NewGenIvf Receives Nasdaq Notifications Regarding Market Value of Publicly Held Shares and Market Value of Listed Securities
28 Maio 2024 - 9:30AM
NewGenIvf Group Limited (NASDAQ: NIVF) (“NewGen” or the “Company”),
today announced that on May 24, 2024, the Company received two
letters from the Listing Qualifications Department of The Nasdaq
Stock Market LLC (“Nasdaq”) notifying the Company that it is
currently not in compliance with certain requirements under the
relevant Nasdaq Listing Rules.
The first letter (the “MVPHS Deficiency Letter”)
notified the Company that, for the preceding 35 consecutive
business days of the MVPHS Deficiency Letter, the Company’s Class A
Ordinary Shares (the “Class A Shares”) did not meet the minimum
$15,000,000 Market Value of Publicly Held Shares (“MVPHS”)
requirement for continued listing on Nasdaq pursuant to Nasdaq
Listing Rules 5450(b)(2)(C) (the “MVPHS Requirement”).
The second letter (the “MVLS Deficiency Letter”)
notified the Company that, for the preceding 35 consecutive
business days, the Class A Shares did not meet the minimum
$50,000,000 Market Value of Listed Securities (“MVLS”) requirement
for continued listing on Nasdaq pursuant to Nasdaq Listing Rules
5450(b)(2)(A) (the “MVLS Requirement”).
This press release is issued pursuant to Nasdaq
Listing Rule 5810(b), which requires prompt disclosure of
receipt(s) of a deficiency notification(s). The MVPHS Deficiency
Letter and the MVLS Deficiency Letter have no immediate effect on
the listing of the Company’s Class A Shares, which will continue to
trade uninterrupted on Nasdaq under the ticker symbol “NIVF.”
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D),
the Company has an initial compliance period of 180 calendar days,
or until November 20, 2024 (the “Compliance Date”), to regain
compliance with the MVPHS Requirement. Pursuant to Nasdaq Listing
Rule 5810(c)(3)(C), the Company also has an initial compliance
period of 180 calendar days, or until the Compliance Date, to
regain compliance with the MVLS Requirement. If at any time the (i)
MVPHS for the Class A Shares is at least $15,000,000 for a minimum
of ten consecutive business days or (ii) MVLS for the Class A
Shares is at least $50,000,000 for a minimum of ten consecutive
business days, the Staff will provide the Company written
confirmation of compliance with such requirements, as
applicable.
In the event the Company does not regain
compliance with the above requirements prior to the expiration of
the compliance period, it will receive written notification that
its securities are subject to delisting. Alternatively, the Company
may apply to transfer the Company’s securities to The Nasdaq
Capital Market. The Company intends to monitor the MVPHS and MVLS
of the Class A Shares and may, if appropriate, consider available
options to regain compliance with the MVPHS and MVLS
requirements.
About NewGen
NewGen is a comprehensive fertility services
provider in Asia helping couples and individuals obtain access to
fertility treatments. With a mission to aid couples and individuals
in building families regardless of fertility challenges, NewGen has
dedicated itself to creating increased access to infertility
treatment and providing comprehensive fertility services for its
customers. NewGen and its management have over a decade of
experience in the fertility industry. NewGen’s clinics are located
in Thailand, Cambodia, and Kyrgyzstan, and present a full suite of
services for its patients, including comprehensive infertility and
assisted reproductive technology treatments, egg and sperm
donation, and surrogacy, in the appropriate jurisdictions,
respectively. To learn more, visit www.newgenivf.com. The
information contained on, or accessible through, NewGen’s website
is not incorporated by reference into this press release, and you
should not consider it a part of this press release.
Forward-Looking Statements
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements generally are identified by
the words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,”
“should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions. Without limiting the generality
of the foregoing, the forward-looking statements in this press
release include descriptions of NewGenIvf’s future commercial
operations. Forward-looking statements are predictions, projections
and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company’s or NewGenIvf’s inability to
implement its business plans, identify and realize additional
opportunities, or meet or exceed its financial projections and
changes in the regulatory or competitive environment in which the
Company or NewGenIvf operates. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in NewGenIvf’s annual report on Form 20-F and other documents filed
or to be filed by NewGenIvf’s with the SEC from time to time, which
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Copies of these
documents are available on the SEC’s website, www.sec.gov. All
information provided herein is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
ICR, LLCRobin YangPhone: +1 (212)
537-4406Email: Newgenivf.IR@icrinc.com
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