SECsense Logo

Prestige Wealth Inc. Report: Nasdaq Compliance Achieved After Bid Price Challenge

$PWM
Form 6-K
Filed on: 2024-12-19
Source
Prestige Wealth Inc. Report: Nasdaq Compliance Achieved After Bid Price Challenge

Here are the key insights extracted from the financial report (Form 6-K) for Prestige Wealth Inc.:

  1. Company Information:
  • Name: Prestige Wealth Inc.
  • Address: Suite 3201, Champion Tower, 3 Garden Road, Central, Hong Kong.
  • Commission File Number: 001-41734.
  1. Regulatory Compliance:
  • On July 23, 2024, the company received a notification from Nasdaq that its Class A ordinary shares had been trading below the minimum bid price of $1.00 for 30 consecutive business days, thus failing to comply with Nasdaq Listing Rule 5550(a)(2).
  • The company was granted 180 calendar days to regain compliance.
  1. Regaining Compliance:
  • On December 18, 2024, the company was notified that it had regained compliance, with the closing bid price of its Class A ordinary shares being $1.00 or greater for more than ten consecutive business days (from December 4 to December 17, 2024).
  • A press release confirming this compliance was issued on December 19, 2024.
  1. Press Release:
  • The full text of the press release detailing the regained compliance is included as Exhibit 99.1 to this report.
  1. Signatures:
  • The report was signed by Hongtao Shi, who holds the positions of Chief Executive Officer, Director, and Chairman of the Board.
  1. Date of Report:
  • This report is dated December 19, 2024.

This analysis indicates that Prestige Wealth Inc. was able to address the compliance issue with Nasdaq successfully within the allotted time frame, which is crucial for maintaining its listing status and investor confidence.