By Stephen Nakrosis
Singularity Future Technology Ltd. said on Friday that on Oct. 3 it received a delisting notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC.
According to the logistics and ship management services company, the notice stated its securities would be subject to delisting “unless the company timely requests a hearing before a Nasdaq Hearings Panel.” The company said it intends to request the hearing.
The company previously said it received a delinquency notice from Nasdaq stating it wasn’t in compliance with the exchange’s listing rules due to a delay in filing a Form 10-Q for the quarter ended March 31, 2022. On Friday, the company said it submitted its plan to regain compliance on two occasions. According to Singularity, Nasdaq staff determined the company did not provide a definitive plan showing ability to file the necessary reports within the 180 calendar day period available under Nasdaq rules.
The company said it “intends to make every effort to maintain its listing,” but added “there is no assurance that the company will ultimately regain compliance with all applicable requirements for continued listing.”
At 5:22 pm ET, the company’s shares had fallen 17.03%, to trade at $1.90 per share. The stock finished the day’s regular session with a 10.55% loss, closing at $2.29 per share.
The stock touched a 52-week low of $2.28 per share earlier in the session.
Write to Stephen Nakrosis at [email protected]
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