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By Stephen Nacrosis
Singularity Future Technology Ltd. It said on Friday it received a delisting notice from the Nasdaq Stock Market LLC’s listing eligibility department on Oct. 3.
According to the logistics and shipping management services company, the notice said the warrants could be canceled “unless the company timely requests a hearing before a Nasdaq hearing panel.” The company said it intends to request a hearing.
The company said it had previously received a notice of default from Nasdaq for not complying with the exchange’s listing rules by delaying its Form 10-Q for the quarter ending March 31, 2022. He presented the plan to restore compliance on two occasions. According to Singularity, Nasdaq staff determined that the company did not provide a definitive plan demonstrating its ability to file the required reports within the 180 calendar day period required by Nasdaq rules.
The company said it “intends to make every effort to maintain the listing,” but “there is no assurance that the company will ultimately comply with all applicable requirements for further listings.”
At 5:22 pm ET, the company’s shares were down 17.03%, to trade at $1.90. The stock ended the day’s regular session with a 10.55% loss, closing at $2.29 per share.
The stock touched a 52-week low of $2.28 per share earlier in the session.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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