VS Media Announces Receipt of Nasdaq Minimum Bid Price Notification
HONG KONG, Dec. 29, 2023 (GLOBE NEWSWIRE) -- VS Media Holdings Limited (NASDAQ: VSME, the “Company”), a leader in managing a global network of digital creators, announced today that today announced that it received written notification on December 27, 2023, from The Nasdaq Stock Market LLC that it no longer complies with the minimum bid price requirement for continued listing on the Nasdaq Capital Market pursuant to the Nasdaq Listing Rule 5550(a)(2).
The closing bid price for the Company's ordinary shares had fallen below $1.00 per share for 33 consecutive business days and accordingly, the Company no longer complies with the minimum bid price requirement for continued listing on the Nasdaq Capital Market pursuant to the Nasdaq Listing Rule 5550(a)(2). However the Nasdaq Listing Rules also provide the Company a compliance period of 180 calendar days (i.e. by June 24, 2024) in which to regain compliance. If the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to June 24, 2024 (i.e. June 7, 2024).
If at any time during this 180 day period, the closing bid price of the Company's ordinary shares is at least $1.00 for a minimum of ten consecutive business days, the Company will be provided with written confirmation of compliance and the matter will be closed.
In the event the Company does not regain compliance, it may be eligible for additional time. 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, the Nasdaq will inform that Company that it has been granted an additional 180 calendar days. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, its ordinary shares will be subject to delisting.
The Company intends to actively monitor the bid price for its shares and is considering actions that it may take in response to this notification in order to regain compliance with the continued listing requirements, but no decisions about a response have been made at this time.
About VS Media Holdings Limited
VS Media Holdings Limited is a Hong Kong-based company which manages a global network of digital creators (“Creators”) who create and publish content to social media platforms such as YouTube, Facebook, Instagram, and TikTok. Their Creators include influencers, KOLs—Key Opinion Leaders, bloggers, and other content creators who cultivate fanbases on social media platforms. The Company empowers and supports Creators by (i) providing them with production facilities, training, and funding to produce quality content; (ii) helping them expand their social media influence and fanbase by assisting with marketing, public relations and audience analytics; and (iii) most importantly, enabling them to monetize their influence by working effectively with brands, platforms, and fans. It also bridges the divide between brands and Creators through helping brands reach their target audience effectively by (i) advising on content strategy and budget and recommending specific Creators; (ii) communicating with and managing selected Creators; (iii) producing engaging and relevant content with Creators to promote key messages for brands; (iv) publishing branded content on Creators’ social media channels; (v) amplifying the reach of Creators’ and brands’ content through precise media planning and buying on social media platforms; (vi) providing optimization and retainer services through data analysis and reporting.
For more information on the Company, please log on -media.com/.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
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