JBDI Holdings regains compliance with Nasdaq minimum bid price rule

JBDI Holdings (JBDI) has received notice from the Nasdaq Stock Market on June 3 informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1), and that the Company was therefore in compliance with the Nasdaq Capital Market’s listing requirements. The Company had previously been notified by Nasdaq on December 12, 2024, that its ordinary shares failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by Listing Rule 5450(a)(1) of The Nasdaq Stock Market. Since then, Nasdaq has determined that for the eleven consecutive business days, from May 16 through June 2, the closing bid price of the Company’s ordinary shares was at $1.00 per share or greater. Furthermore, the Company announced the receipt of a deficiency notice dated June 3, from the Listing Qualifications Department of the Nasdaq Stock Market stating that it has not yet filed its interim balance sheet and income statement as of the end of its second quarter on Form 6-K, and thus no longer complies with Listing Rule 5250(c)(2) for continued listing. The Notice further reflected that under the Rules, the Company would have 60 calendar days to submit a plan to regain compliance, and if Nasdaq accepts the plan, Nasdaq will grant an exception of up to 180 calendar days from the filing’s due date or until December 2 to regain compliance. On June 5, the Company filed with the Securities and Exchange Commission under cover of Form 6-K its unaudited condensed consolidated financial statements for the six-month periods ended November 30, 2024 and 2023. The Company intends to immediately notify Nasdaq of the filing of its interim financials for the six-month periods and that the Company is now in compliance with Nasdaq Listing Rule 5250(c)(2).