Ostin Technology Group Received Additional 180 Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
2024年7月24日 - 9:00PM
Ostin Technology Group Co., Ltd. ("the Company") (Nasdaq: OST), a
leading supplier of display modules and polarizers based in China,
announced that on July 18, 2024, it received a notification letter
(the "Extension Notice") from The Nasdaq Stock Market LLC
("Nasdaq") that the Company has been granted an additional 180-day
compliance period, or until January 13, 2025 to regain compliance
with the Nasdaq's minimum $1.00 bid price requirement (the "Bid
Price Requirement").
As previously announced, the Company received a
written notification from Nasdaq dated January 19, 2024, indicating
that the Company was not in compliance with the Bid Price
Requirement, and Nasdaq granted the Company a period of 180
calendar days, or until July 17, 2024, to regain compliance with
the Bid Price Requirement.
Nasdaq’s determination is based on the Company
meeting 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 of its
intention to cure the deficiency during the second compliance
period and if necessary, by effecting a reverse stock split.
The Extension Notice has no immediate effect on
the continued listing status of the Company’s class A ordinary
shares on Nasdaq, which will continue to trade on the Nasdaq
Capital Market under the symbol “OST”. To regain compliance, the
Company's class A ordinary shares must have a closing bid price of
at least US$1.00 per share for a minimum of 10 consecutive business
days, at which point the matter will be closed.
The Company intends to monitor the closing bid
price of its class A ordinary shares between now and January 13,
2025 and is considering its options in order to regain compliance
with the Bid Price Requirement. The Extension Notice does not
affect the Company's business operations, its U.S. Securities and
Exchange Commission reporting requirements, or its contractual
obligations.
This announcement is made in compliance with
Nasdaq Listing Rule 5810(b), which requires prompt disclosure of
receipt of a deficiency notification.
About Ostin Technology Group Co.,
Ltd.
Founded in 2010, the Company is a supplier of
display modules and polarizers in China. The Company designs,
develops, and manufactures TFT-LCD display modules in a wide range
of sizes and customized sizes which are mainly used in consumer
electronics, outdoor LCD displays, and automotive displays. The
Company also manufactures polarizers used in the TFT-LCD display
modules.
For more information, please
visit http://www.austinelec.com/
Forward-Looking Statement
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, 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. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's
forecast on market trends; the Company's future business
development; the demand for and market acceptance for new products;
expectation to receive customer orders for new products; the
anticipated timing for the marketing and sales of new products;
changes in technology; the Company's ability to attract and retain
skilled professionals; client concentration; and general economic
conditions affecting the Company's industry and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the SEC. 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:
Ostin Technology Group Co.,
Ltd.ir@austinelec.com
Investor Relations:
Janice WangWealth Financial Services
LLCPhone: +86 13811768599 +1 628 283
9214Email: services@wealthfsllc.com
Ostin Technology (NASDAQ:OST)
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