MingZhu Logistics Holdings Limited announced on February 14, 2025, that it received a letter from Nasdaq on February 13, 2025, notifying the company of a delisting determination. The notice stated that MingZhu's ordinary shares had closed at less than $1 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
The company is not eligible for the standard 180-calendar day compliance period because it effected a reverse stock split on July 1, 2024, or within the prior one-year period. This rule prevents companies from using a compliance period if a reverse split was recently performed.
MingZhu has until February 20, 2025, to request an appeal of the delisting determination to a hearing panel. The company intends to request this hearing, which will stay the suspension of its securities from Nasdaq Capital Market during the appeal process.
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