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Borqs Technologies, Inc. (NASDAQ:BRQS, ", Borqs", , or the ", Company", ))))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that the Company received a deficiency notification letter from the Nasdaq Stock Market LLC ("Nasdaq") on September 15, 2023, notifying the Company that the Company's listed securities did not maintain a minimum market value of $35 million ("MVLS") for a period of 30 consecutive business days to meet the MVLS requirement.
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a compliance period of 180 calendar days, or until March 13, 2024, to regain compliance. Nasdaq will close the matter and provide written confirmation that the Company has achieved compliance with rule 5550(b)(2) if at any time before March 13, 2024, the Company's MVLS closes at $35 million or more for a minimum of ten consecutive business days. In the event the Company does not regain compliance by March 13, 2024, the Company's securities will be subject to delisting.
The Company intends to regain compliance with Nasdaq listing rules, and will evaluate its available options to regain compliance with Nasdaq's minimum MVLS rule within the compliance period. The notification letter does not impact the Company's listing on the Nasdaq Capital Market at this time.
Posted In: BRQS
