Top KingWin receives Nasdaq delisting notice subject to hearing request

Top KingWin (WAI) announced that the Company received a letter from the Nasdaq Stock Market on August 18, 2025, notifying the Company that the Nasdaq staff has determined to delist the Company’s class A ordinary shares from The Nasdaq Capital Market, because the bid price of the Company’s listed securities has closed at less than $1 per share over the previous 30 consecutive business days, and therefore no longer complies with the Nasdaq Listing Rule 5550(a)(2). Normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the Rule. However, pursuant to the Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)(A) due to the fact that the Company effected a reverse stock split in May 2025, or within the prior one-year period. The Company was provided until August 25, 2025 to request an appeal of the Delisting Determination to the hearing panel. The Company intends to request such hearing to appeal the Delisting Determination before that date, which will stay the suspension of its securities from the date of the request, during which time such securities will continue to be listed on The Nasdaq Capital Market.