Orangekloud Technology Inc. Faces Nasdaq Delisting Warning
Ticker: ORKT · Form: 6-K · Filed: Dec 13, 2024 · CIK: 1979407
Sentiment: bearish
Topics: listing-deficiency, delisting-risk, compliance
TL;DR
Nasdaq says Orangekloud's stock value is too low, might get delisted.
AI Summary
On December 11, 2024, Orangekloud Technology Inc. received a deficiency letter from Nasdaq regarding its Market Value of Listed Securities (MVLS). The MVLS was below the minimum requirement for the period from October 24, 2024, to December 10, 2024. The company is now subject to delisting procedures unless it can regain compliance.
Why It Matters
This notification indicates potential delisting from Nasdaq, which could significantly impact the company's stock liquidity, investor confidence, and ability to raise capital.
Risk Assessment
Risk Level: high — Receiving a deficiency letter for minimum market value from Nasdaq puts the company at high risk of being delisted, which has severe financial and operational implications.
Key Numbers
- N/A — Market Value of Listed Securities (MVLS) (The MVLS was below Nasdaq's minimum requirement, triggering the deficiency notice.)
Key Players & Entities
- Orangekloud Technology Inc. (company) — The company that received the Nasdaq deficiency letter.
- Nasdaq (company) — The stock exchange that issued the deficiency letter.
- December 11, 2024 (date) — The date Orangekloud Technology Inc. received the deficiency letter.
- October 24, 2024 (date) — The start date of the period used to assess the Market Value of Listed Securities.
- December 10, 2024 (date) — The end date of the period used to assess the Market Value of Listed Securities.
FAQ
What specific minimum Market Value of Listed Securities (MVLS) did Orangekloud Technology Inc. fall below?
The filing states that the Company received the letter based on the MVLS being below the minimum requirement, but does not specify the exact dollar amount of the minimum or the Company's MVLS.
What is the timeframe during which Orangekloud Technology Inc.'s MVLS was assessed?
The MVLS was assessed for the period from October 24, 2024, to December 10, 2024.
What action must Orangekloud Technology Inc. take to avoid delisting?
The filing implies the company must regain compliance with Nasdaq's listing requirements, specifically regarding the MVLS, to avoid delisting procedures.
What is the consequence of failing to regain compliance with Nasdaq's listing standards?
Failure to regain compliance will subject the Company to Nasdaq's delisting procedures.
Does Orangekloud Technology Inc. file annual reports under Form 20-F or Form 40-F?
Orangekloud Technology Inc. indicated that it files annual reports under Form 20-F.
Filing Stats: 350 words · 1 min read · ~1 pages · Grade level 14.8 · Accepted 2024-12-13 07:30:06
Key Financial Figures
- $35 million — 50(b)(2), to maintain a minimum MVLS of $35 million. Nasdaq has provided the Company with
Filing Documents
- form6-k.htm (6-K) — 16KB
- 0001493152-24-049895.txt ( ) — 17KB
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, thereunto duly authorized. Orangekloud Technology Inc. Date: December 13, 2024 By: /s/ Goh Kian Hwa Name: Goh Kian Hwa Title: Chief Executive Officer 2