Hong Kong, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Fenbo Holdings Limited (NASDAQ: FEBO) (the "Company" or "Fenbo"), an established original equipment manufacturer (OEM) for Spectrum Brands, a global home essentials company, producing electrical hair styling products under the "Remington" brand, announced that the Company received a letter on January 16, 2025 (the "Determination Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"). The Determination Letter notified the Company that it is not in compliance with Nasdaq Listing Rule 5620(a) and 5810(c)(2)(G), which requires that Nasdaq-listed companies hold an annual meeting of shareholders within twelve months of their fiscal year end (the "Annual Meeting Requirement"), because the Company did not hold an annual meeting of shareholders within twelve months of its fiscal year end December 31, 2023. The notification received has no immediate effect on the Company's Nasdaq listing. In accordance with Nasdaq rules, the Company has 45 calendar days, or until March 3, 2025 to submit a plan to regain compliance with the Annual Meeting Requirement.
The Determination Letter stated:
"Based on our records, your Company has not yet held an annual meeting of shareholders within twelve months of the end of the Company's fiscal year end and therefore no longer complies with our listing Rules (the "Rules") for continued listing. Under our Rule, the Company now has 45 calendar days to submit a plan to regain compliance and if we accept your plan, we can grant an exception of up to 180 days from the fiscal year end, or until June 30, 2025, to regain compliance…."
The Company is preparing for an annual meeting for its shareholders and expects to regain compliance with the Annual Meeting Requirement thereafter. As it will take some time to organize an annual meeting, the Company intends to submit a plan to regain compliance with Annual Meeting Requirement. If Nasdaq accepts the Company's plan, Nasdaq can grant an exception of up to 180 calendar days from the Company's fiscal year end, or until June 30, 2025, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company's plan to regain compliance or that should Nasdaq accept the Company's plan, the Company will be able to regain compliance within any extension period granted by Nasdaq. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a Hearing Panel under Nasdaq Listing Rule 5815(a). If the Company fails to regain compliance with Nasdaq's Listing Rules (including, to the extent granted by Nasdaq, any applicable extensions of time), the securities of the Company will be subject to delisting on The Nasdaq Stock Market.
"We are cognizant of the value to our shareholders of the listing of our shares on Nasdaq given the liquidity and pricing efficiency that the exchange provides. We pledge our best efforts towards improved performance, which we believe will allow us to meet the continued listing standards," stated Mr. Huang Hongwu, the Chairman and CEO of this Company.
About Fenbo Holdings Limited
Headquartered Hong Kong and through its operating subsidiaries in Hong Kong and Guangdong Province, Fenbo represents over 30 years of experience producing personal care electric appliances (principally electrical hair styling products) and toy products to overseas markets. Since 2006, the Company has also served as an OEM for Spectrum Brands, a global home essentials company, and its sole customer, producing electrical hair styling products, under the "Remington" brand which Spectrum Brands has the right of the use of, and which it currently sells to Europe, the United States and Latin America. For more information, please visit: http://www.fenbo.com.
Forward-Looking 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. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Investor Relations
Fenbo Holdings Limited
+852 2343 3328
