SINGAPORE, April 11,
2024 /PRNewswire/ -- X3 Holdings Co., Ltd.
(Nasdaq: XTKG) (the "Company" or "XTKG"), a global provider of
digital solutions and technology services spanning diverse
industries, today announced that it has received a notification
letter (the "Notification Letter") from the Nasdaq Stock Market LLC
(the "Nasdaq") dated April 10, 2024,
notifying the Company that it is not in compliance with the minimum
bid price requirement as set forth under Nasdaq Listing Rule
5550(a)(2) for continued listing on the Nasdaq. This press release
is issued pursuant to Nasdaq Listing Rule 5810(b), which requires
prompt disclosure upon the receipt of a deficiency
notification.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for a period of 30 consecutive
business days. Based on the closing bid price of the Company's
ordinary shares for over 30 consecutive business days from
February 22, 2024 to April 8, 2024, the Company no longer meets the
minimum bid price requirement.
In accordance with the Nasdaq Listing Rule 5810(c)(3)(A), the
Company has been provided 180 calendar days, or until October 7,
2024, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To
regain compliance, the Company's ordinary shares must have a
closing bid price of at least US$1.00 for a minimum of 10
consecutive trading days. In the event that the Company does not
regain compliance by October 7, 2024, the Company may be eligible
for additional time to regain compliance or may face delisting.
The receipt of the Notification Letter has no immediate effect
on the Company's business operations or the listing of the
Company's ordinary shares, which will continue to trade
uninterrupted on the Nasdaq under the ticker "XTKG". To address
this issue, the Company intends to continuously monitor its closing
bid price and is in the process of considering various measures to
improve its financial position and results of operations, which the
Company expects to countervail the short-term adverse effects on
its trading price and cure the deficiency in due time.
About X3 Holdings
X3 Holdings Co., Ltd. (Nasdaq: XTKG) is a global provider of
digital solutions and technology services spanning diverse
industries. The Company is operating across diversified business
segments in digital technologies, cryptomining operations,
renewable energy and agriculture technologies. X3 Holdings is
headquartered in Singapore with
subsidiaries and operations globally. For additional information,
please visit www.x3holdings.com.
Safe Harbor Statement
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements include, among
others, statements regarding the Company's plans to regain
compliance with the minimum bid price requirement. The Company's
actual results may differ materially from those expressed in any
forward-looking statements as a result of various factors and
uncertainties. The reports filed by the Company with the Securities
and Exchange Commission discuss these and other important factors
and risks that may affect the Company's business, results of
operations and financial conditions. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
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SOURCE X3 Holdings Co., Ltd.