Intelligent Living Faces Nasdaq Listing Risk Due to Low Share Price

Intelligent Living Application Group Inc., a Hong Kong-based premium lockset manufacturer, has been notified by Nasdaq that its ordinary shares no longer meet the minimum bid price requirement of $1.00 per share due to 30 consecutive trading days below the threshold. The company has 180 days to regain compliance with the requirement. If it fails to do so, it may be eligible for an additional 180 days to cure the deficiency or face delisting.

Intelligent Living Application Group Inc. (ILAG), a Hong Kong-based premium lockset manufacturer, announced on April 19, 2024, that it had received a written notification from the Nasdaq Stock Market Listing Qualifications Staff granting an additional 180-day extension to regain compliance with the $1.00 minimum closing bid price requirement for continued listing on the Nasdaq Capital Market [1].

The notification comes after the company's ordinary shares failed to meet the minimum bid price for 30 consecutive trading days. ILAG met all other applicable requirements for initial listing on the Nasdaq Capital Market but fell short of the bid price requirement [1].

To regain compliance, ILAG intends to effect a reverse stock split, if necessary [1]. If the closing bid price of the company's security reaches at least $1.00 per share for a minimum of ten consecutive business days before October 14, 2024, NASDAQ will provide written confirmation of compliance, and the matter will be closed [1].

ILAG's ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol "ILAG" during this additional time period [1]. The company will closely monitor its closing bid price and consider various options to regain compliance before October 14, 2024.

Founded in Hong Kong, ILAG manufactures and sells high-quality mechanical locksets primarily to customers in the United States and Canada [1]. The company has a rich history of 40 years and has diversified and refined its product offerings to meet its customers' needs. ILAG has obtained several certifications, including the UL and Intertek certifications, ensuring the quality and safety of its products [1].

References:

[1] Intelligent Living Application Group Inc. Granted Extension to Meet Nasdaq Minimum Bid Price Requirement. (2024, April 19). Retrieved from https://www.sec.gov/Archives/edgar/data/1814963/000149315224015347/ex99-1.htm