Primech Holdings Receives NASDAQ Minimum Bid Price Requirement Extension

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GlobeNewswire 10h ago

Primech Holdings Receives NASDAQ Minimum Bid Price Requirement Extension - GlobeNewswire

Quick Summary:

SINGAPORE, Nov.27, 2024 (GLOBE NEWSWIRE) -- Primech Holdings Limited (Nasdaq: PMEC), an established technology-driven facility services provider in the public and private sectors operating mainly in Singapore, announced that it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is eligible for an additional 180 calendar day period, or until May 12, 2025, to regain compliance with the Nasdaq's minimum $1 bid price per share requirement.

Nasdaq's determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the bid price requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period and if necessary, by effecting a reverse share split.

If at any time before May 12, 2025, the bid price of the ordinary shares of the Company ("Ordinary Shares") closes at or above $1 per share for a minimum of 10 consecutive trading days, the Company will regain compliance with the Nasdaq Listing Rules, and the matter will be closed.