Announcement • Mar 24
Garden Stage Limited Regains Compliance with Nasdaq Minimum Bid Price Requirement Garden Stage Limited announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC on March 20, 2026 notifying the Company that it has regained compliance with the Nasdaq Capital Market’s minimum bid price requirement and that the matter is now closed. On September 5, 2025, the Company was first notified by Nasdaq of its failure to maintain a minimum closing bid price of at least $1.00 per share for 30 consecutive trading days under Nasdaq Listing Rule 5550(a)(2), and was given 180 calendar days, or until March 4, 2026, to regain compliance. On March 5, 2026, the Company received an additional 180-day extension from Nasdaq, or until September 1, 2026, to regain compliance. On March 6, 2026, the Company effected a share consolidation pursuant to which the authorised, issued and outstanding Class A ordinary shares of the Company were consolidated at 200 for 1 ratio. The Notice noted that as of March 20, 2026, the closing bid price of Class A ordinary shares of the Company had been at or greater than $1.00 per share from March 6, 2026 through March 19, 2026. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), and Nasdaq considers the matter closed. New Risk • Mar 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 53% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 16x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$23.9m market cap). Reported Earnings • Jan 22
First half 2026 earnings released: US$0.11 loss per share (vs US$0.21 loss in 1H 2025) First half 2026 results: US$0.11 loss per share. Net loss: US$6.49m (loss widened 98% from 1H 2025). 
