Magic Empire Global Gets 180-Day Nasdaq Bid Price Extension
Ticker: MEGL · Form: 6-K · Filed: Aug 28, 2024 · CIK: 1881472
| Field | Detail |
|---|---|
| Company | Magic Empire Global Ltd (MEGL) |
| Form Type | 6-K |
| Filed Date | Aug 28, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1 |
| Sentiment | neutral |
Sentiment: neutral
Topics: listing-compliance, extension, stock-price
TL;DR
Nasdaq gives Magic Empire Global until Feb 24, 2025, to get its stock price back above $1.
AI Summary
Magic Empire Global Ltd received a notification from Nasdaq on August 27, 2024, stating they are eligible for an additional 180-day period to regain compliance with the minimum bid price of $1 per share. This extension provides them until February 24, 2025, to meet Nasdaq's continued listing requirements.
Why It Matters
This extension gives Magic Empire Global Ltd more time to address its low stock price, potentially avoiding delisting from the Nasdaq exchange.
Risk Assessment
Risk Level: medium — The company is still non-compliant with a key listing requirement, and the extension indicates a continued risk of delisting if compliance is not achieved.
Key Numbers
- 180 — Additional days (The length of the extension granted by Nasdaq.)
- $1 — Minimum bid price (The requirement Magic Empire Global Ltd must meet.)
Key Players & Entities
- Magic Empire Global Ltd (company) — The company receiving the notification from Nasdaq.
- Nasdaq (company) — The stock exchange that issued the notification.
- August 27, 2024 (date) — Date the company received the notification.
- February 24, 2025 (date) — The new deadline for the company to regain compliance.
- $1 (dollar_amount) — The minimum bid price requirement.
FAQ
What specific requirement is Magic Empire Global Ltd struggling to meet?
Magic Empire Global Ltd is struggling to meet the minimum bid price of $1 per share, a continued listing requirement for Nasdaq.
When did Magic Empire Global Ltd receive this notification from Nasdaq?
The company received the notification on August 27, 2024.
What is the new deadline for Magic Empire Global Ltd to comply with the bid price rule?
The new deadline is February 24, 2025.
What happens if Magic Empire Global Ltd fails to regain compliance by February 24, 2025?
The filing does not explicitly state the consequences, but failure to meet listing requirements typically leads to delisting from the Nasdaq exchange.
Is this the first time Magic Empire Global Ltd has faced issues with Nasdaq's listing rules?
This filing specifically addresses the bid price requirement and the extension granted; it does not provide information on prior or other compliance issues.
Filing Stats: 446 words · 2 min read · ~1 pages · Grade level 16.2 · Accepted 2024-08-28 09:15:25
Key Financial Figures
- $1 — ompliance with the minimum bid price of $1 per share requirement pursuant to the c
Filing Documents
- form6-k.htm (6-K) — 18KB
- ex99-1.htm (EX-99.1) — 9KB
- 0001493152-24-034129.txt ( ) — 28KB
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: August 28, 2024 By: /s/ Sze Hon, Johnson Chen Sze Hon, Johnson Chen Chief Executive Officer 3