Society Pass Incorporated 8-K, filed Nov 22, 2023
Society Pass Incorporated. (SOPAQ)
About this 8-K
Society Pass Incorporated filed this 8-K on November 22, 2023.
Items reported
- Item 8.01: Other events
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Item 8.01. Other Events.
On November 22, 2023, The Nasdaq Stock Market (“Nasdaq”) notified Society Pass Incorporated (the “Company”) that it would be afforded an additional 180 calendar days (or until May 20, 2024) to regain compliance with Nasdaq’s minimum bid price requirement.
As previously disclosed, on May 25, 2023, the Company received a notification letter from the Nasdaq Listing Qualifications Department stating that, for 30 consecutive business days, the closing bid price of the Company’s common stock had been below the minimum of $1 per share required for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The initial notification letter stated that the Company would be afforded 180 calendar days (until November 21, 2023) to regain compliance, and that the Company may be eligible for additional time. Although the Company did not regain compliance with Nasdaq Listing Rule 5550(a)(2) within the initial 180 calendar day period, Nasdaq determined that the Company was eligible for the additional 180 calendar day period to regain compliance.
In order to regain compliance, the closing bid price of the Company’s common stock must be at least $1 per share for a minimum of ten consecutive business days during the additional 180 calendar day period ending May 20 , 2024. The Company intends to consider all available options to regain compliance with the Nasdaq listing standards.
The Nasdaq notification has no effect at this time on the listing of the Company’s common stock which will continue to trade uninterrupted under the symbol “SOPA”.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Society Pass Incorporated | ||
| By: | /s/ Raynauld Liang | |
| Name: | Raynauld Liang | |
| Title: | Chief Executive Officer | |
| Date: November 22, 2023 | ||
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