent to cure the deficiency suggests that the company is under scrutiny, which may raise concerns among stakeholders.
FAQ
What is the recent compliance issue faced by Garden Stage Limited?
Garden Stage Limited received a notice from Nasdaq for not meeting the minimum bid price requirement of $1.00 per share for 30 consecutive days.
How long does Garden Stage Limited have to regain compliance?
The Company has 180 calendar days, until June 23, 2025, to regain compliance with the minimum bid price requirement.
Will Garden Stage Limited's shares continue to trade on Nasdaq?
Yes, the Company's ordinary shares will continue to trade uninterrupted on the Nasdaq under the ticker "GSIW."
What happens if Garden Stage Limited does not meet compliance by June 2025?
If the Company fails to regain compliance, it may be eligible for additional time to cure the deficiency, pending other requirements.
What services does Garden Stage Limited provide?
Garden Stage Limited offers placing and underwriting, securities dealing, asset management, and investment advisory services through its subsidiaries.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GSIW Hedge Fund Activity
We have seen 1 institutional investors add shares of $GSIW stock to their portfolio, and 1 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BANK OF AMERICA CORP /DE/ added 233,826 shares (+inf%) to their portfolio in Q3 2024
- UBS GROUP AG removed 22,512 shares (-53.5%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Hong Kong, Dec. 30, 2024 (GLOBE NEWSWIRE) --
Garden Stage Limited
(NASDAQ: GSIW) (“GSIW” or the “Company”), today announced that it received a delinquency notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on December 24, 2024 indicating that the Company is not currently in compliance with the minimum bid price requirement set forth in Nasdaq’s Listing Rules for continued listing on the Nasdaq Capital Market, as the closing bid price for the Company’s ordinary shares listed on the Nasdaq Capital Market was below $1.00 per share for 30 consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice provides that the Company has a period of 180 calendar days from the date of the Notice, or until June 23, 2025, to regain compliance with the minimum bid price requirement.
The receipt of the Notice has no immediate effect on the Company’s business operations or the listing of the Company’s ordinary shares, which will continue to trade uninterrupted on the Nasdaq under the ticker “GSIW.” Pursuant to the Notice, the Company has until June 23, 2025 to regain compliance with the minimum bid price requirement, during which time the Company’s ordinary shares will continue to trade on the Nasdaq Capital Market. If at any time before June 23, 2025, the bid price of the Company’s ordinary shares closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance to the Company.
In the event that the Company does not regain compliance by June 23, 2025, the Company may be eligible for additional time to regain compliance. To qualify, the Company would 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, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the deficiency during the second compliance period.
About Garden Stage Limited
GSIW, through our Operating Subsidiaries, are a Hong Kong-based financial services provider principally engaged in the provision of (i) placing and underwriting services; (ii) securities dealing and brokerage services; (iii) asset management services; and (iv) investment advisory services. Our operation is carried out through our wholly-owned Operating Subsidiaries: a) I Win Securities Limited, which is licensed to conduct Type 1 (dealing in securities) regulated activities under the SFO in Hong Kong, and b) I Win Asset Management Limited, which is licensed to conduct Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the SFO in Hong Kong. I Win Securities Limited is the Stock Exchange Participant and holds one Stock Exchange Trading Right. I Win Securities Limited is a participant of the HKSCC.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in verbal statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
Garden Stage Limited
Chan Sze Ho
Chief Executive Officer
Email:
rickychan@iwinsec.com
Tel: (852) 2688 6333
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
