Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
Addentax Group Corp. received a notice dated June 15, 2023, from the Listings
Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that the minimum bid price per share of its
common stock was below $1.00 for a period of 30 consecutive business days and
that the Company did not meet the minimum bid price requirement set forth in
Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule"). The Nasdaq
notification letter does not result in the immediate delisting of the Company's
common stock, and the shares will continue to trade uninterrupted under the
symbol "ATXG."
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance
period of one hundred eighty (180) calendar days, or until December 12, 2023
(the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price
requirement. If at any time during the Compliance Period, the closing bid price
per share of the Company's common stock is at least $1.00 for a minimum of ten
(10) consecutive business days, Nasdaq will provide the Company a written
confirmation of compliance and the matter will be closed.
In the event the Company does not regain compliance by December 12, 2023, the
Company may be eligible for an additional 180 calendar day grace period. To
qualify, the Company will be required to meet the continued listing requirement
for market value of publicly held shares and all other initial listing standards
for the Nasdaq Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to cure the deficiency
during the second compliance period, including by effecting a reverse stock
split, if necessary. If the Company chooses to implement a reverse stock split,
it must complete the split no later than ten (10) business days prior to
December 12, 2023, or the expiration of the second compliance period if granted.
This information is being provided solely to comply with NASDAQ Listing Rules
requiring public announcement of the Company's receipt of the letter from
NASDAQ.
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