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GlobeNewsWire
8 months ago
Premium Catering (Holdings) Limited Receives Nasdaq Deficiency Notice Regarding the Minimum Market Value of Listed Securities Requirement and a Nasdaq Deficiency Notice Regarding Minimum Bid Price
SINGAPORE, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Premium Catering (Holdings) Limited (NASDAQ: PC) disclosed that it had received a notice (the “MLVS Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) that the Company is currently not in compliance with the minimum market value of listing securities (the “MVLS”) of $35,000,000 for continued listing of the Company's ordinary shares (the “Ordinary Shares”) on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(2) (the “MLVS Requirement”). Nasdaq calculates the MVLS based upon the most recent total shares outstanding multiplied by the closing bid price. The MVLS Notice indicated that the Company has 180 days, or until June 9, 2025 (the “Compliance Deadline”), to regain compliance with the MLVS Requirement by having its MVLS close at $35,000,000 or more for a minimum of ten consecutive business days. If at any time prior to June 9, 2025, the Company's MVLS closes at $35,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide a written confirmation of compliance and the matter regarding the Company's MLVS will be closed. Receipt of the MVLS Notice does not result in the immediate delisting of the Company's ordinary shares and has no immediate effect on the listing or the trading of the Company's ordinary shares on the The Nasdaq Capital Market under the symbol “PC”.
