HONG
KONG, Jan. 27, 2025 /PRNewswire/
-- Intelligent Living Application Group Inc. (NASDAQ: ILAG)
("Intelligent Living" or the "Company"), a premium lockset
manufacturer in Hong Kong,
announced today that, on January 23,
2025, the Company received a letter from the Nasdaq Stock
Market ("Nasdaq") notifying the Company that, because the closing
bid price for the Company's ordinary shares listed on Nasdaq was
below $1.00 for 30 consecutive
trading days, the Company no longer meets the minimum bid price
requirement for continued listing on Nasdaq under Nasdaq
Marketplace Rule 5550(a)(2), which requires a minimum bid price of
$1.00 per share (the "Minimum Bid
Price Requirement").
The notification has no immediate effect on the listing of the
Company's ordinary shares. In accordance with Nasdaq Marketplace
Rule 5810(c)(3)(A), the Company has a period of 180 calendar days
from the date of notification, until July 22, 2025 (the "Compliance
Period"), to regain compliance with the Minimum Bid Price
Requirement. If at any time before the expiration of the Compliance
Period the bid price of the Company's ordinary shares closes at
least $1.00 per share for a minimum of 10 consecutive business
days, Nasdaq will provide written confirmation of compliance. If
the Company does not regain compliance by the end of the Compliance
Period, the Company may be eligible for an additional 180 calendar
day period to regain compliance. 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 by effecting a reverse stock split, if necessary. If the
Company meets these requirements, Nasdaq will inform the Company
that it has been granted an additional 180 calendar days. However,
if it appears to Nasdaq that the Company will not be able to cure
the deficiency, or if the Company is otherwise not eligible, Nasdaq
will provide notice that the Company's securities will be subject
to delisting.
The Company intends to continue actively monitoring the bid
price for its ordinary shares between now and the expiration of the
Compliance Period and will consider all available options to
resolve the deficiency and regain compliance with the Minimum Bid
Price Requirement.
About Intelligent Living Application Group Inc.
Intelligent Living Application Group Inc. is a premium lockset
manufacturer and distributor headquartered in Hong Kong. Intelligent Living manufactures and
sells high quality mechanical locksets to customers mainly in
the United States and Canada and has continued to diversify and
refine its product offerings in the past 40 years to meet its
customers' needs. Intelligent Living obtained the ISO9001 quality
assurance certificate and various accredited quality and safety
certificates including American National Standards Institute (ANSI)
Grade 2 and Grade 3 standards that are developed by the Builders
Hardware Manufacturing Association (BHMA) for ANSI. Intelligent
Living keeps investing in self-designed automated product lines,
new craftsmanship and developing new products including smart
locks. For more information, visit the Company's website at
http://www.i-l-a-g.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "potential,"
"continue" or other similar expressions. The Company undertakes no
obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's registration statement and other filings with the SEC,
which are available for review at www.sec.gov.
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SOURCE Intelligent Living Application Group, Inc.
