Powell Max receives noncompliance notification from Nasdaq

Powell Max (PMAX) announced that it has received a notification letter from Nasdaq that the company is not in compliance with the $1.00 minimum bid price requirement for continued listing of the company’s Class A ordinary shares on Nasdaq as set forth in Nasdaq Listing Rules because the closing bid price for the ordinary shares had been below $1.00 for 30 consecutive business days. The notice indicated that the company has 180 days, or until September 1 to regain compliance with the minimum bid price requirement by maintaining the closing bid price of the ordinary shares at or above $1.00 per ordinary share for at least ten consecutive business days prior to the compliance deadline. The notice has no immediate effect on the listing of the company’s ordinary Shares, which will continue to trade on Nasdaq.