Next Technology Holding Inc. Delisted from Nasdaq

TL;DR

Nasdaq delisting effective 6/25, moving to OTC Pink as WETG starting 6/26 due to low share price.

AI Summary

Next Technology Holding Inc. filed an 8-K on June 25, 2024, to report its delisting from the Nasdaq Capital Market. The company failed to meet the minimum bid price requirement of $1.00 per share, as mandated by Nasdaq Listing Rule 5550(a)(2). This delisting is effective as of June 25, 2024, and the company's shares will begin trading on the OTC Pink market under the ticker symbol "WETG" starting June 26, 2024.

Why It Matters

The delisting from Nasdaq and subsequent move to the OTC Pink market signifies a significant downgrade in the company's trading status, potentially impacting liquidity and investor confidence.

Risk Assessment

Risk Level: high — Delisting from a major exchange like Nasdaq to the OTC Pink market indicates severe financial distress and significantly increases investment risk.

Key Numbers

• $1.00 — Minimum Bid Price (The minimum bid price required by Nasdaq Listing Rule 5550(a)(2) that Next Technology Holding Inc. failed to maintain.)

Key Players & Entities

• Next Technology Holding Inc. (company) — Filer of the 8-K report
• Nasdaq Capital Market (company) — Exchange from which the company is being delisted
• WETG (company) — New ticker symbol on OTC Pink
• June 25, 2024 (date) — Effective date of delisting
• June 26, 2024 (date) — Start date for trading on OTC Pink
• Nasdaq Listing Rule 5550(a)(2) (legal_document) — Rule violated, requiring a minimum bid price of $1.00

FAQ

Filing Documents

• ea0208394-8k_nexttech.htm (8-K) — 33KB
• ea020839401ex99-1_nexttech.htm (EX-99.1) — 9KB
• 0001213900-24-055396.txt ( ) — 221KB
• nxtt-20240624.xsd (EX-101.SCH) — 3KB
• nxtt-20240624_lab.xml (EX-101.LAB) — 33KB
• nxtt-20240624_pre.xml (EX-101.PRE) — 22KB
• ea0208394-8k_nexttech_htm.xml (XML) — 4KB

01. Notice of Delisting of Failure to Satisfy a Continued

Item 3.01. Notice of Delisting of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On June 18, 2024, Next Technology Holding Inc. (the "Company") received a Staff Delisting Determination (the "Staff Determination") from the Listing Qualifications Department of Nasdaq. The Staff Determination states that, since the Form 10-K filed by the Company for the year end December 31, 2023 did not include an auditor's opinion on the Company's financial statements and presented unaudited financial statements, the Company is delinquent in its filing obligations. The Staff Determination further states that until the Company files audited financial and in that regard, the Company failed to timely file the Form 10-Q for the period ended March 31, 2024, which serves as an additional and separate basis for delisting. The Staff Determination provides that, unless the Company requests an appeal to a Hearing Panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series no later than 4:00 p.m. Eastern Time on June 25, 2024, trading of the Company's American Depositary Shares and Warrants will be suspended at the opening of business on June 27, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC") to remove the Company's securities from listing and registration on The Nasdaq Stock Market. As disclosed in the Company's Form 8-K filed on April 4, 2024, the Company changed its auditor on April 3, 2024. The transition work following such change caused delays in completing the audit of the Company's financial statements. As a result, the Company was unable to include audited financial statements in the Form 10-K for the year end December 31, 2023 filed by the Company on April 15, 2024. The Company did not intend to appeal the Staff Determination and filed a F

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On June 24, 2024, the Company issued a press release in accordance with Nasdaq Listing Rule 5810(b) announcing that the Company had received the Staff Determination. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information furnished under this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

Forward Looking Statements

Forward Looking Statements This Current Report on Form 8-K contains "forward-looking likely result," "expect," "anticipate," "estimate," "believe," "intend," "plan," "project," "outlook," "should," "could," "may" or words of similar meaning and include, but are not limited to, statements regarding our future business and financial performance and prospects, including our expectations regarding the transactions described in this Current Report on Form 8-K. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results included in such forward-looking statements. Investors are cautioned not to place undue reliance on the forward-looking statements in this Current Report on Form 8-K, which information set forth herein speaks only as of the date hereof. The Company does not undertake, and it expressly disclaims, any intention or obligation to update any forward-looking statements made in this Current Report on Form 8-K, whether as a result of new information, future events or otherwise, except as required by law. A list and description of risks, uncertainties and other factors that could cause or contribute to differences in the Company's results can be found in its filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent filings. The Company qualifies all of its forward-looking statements by these cautionary statements.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release of the Company dated June 24, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2/3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Next Technology Holding Inc. By: /s/ Weihong LIU Name: Weihong LIU Title: Chief Executive Officer Dated: June 25, 2024 3/3

View Full Filing

View this 8-K filing on SEC EDGAR