HONG KONG, Dec. 20, 2018
/PRNewswire/ -- SGOCO Group, Ltd. (Nasdaq: SGOC) ("SGOCO" or the
"Company"), a company focused on (a) Virtual Reality device and
technologies research and development (b) environmental protection,
energy saving technologies, equipment development and applications
(c) money lending business in Hong
Kong providing mortgage loans to high quality target
borrowers with low credit risk who are able to provide mortgage
collateral and/or third-party guarantee and (d) property investment
to generate additional rental income to further boost the group's
cashflow over the long term, today announced that the company
received a deficiency letter from The Nasdaq Stock Market
("Nasdaq") on December 19, 2018,
stating that, because the Company has not maintained a minimum
closing bid price of $1.00 for the
last 30 consecutive business days, the Company is no longer in
compliance with Nasdaq Listing Rule 5550(a)(2).
The Nasdaq letter states that the Company will be afforded 180
calendar days, or until June 17,
2018, to regain compliance with the minimum bid price
requirement. In order to regain compliance, the Company must have a
closing bid price of $1.00 or more
for a minimum of 10 consecutive business days. If at any time
during this 180-day period the Company's closing bid price meets or
exceeds $1.00 for a minimum of 10
consecutive business days, Nasdaq will provide written confirmation
of compliance and the matter will be closed. If the Company has not
regained compliance by the expiration of the initial 180 calendar
days, Nasdaq will then provide written notification to the Company
that its ordinary shares are subject to delisting. At that time,
the Company may appeal Nasdaq's delisting determination to a Nasdaq
Listing Qualifications Panel.
The deficiency notification described above will have no
immediate effect on the listing of the Company's ordinary shares,
pending the expiration of the relevant grace period stated above.
The Company is currently considering its options in order to comply
with the minimum bid price rule within the aforementioned grace
period. The Company will seek to regain compliance within the grace
period and is considering various measures to address compliance
with the continued listing standards of Nasdaq. There can be no
assurances that the Company will be able to satisfy the above
described deficiency, and that its ordinary shares will not be
delisted.
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on a company focused on (a) Virtual
Reality device and technologies research and development (b)
environmental protection, energy saving technologies, equipment
development and applications (c) money lending business in Hong
Kong providing mortgage loans to high quality target borrowers with
low credit risk who are able to provide mortgage collateral and/or
third-party guarantee and (d) property investment to generate
additional rental income to further boost the group's cashflow over
the long term. For more information about SGOCO, please visit our
investor relations website:
http://www.sgocogroup.com
For investor and media inquiries, please contact:
SGOCO Group, Ltd.
Tony Zhong
Vice President of Finance
Tel: +852 2153 3957
Email: ir@sgoco.com
Safe Harbor and Informational Statement
This announcement contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein and those preceded by or
that include the words "believe," "expect," "anticipate," "future,"
"will," "intend," "plan," "estimate" or similar expressions, are
"forward-looking statements". Forward-looking statements in this
release include, without limitation, the effectiveness of the
Company's multiple-brand, multiple channel strategy and the
transitioning of its product development and sales focus and to a
"light-asset" model, Although the Company's management believes
that such forward-looking statements are reasonable, it cannot
guarantee that such expectations are, or will be, correct. These
forward looking statements involve a number of risks and
uncertainties, which could cause the Company's future results to
differ materially from those anticipated. These forward-looking
statements can change as a result of many possible events or
factors not all of which are known to the Company, which may
include, without limitation, our ability to have effective internal
control over financial reporting; our success in designing and
distributing products under brands licensed from others; management
of sales trend and client mix; possibility of securing loans and
other financing without efficient fixed assets as collaterals;
changes in government policy in China; China's overall economic conditions and local
market economic conditions; our ability to expand through strategic
acquisitions and establishment of new locations; compliance with
government regulations; legislation or regulatory environments;
geopolitical events, and other events and/or risks outlined in
SGOCO's filings with the U.S. Securities and Exchange Commission,
including its annual report on Form 20-F and other filings. All
information provided in this press release and in the attachments
is as of the date of the issuance, and SGOCO does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
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SOURCE SGOCO Group, Ltd.