Item 8.01. Other Events.
On December 22, 2022, Nova LifeStyle, Inc. (the "Company") received a written
notification from the NASDAQ Stock Market Listing Qualifications Staff (the
"Staff") indicating that the Company has been granted an additional 180 calendar
day period or until June 19, 2023, to regain compliance with the $1.00 minimum
closing bid price requirement for continued listing on the NASDAQ Capital Market
pursuant to NASDAQ Listing Rule (the "Minimum Bid Price Requirement").
NASDAQ's determination was based on the Company having met the continued listing
requirement for market value of publicly held shares and all other applicable
requirements for initial listing on the NASDAQ Capital Market, with the
exception of the bid price requirement, and the Company's written notice to
NASDAQ of its intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary. If at any time during
this additional time period the closing bid price of the Company's securities is
at least $1.00 per share for a minimum of 10 consecutive business days, NASDAQ
will provide written confirmation of compliance and this matter will be closed.
If compliance cannot be demonstrated by June 19, 2023, Staff will provide
written notification that the Company's securities will be delisted. At that
time, the Company may appeal the Staff's determination to a Hearings Panel (the
"Panel") of NASDAQ.
The Company will monitor the closing bid price of its shares of common stock and
will consider various options to regain compliance before June 19, 2023.
© Edgar Online, source Glimpses