JBDI HOLDINGS LIMITED ANNOUNCES RECEIPT OF NASDAQ NOTIFICATION LETTER REGARDING MINIMUM BID PRICE DEFICIENCY
17 December 2024 - 9:35AM
JBDI Holdings Limited (Nasdaq: JBDI) (“JBDI” or the “Company”)
today announced that it received a delinquency notification letter
(the "Notice") from the Listing Qualifications Department of The
Nasdaq Stock Market LLC ("Nasdaq") on December 12, 2024 indicating
that JBDI is not currently in compliance with the $1.00 minimum bid
price requirement for continued listing of the Company’s ordinary
shares (the “Ordinary Shares”) on the Nasdaq Capital Market, as set
forth in Nasdaq Listing Rules (the “Minimum Bid Price
Requirement”). The Notice indicated that the Company has 180 days,
or until June 10, 2025 (the “Compliance Deadline”), to regain
compliance with the Minimum Bid Price Requirement by having the
closing bid price of the Ordinary Shares meet or exceed $1.00 per
Ordinary Share for at least ten consecutive business days.
The Notice has no immediate effect on the
listing of the Company’s Ordinary Shares, which continue to trade
on The Nasdaq Capital Market under the symbol “JBDI”. The Company
intends to monitor the closing bid price of its Ordinary Shares and
may, if appropriate, consider implementing available options to
regain compliance with the Minimum Bid Price Requirement, including
a reverse stock split (i.e., a share consolidation). If the Company
does not regain compliance by the Compliance Deadline, the Company
may be afforded an additional 180 calendar day period to regain
compliance as provided by the Nasdaq Listing Rules.
About JBDI Holdings LimitedJBDI
Holdings Limited is a leading provider of environmentally friendly
and efficient products and services, specializing in the
revitalization, reconditioning, and recycling of drums and related
containers in Singapore and across Southeast Asia. With nearly four
decades of industry experience, JBDI Holdings has established a
strong reputation for quality and reliability, offering a wide
range of reconditioned steel and plastic drums, new containers, and
ancillary services. Our mission is to help our customers achieve a
zero environmental impact footprint while optimizing resource
allocation and reducing costs. For more information, please
visit http://jbdi.barrels.com.sg.
Investor Relations Contact:Matthew Abenante,
IRCPresidentStrategic Investor Relations, LLCTel:
347-947-2093Email: matthew@strategic-ir.com
Forward-Looking Statements
Certain statements in this announcement
are forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as “may,” “will,” “expect,” “anticipate,”
“aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“potential,” “continue” or other similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC, which are available for review at
www.sec.gov.
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