Garden Stage Limited – announces receipt of the Nasdaq notice of lack of minimum bid price from Investing.com

Hong Kong, December 30, 2024 (GLOBE NEWSWIRE) — Garden Stage Limited (NASDAQ: GSIW) (GSIW or the Company), announced today that on December 24, 2024 it received a notice of irregularity (Notice) from the Listing Qualifications Division of The Nasdaq Stock Market LLC (Nasdaq) stating that the Company is not currently in accordance with the minimum bid price requirement set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq Capital Market, as the closing bid price for the Company’s common shares listed on the Nasdaq Capital Market was below $1.00 per share for 30 consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) states that there is a failure to meet the minimum bid price requirement if if the shortage continues for a period of 30 consecutive working days. The Notice provides that the Company has 180 calendar days from the date of the Notice, or until June 23, 2025, to regain compliance with the minimum bid price requirement.

Receipt of the Notice has no immediate effect on the Company’s operations or the listing of the Company’s ordinary shares, which will continue to be traded without interruption on Nasdaq under the symbol GSIW. Pursuant to the Notice, the Company has until June 23, 2025 to regain compliance with the minimum offer price requirement, during which time the Company’s common stock will continue to be traded on the Nasdaq Capital Market. If at any time prior to June 23, 2025, the offering price of the Company’s common stock closes at or above $1.00 per share for at least 10 consecutive business days, Nasdaq will provide written confirmation of compliance to the Company.

In the event that the Company does not re-establish compliance by June 23, 2025, the Company may be entitled to additional time to re-establish compliance. In order to qualify, the Company would have to meet the continuous listing requirements for the market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except for the minimum offering price requirement. In addition, the Company would be required to notify Nasdaq of its intent to correct the deficiency during the second compliance period.

About Garden Stage Limited

GSIW, through our operating subsidiaries, is a Hong Kong-based financial services provider principally engaged in the provision of (i) placement and underwriting services; (ii) securities trading and brokerage services; (iii) asset management services; and (iv) investment advisory services. Our business is conducted through our wholly owned operating subsidiaries: a) I Win Securities Limited, which is licensed to carry out Type 1 activities (securities trading) regulated under the SFO in Hong Kong, and ib) I Win Asset Management Limited, which is licensed to carry out Type 4 (securities advisory) and Type 9 (asset management) activities regulated under the SFO in Hong Kong. I Win Securities Limited is a participant of the stock exchange and has one trading right on the stock exchange. I Win Securities Limited is a participant of HKSCC.

Safe harbor statement

This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “believes” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the US Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials, and in oral statements by its officers, directors or employees. to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information on these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information contained in this press release is current as of the date of the press release, and the Company undertakes no obligation to update such information, except as required by applicable law.

For more information, contact:

Garden Stage Limited
Chan Sze Ho
Chief Executive Officer
Email: rickychan@iwinsec.com
Phone: (852) 2688 6333

Source: Garden stage Limited