お知らせ • Jul 04
TEN Holdings Receives Notice of Nasdaq Compliance Deficiencies
On June 30, 2025, TEN Holdings, Inc. (the Company") received a deficiency letter from the Listing Qualifications Department (the Staff") of The Nasdaq Stock Market LLC (Nasdaq"), notifying the Company that for the last 30 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the Bid Price Rule"). The deficiency letter does not result in the immediate delisting of the Company's common stock from the Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the Compliance Period Rule"), the Company has been provided an initial period of 180 calendar days, or until December 29, 2025 (the Compliance Date"), to regain compliance with the Bid Price Rule. If, at any time before the Compliance Date, the bid price for the Company's common stock closes at $1.00 or more for a minimum of ten consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it complies with the Bid Price Rule, unless the Staff exercises its discretion to extend this ten day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). If the Company is not in compliance with the Bid Price Rule by December 29, 2025, the Company may be afforded a second 180 calendar day period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the minimum bid price deficiency, which may include, if necessary, implementing a reverse stock split. If the Company does not regain compliance with the Bid Price Rule by the Compliance Date and is not eligible for an additional compliance period at that time, the Staff will provide written notification to the Company that its common stock may be delisted. The Company would then be entitled to request a hearing and appeal the Staff's determination to a Nasdaq Hearings Panel . The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Bid Price Rule, which could include effecting a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Rule. On June 30, 2025, the Company received an additional deficiency letter from Nasdaq, notifying the Company that, as a result of the resignations of its independent directors, David Price and Justin Sherrock, from the Board of Directors of the Company (the Board") and the audit committee of the Board (the Audit Committee"), effective May 13, 2025, the Company is not in compliance with Nasdaq Listing Rule 5605. The deficiency letter does not result in the immediate delisting of the Company's common stock from the Nasdaq Capital Market. Nasdaq Listing Rule 5605, among other things, requires that the Audit Committee be comprised of at least three independent directors. The Audit Committee currently is comprised of only one non-independent director, Randolph Wilson Jones III. In accordance with Nasdaq Listing Rule 5810(c)(2), the Company has been provided 45 calendar days to submit a plan to regain compliance no later than August 14, 2025. If the Company's plan is accepted by Nasdaq, the Company may be granted an extension of up to 180 calendar days from June 30, 2025 to evidence compliance. The Company intends to appoint additional independent directors to serve as members of the Board and the Audit Committee prior to the end of the cure period described above.