FGI Industries Faces Nasdaq Delisting Warning

TL;DR

Nasdaq's warning FGI Industries might get delisted. 180 days to fix it.

AI Summary

FGI Industries Ltd. announced on September 6, 2024, that it received a notice from Nasdaq indicating non-compliance with listing rules. The company has 180 days to regain compliance, with a potential extension if certain conditions are met. Failure to comply could result in the delisting of its common stock from Nasdaq.

Why It Matters

This filing signals potential delisting from Nasdaq, which could significantly impact the liquidity and valuation of FGI Industries' stock.

Risk Assessment

Risk Level: high — Receiving a delisting notice from a major stock exchange like Nasdaq presents a significant risk to the company's stock trading status and investor confidence.

Key Numbers

• 180 days — Compliance Period (Time FGI Industries has to regain compliance with Nasdaq listing rules.)

Key Players & Entities

• FGI Industries Ltd. (company) — Registrant
• Nasdaq (company) — Stock Exchange issuing notice
• September 6, 2024 (date) — Date of notice

FAQ

Key Financial Figures

• $0.0001 — e on which registered Ordinary Shares, $0.0001 par value per share FGI The Nasdaq
• $1.00 — ice for our common stock had been below $1.00 per share for the previous 30 consecuti
• $1.00 m — ment. We can regain compliance with the $1.00 minimum bid listing requirement if the cl

Filing Documents

• fgi-20240906x8k.htm (8-K) — 35KB
• 0001558370-24-012730.txt ( ) — 188KB
• fgi-20240906.xsd (EX-101.SCH) — 4KB
• fgi-20240906_def.xml (EX-101.DEF) — 14KB
• fgi-20240906_lab.xml (EX-101.LAB) — 19KB
• fgi-20240906_pre.xml (EX-101.PRE) — 14KB
• fgi-20240906x8k_htm.xml (XML) — 7KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On September 6, 2024, the Company received notice from The Nasdaq Stock Market (" Nasdaq ") that the closing bid price for our common stock had been below $1.00 per share for the previous 30 consecutive business days, and that we are therefore not in compliance with the minimum bid price requirement for continued inclusion on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (" Rule 5550(a)(2) "). Nasdaq's notice has no immediate effect on the listing or trading of our common stock on The Nasdaq Capital Market. The notice indicates that we will have 180 calendar days, until March 5, 2025, to regain compliance with this requirement. We can regain compliance with the $1.00 minimum bid listing requirement if the closing bid price of our common stock is at least $1.00 per share for a minimum of ten (10) consecutive business days during the 180-day compliance period. If the Company does not regain compliance during the initial compliance period, we may be eligible for an additional 180 day period to regain compliance. To qualify, we would be required to meet the continued listing requirement for market value of our publicly held shares and all other Nasdaq initial listing standards, with the exception of the minimum bid price requirement under Rule 5550(a)(2), and we would need to provide written notice to Nasdaq of our intention to cure the deficiency during the second compliance period. If it appears to Nasdaq that we will not be able to cure the deficiency, or if we are otherwise not eligible, we expect that Nasdaq will notify us that our common stock will be subject to delisting. We will have the right to appeal a determination to delist our common stock, and our common stock would remain listed on The Nasdaq Capital Market until the completion of the appeal process. We intend to actively monitor the minimum bid price of our common stock

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. (Registrant) FGI INDUSTRIES LTD. Dated: September 11, 2024 By: /s/ John Chen John Chen Executive Chairman

View Full Filing

View this 8-K filing on SEC EDGAR