Singapore, Aug. 04, 2023 (GLOBE NEWSWIRE) -- EUDA Health Holdings Limited ("EUDA" and the "Company") received a notice (the "MVLS Notice") from the Nasdaq Stock Market LLC ("Nasdaq"), stating that the Company's listed securities failed to comply with the $35 million market value of listed securities ("Market Value of Listed Securities") requirement for continued listing on the Nasdaq Capital Market in accordance with Nasdaq Listing Rule 5550(b)(2) based upon the Company's Market Value of Listed Securities for the 30 consecutive business days prior to the date of the MVLS Notice.
The MVLS Notice has no immediate effect on the listing of the Company's securities on Nasdaq and the Company has been provided a period of 180 calendar days from the date of the MVLS Notice, or until January 24, 2024, in which to regain compliance (the "MVLS Compliance Period"). In order to regain compliance with Nasdaq Listing Rule 5550(b)(2), the Market Value of Listed Securities of the Company must close at $35,000,000 or more for a minimum of ten consecutive business days during the MVLS Compliance Period.
The Company does not currently meet the other continued listing standards of the Nasdaq Capital Market. The MVLS Notice also noted that the Company currently does not meet (i) the requirement for a minimum of $2.5 million in stockholders' equity under Listing Rules 5550(b)(1), or (ii) the requirement for a minimum net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years under Listing Rule 5550(b)(3). The Company intends to consider its available options to resolve the Company's noncompliance. However, there can be no assurance that the Company will be able to regain compliance with any of these continued listing requirements.
In the event that the Company does not regain compliance with Nasdaq Listing Rule 5550(b)(2) within the MVLS Compliance Period, or regain compliance with Nasdaq Listing Rule 5550(b)(1) or Nasdaq Listing Rule 5550(b)(3), Nasdaq will provide notice to the Company that its listed securities will be subject to delisting. In the event of such notification, the Company may appeal Nasdaq's determination to delist its securities, but there can be no assurance that Nasdaq would grant the Company's request for continued listing.
For investor and media inquiries, please contact:
Dr. Kelvin Chen
Chief Executive Officer
EUDA Health Holdings Limited
+65 6268 6821
kelvin@euda.com
