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MKDWELL Tech Inc. Faces Nasdaq Compliance Challenge in 6-K Report

$MKDW
Form 6-K
Filed on: 2025-02-13
Source
MKDWELL Tech Inc. Faces Nasdaq Compliance Challenge in 6-K Report

Here are the key insights extracted from the financial report section:

  1. Company Name and Filing:
  • The report is from MKDWELL Tech Inc. and it is filed as Form 6-K.
  1. Filing Date:
  • The report is dated February 10, 2025.
  1. Compliance Issue:
  • The company received a deficiency letter from Nasdaq indicating that it is not in compliance with the Minimum Bid Price Requirement, which mandates that the closing bid price of its ordinary shares must be at least $1.00 for continued listing.
  • This deficiency is based on the average closing bid price over a 30-business day period from December 24, 2024 to February 7, 2025.
  1. Compliance Period:
  • MKDWELL Tech Inc. has a compliance period of 180 calendar days from the date of the Notice (until August 11, 2025) to regain compliance.
  • If the closing bid price reaches or exceeds $1.00 for 10 consecutive business days within this period, the company will be notified of compliance.
  1. Options for Regaining Compliance:
  • The company may implement a reverse stock split, which must be completed at least ten business days prior to August 11, 2025, to regain compliance.
  1. Potential for Additional Compliance Period:
  • If MKDWELL Tech Inc. does not regain compliance within the initial 180-day period, it may be eligible for an additional compliance period by transferring to The Nasdaq Capital Market, provided it meets other requirements.
  1. Risk of Delisting:
  • Should the company fail to comply within the allowed timeframe and is determined ineligible for an extension, Nasdaq will notify the company of potential delisting.
  • The company has the right to appeal any delisting determination.
  1. Monitoring and Evaluation:
  • MKDWELL Tech Inc. intends to actively monitor its stock price and evaluate options to regain compliance but acknowledges there is no assurance of success.

These points highlight the critical compliance issues MKDWELL Tech Inc. faces regarding its stock price and the implications of not meeting Nasdaq's listing requirements.