Top Wealth Group Holding Limited announced on December 13, 2024, that it received a notification letter from Nasdaq. The letter, dated December 9, 2024, indicated that the company is not in compliance with Nasdaq's minimum bid price requirement. This deficiency arose because the closing bid price for TWG's ordinary shares fell below $1.00 per share for 30 consecutive business days.
Nasdaq Listing Rule 5550(a)(2) mandates a minimum bid price of $1.00 per share for continued listing. The company has been granted a period of 180 calendar days, until June 9, 2025, to regain compliance with this requirement.
The notification does not immediately affect the company's business operations or the listing of its ordinary shares, which will continue to trade on Nasdaq under the ticker 'TWG.' Management is evaluating all available options to resolve the deficiency and ensure compliance within the specified period.
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