J-Long Group receives non-compliance notice from Nasdaq

J-Long Group received a written notification (the “Notice”) from the Nasdaq Stock Market on September 3, 2024, notifying the Company that it is not in compliance with the minimum market value of publicly held shares requirement set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq Global Market. Nasdaq Listing Rule 5450(b)(1)(C) requires listed securities on the Nasdaq Global Market to maintain a minimum MVPHS of $5,000,000, and Nasdaq Listing Rule 5810(c)(3)(D) provides that the failure to meet the minimum MVPHS requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice stated that based on the Company’s MVPHS for the last 30 consecutive business days, the Company no longer meets the MVPHS requirement. The Notice does not impact the Company’s listing on the Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has been provided 180 calendar days, or until March 3, 2025, to regain compliance with Nasdaq Listing Rule 5450(b)(1)(C). To regain compliance, the Company’s MVPHS needs to close at $5,000,000 or more for a minimum of 10 consecutive business days at any time during the compliance period. If the Company does not regain compliance by March 3, 2025, Nasdaq will provide written notification to the Company that its Ordinary Shares are subject to delisting. At that time, the Company may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal the delisting determination by Nasdaq to the hearings panel, such an appeal would be successful. Alternatively, the Company may consider applying to transfer its securities to the Nasdaq Capital Market. The Company’s business operations have not been affected by the Notice. The Company intends to monitor its MVPHS and will consider using available options to regain compliance with the MVPHS requirement under the Nasdaq Listing Rules within the prescribed compliance period. During this time, the Company expects that the Company’s SHARES will continue to be listed and traded on the Nasdaq Global Market.