Magic Empire Global Fails Nasdaq Listing Bid Price Rule
Ticker: MEGL · Form: 6-K · Filed: Mar 1, 2024 · CIK: 1881472
| Field | Detail |
|---|---|
| Company | Magic Empire Global Ltd (MEGL) |
| Form Type | 6-K |
| Filed Date | Mar 1, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1 |
| Sentiment | bearish |
Sentiment: bearish
Topics: listing-compliance, delisting-risk, nasdaq
TL;DR
Nasdaq says Magic Empire Global's stock price is too low, risking delisting.
AI Summary
Magic Empire Global Limited received a notification letter from Nasdaq on February 28, 2024, stating it no longer meets the continued listing requirements due to its closing bid price falling below $1.00 for the period from January 16, 2024, to February 27, 2024. The company is a foreign private issuer and files reports under the 1934 Act.
Why It Matters
Failure to meet Nasdaq's minimum bid price requirement could lead to delisting, impacting the company's ability to raise capital and its stock's liquidity.
Risk Assessment
Risk Level: high — The company is at high risk of delisting from Nasdaq due to failing to meet the minimum bid price requirement.
Key Numbers
- $1.00 — Minimum Bid Price (The minimum closing bid price required by Nasdaq for continued listing, which Magic Empire Global has fallen below.)
Key Players & Entities
- Magic Empire Global Limited (company) — The company filing the report and subject to Nasdaq listing rules.
- Nasdaq (company) — The stock exchange that issued the non-compliance notice.
- February 28, 2024 (date) — Date the company received the notification letter from Nasdaq.
- January 16, 2024 (date) — Start date of the period during which the company's closing bid price was monitored.
- February 27, 2024 (date) — End date of the period during which the company's closing bid price was monitored.
FAQ
What specific Nasdaq rule has Magic Empire Global Limited violated?
Magic Empire Global Limited has violated the continued listing requirement related to the minimum closing bid price, which must remain at $1.00 or higher.
What is the period during which the company's bid price was evaluated?
The company's closing bid price was evaluated for the period from January 16, 2024, to February 27, 2024.
What action has Nasdaq taken regarding Magic Empire Global Limited?
Nasdaq's Listing Qualifications staff has notified Magic Empire Global Limited that it no longer meets the continued listing requirements.
What is the filing date of this Form 6-K?
This Form 6-K was filed on March 1, 2024.
What is the company's principal executive office address?
The company's principal executive offices are located at 3/F, 8 Wyndham Street, Central, Hong Kong.
Filing Stats: 555 words · 2 min read · ~2 pages · Grade level 17.2 · Accepted 2024-03-01 16:05:10
Key Financial Figures
- $1 — (2), to maintain a minimum bid price of $1 per share. The notification has no im
Filing Documents
- form6-k.htm (6-K) — 19KB
- ex99-1.htm (EX-99.1) — 10KB
- 0001493152-24-008486.txt ( ) — 30KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Magic Empire Global Limited Date: March 1, 2024 By: /s/ Sze Hon, Johnson Chen Sze Hon, Johnson Chen Chief Executive Officer 3