PS International Group Ltd. Announces Receipt of Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
02 November 2024 - 2:00AM
PS International Group Ltd. (NASDAQ: PSIG) (“PSIG” or the
“Company”), a long-established global logistics service provider
headquartered in Hong Kong specialized in cross-border air freight
services, today announced that it received a delinquency
notification letter (the “Notice”) from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) on October 30,
2024 indicating that the Company is not currently in compliance
with the minimum bid price requirement set forth in Nasdaq’s
Listing Rules for continued listing on the Nasdaq Capital Market,
as the closing bid price for the Company’s ordinary shares listed
on the Nasdaq Capital Market was below $1.00 per share for 30
consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires
listed securities to maintain a minimum bid price of $1.00 per
share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a
failure to meet the minimum bid price requirement exists if the
deficiency continues for a period of 30 consecutive business days.
The Notice provides that the Company has a period of 180 calendar
days from the date of the Notice, or until April 28, 2025, to
regain compliance with the minimum bid price requirement.
The receipt of the Notice has no immediate effect on the
Company’s business operations or the listing of the Company’s
ordinary shares, which will continue to trade uninterrupted on the
Nasdaq under the ticker “PSIG.” Pursuant to the Notice, the Company
has until April 28, 2025 to regain compliance with the minimum bid
price requirement, during which time the Company’s ordinary shares
will continue to trade on the Nasdaq Capital Market. If at any time
before April 28, 2025, the bid price of the Company’s ordinary
shares closes at or above $1.00 per share for a minimum of 10
consecutive business days, Nasdaq will provide written confirmation
of compliance to the Company.
In the event that the Company does not regain compliance by
April 28, 2025, the Company may be eligible for additional time to
regain compliance. To qualify, the Company would be required to
meet the continued listing requirement for market value of publicly
held shares and all other initial listing standards for the Nasdaq
Capital Market, except for the minimum bid price requirement. In
addition, the Company would be required to notify Nasdaq of its
intent to cure the deficiency during the second compliance
period.
About PS International Group Ltd.
PSIG is a long-established global logistics and supply chain
solution provider, specialized in air freight forwarding services,
connecting businesses from Asian transportation hubs to the US and
the rest of the world. The company was founded in 1993, since
inception it has provided standard and tailored logistics services
covering over 140 countries. The company’s vision is to make
cross-border trade easier for everyone, helping customers to unlock
the value of time through efficient integrated supply chain
solutions. PSIG conducts businesses via operational subsidiaries
headquartered in Hong Kong, namely Profit Sail Int’l Express (H.K.)
Limited and Business Great Global Supply Chain Limited, which
derive revenue from air and ocean freight forwarding services and
supply chain ancillary services. The company plans to expand its
network and enhance its cross-border capacities in the United
States, Middle East and Southeast Asia, with more local
cooperations and strategic partnerships. The company
continues to invest in its smart logistics system, aiming to be a
leading technology-driven logistics service provider in global
e-Commerce market.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. The
Company may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in verbal statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including but not limited to statements
about the Company’s beliefs and expectations, are forward-looking
statements. Forward looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement. Further information regarding these and other risks is
included in the Company's filings with the Securities and Exchange
Commission. All information provided in this press release is as of
the date of the press release, and the Company undertakes no duty
to update such information, except as required under applicable
law.
For more information, please contact:
PS International Group Ltd. Louis Tsui Chief Financial
OfficerEmail: louis.tsui@psi-groups.comTel: (852) 2754 3320
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