SINGAPORE, July 26,
2022 /PRNewswire/ -- EQONEX Limited (NASDAQ:
EQOS) ("EQONEX" or the "Company"), a digital assets financial
services company, today announced that on July 21, 2022, it received a written notice (the
"Notice") from The Nasdaq Stock Market LLC ("Nasdaq") that the
Company is not in compliance with the minimum bid price requirement
of US$1.00 per share set forth in
Nasdaq Rules for continued listing on Nasdaq.
Based on the closing bid price of the Company's listed
securities for the last 30 consecutive business days from
June 7, 2022, to July 20, 2022, the Company no longer meets the
minimum bid price requirement set forth in Listing Rule 5550(a)(2).
The Notice is only a notification of deficiency, not of imminent
delisting, and has no current effect on the listing or trading of
the Company's securities on the Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the
Company has been provided 180 calendar days, or until January 17,
2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To
regain compliance, the Company's common shares must have a closing
bid price of at least US$1.00 for a minimum of 10 consecutive
business days.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its ordinary shares and may, if
appropriate, consider implementing available options, including,
but not limited to, implementing a reverse share split of its
outstanding ordinary shares, to regain compliance with the minimum
bid price requirement under the Nasdaq Rules for continued listing
on Nasdaq.
The Company intends to resolve the deficiency and regain
compliance with the Listing Rules.
About EQONEX
EQONEX Limited (NASDAQ: EQOS) is a technology driven digital
assets financial services group that provides institutional grade
infrastructure and a full suite of trading, custody and asset
management solutions to clients. The Group's digital assets
ecosystem has been designed to accommodate the needs of
institutions and individuals with the same degree of regulatory
oversight and security they are accustomed to in traditional
financial markets. EQONEX's ecosystem primarily encompasses EQONEX
Exchange, a digital asset exchange; Digivault, a FCA accredited hot
and cold digital assets custodian and Bletchley Park Asset
Management, a fund of crypto-hedge funds.
For more information visit: https://group.eqonex.com/
Follow EQONEX on social media on Twitter @eqonex, on Facebook
@eqonex, and on LinkedIn.
Forward-Looking Information
Any forward-looking statements in this press release are based
on available current market material and management's expectations,
beliefs and forecasts concerning future events impacting
EQONEX. You are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, as well as assumptions, which, if they
were to ever materialize or prove incorrect, could cause the
results of EQONEX to differ materially from those expressed or
implied by such forward-looking statements. The
forward-looking statements made in this press release speak only as
of the date hereof and we disclaim any obligation, except as
required by law, to provide updates, revisions or amendments to any
forward-looking statements to reflect changes in our expectations
or future events.
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SOURCE EQONEX
