The Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notified Singularity Future Technology Ltd. (“Singularity” or the “Company”) on October 3, 2022 that the Company’s securities would be subject to delisting unless the Company timely requests a hearing before a Nasdaq Hearings Panel (the “Panel”).

As a result, the Company plans to request a hearing before the Panel in a timely manner. Through October 25, 2022, the hearing request will prevent any delisting or suspension actions. The Company will ask for the automatic stay to be extended in accordance with the Nasdaq Listing Rules in conjunction with the hearing request through the end of the hearing procedure and the end of any additional extension term granted by the Panel following the hearing.

The company received a delinquency notice from Nasdaq on May 25, 2022, stating that the company was out of compliance with Nasdaq Listing Rule 5250(c)(1) due to the delay in filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and was given 60 days to submit a plan to regain compliance, as previously disclosed in the company’s Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 25, 2022. The Company submitted its plan to restore compliance on July 25, 2022, and additional information pertaining to the plan on September 14, 2022, respectively (collectively, the “Compliance Plan”).

Source: Prnewswire