Neo-Concept International Group granted 180 days by Nasdaq to regain compliance with minimum bid price requirement.
Quiver AI Summary
Neo-Concept International Group Holdings Limited (Nasdaq: NCI) announced that it has been granted an additional 180 days, until July 7, 2025, to comply with Nasdaq's minimum bid price requirement of $1 per share, as communicated in a letter received on January 7, 2025. If compliance is not achieved by the deadline, the company's securities may face delisting, although NCI can appeal such a decision to a Hearings Panel. The company is currently exploring strategies to regain compliance and remains committed to meeting the continued listing requirements, although it acknowledges that achieving compliance is not guaranteed. NCI is a comprehensive apparel solutions provider focused on eco-friendly practices and sustainable production in the garment industry.
Potential Positives
- The company has been granted an additional 180 days to regain compliance with Nasdaq's minimum bid price requirement, providing it with more time to strategize and implement necessary changes.
- NCI demonstrates its commitment to fulfilling Nasdaq's continued listing requirements, indicating a proactive approach to maintaining its public listing status.
- The press release highlights NCI's dedication to environmentally friendly practices and sustainability, potentially appealing to environmentally conscious investors and customers.
Potential Negatives
- The company is at risk of delisting from Nasdaq if it does not comply with the minimum bid price requirement by July 7, 2025.
- The press release lacks specific strategies or plans that the company intends to implement in order to regain compliance, raising concerns about its ability to address the issue effectively.
- The statement indicates that there is no guarantee of achieving compliance, which may lead to investor uncertainty and potential loss of confidence in the company's financial stability.
FAQ
What extension did Neo-Concept International receive from Nasdaq?
Neo-Concept International received an extension of 180 days to meet Nasdaq's minimum bid price requirement.
When is the compliance deadline for Neo-Concept International?
The compliance deadline for Neo-Concept International is July 7, 2025.
What happens if compliance is not achieved by the deadline?
If compliance is not achieved, Nasdaq will notify the Company of potential delisting.
What is Neo-Concept International's business focus?
Neo-Concept International specializes in providing one-stop apparel solutions, including design and logistics services.
How does Neo-Concept International approach sustainability?
Neo-Concept International prioritizes eco-friendly practices, including recycling and traceable sourcing, to minimize its environmental footprint.
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.
$NCI Hedge Fund Activity
We have seen 1 institutional investors add shares of $NCI stock to their portfolio, and 2 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- UBS GROUP AG removed 65,340 shares (-100.0%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC removed 33,228 shares (-100.0%) from their portfolio in Q3 2024
- XTX TOPCO LTD added 13,050 shares (+inf%) to their portfolio in Q3 2024
- CLEAR STREET LLC added 0 shares (+0.0%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HONG KONG, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Neo-Concept International Group Holdings Limited (Nasdaq: NCI) (the “Company”) announced that it received a letter from Nasdaq on January 7, 2025, indicating that the Company is granted an additional 180 calendar days, until July 7, 2025, to regain compliance with the minimum bid price requirement of $1 per share, as stipulated by Nasdaq Listing Rule 5550(a)(2).
Should the Company fail to demonstrate compliance by July 7, 2025, Nasdaq Staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal Nasdaq Staff’s determination to a Hearings Panel.
Currently, the Company is assessing strategies to achieve compliance and is committed to fulfilling Nasdaq’s continued listing requirements. While it will exert all reasonable efforts to meet Rule 5550(a)(2), there is no guarantee that compliance can be successfully achieved.
- END -
About Neo-Concept International Group Holdings Limited
Neo-Concept International Group Holdings Limited (“NCI”) is a one-stop apparel solution services provider. It offers a full suite of services in the apparel supply chain, including market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management serving customers located in the European and North American markets. It also sells its own branded apparel products under the brand “Les100Ciels” through retail stores in UK as well as the e-commerce platform
www.les100ciels.com
.
NCI is dedicated to minimizing its environmental footprint by implementing various eco-friendly practices. It prioritizes recycling, clean processes, and traceable sourcing as part of its commitment to reducing environmental impact. Additionally, NCI actively seeks sustainable solutions throughout the garment production process, aiming to meet the needs of its customers in an environmentally responsible manner.
SAFE HARBOR STATEMENT
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at
www.sec.gov
.
Enquiries:
Neo-Concept International Group Holdings Limited Investor Relations Contact:
10/F, Seaview Centre
No.139-141 Hoi Bun Road
Kwun Tong, Kowloon, Hong Kong
(+852) 2798-8639
Email:
ir@neo-ig.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
