Society Pass (NASDAQ:SOPA) Receives Notice of Bid Price Deficiency from Nasdaq

Society Pass Incorporated (NASDAQ:SOPA) recently disclosed in a Form 8-K filing that it received a letter from The Nasdaq Stock Market LLC on December 6, 2024. The communication, known as the “Nasdaq Staff Letter,” highlighted that for the past thirty consecutive business days, the closing bid price for the company’s common stock had fallen below the minimum requirement of $1.00 per share for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).

Under Nasdaq Listing Rule 5810(c)(3)(A), Society Pass has been granted an initial 180-day period, valid until June 4, 2025, to regain compliance. The letter specified that if, before June 4, 2025, the bid price of the company’s common stock closes at $1.00 per share or higher for at least ten consecutive business days, written notification will be provided, confirming compliance with Rule 5550(a)(2). It is important to note that the Nasdaq Staff Letter does not immediately impact the listing or trading of Society Pass’s common stock.

Society Pass is actively monitoring the bid price of its common stock and is exploring available options should the stock not trade at levels conducive to regaining compliance with Nasdaq’s minimum bid price rule by the stipulated deadline of June 4, 2025.

In the scenario where compliance with Rule 5550(a)(2) is not achieved by the deadline, Society Pass may be eligible for an additional 180-day compliance period. To qualify for this extension, the company must meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, excluding the bid price requirement. Written notice of the intent to address the deficiency during the second compliance period, for instance, through mechanisms like a reverse stock split if necessary, would be fundamental. However, if it appears unlikely that Society Pass can rectify the deficiency or meets other eligibility criteria, Nasdaq would issue a delisting notification. Should such a notification occur, the company retains the option to challenge the Nasdaq staff’s decision to delist its securities.

The statements included herein contain forward-looking statements under U.S. federal securities laws. These statements reflect the current beliefs, expectations, and assumptions of Society Pass regarding future business trajectories, strategies, potential events, and economic conditions. However, due to inherent risks and uncertainties, the actual outcomes may differ significantly from what the forward-looking statements suggest. Factors that could influence these deviations include the company’s ability to meet Nasdaq compliance standards, secure relief from delisting, or adhere to applicable requirements for continued listing. For a comprehensive understanding of the risks involved, interested parties are directed to the “Risk Factors” section in Society Pass’s filings with the Securities and Exchange Commission (SEC).

It is critical to acknowledge that the information presented in this report is based on current data available and is relevant only as of the date of publication. Society Pass explicitly disclaims any obligation to publicly revise any forward-looking statements, written or oral, except as mandated by applicable law.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Society Pass’s 8K filing here.

Society Pass Company Profile

Society Pass Incorporated acquires and operates fintech and e-commerce platforms and mobile applications for consumers and merchants in Singapore, Vietnam, Indonesia, Philippines, the United States, Malaysia, Hong Kong, and Thailand. It operates through Online Grocery and Food and Groceries Deliveries, Digital marketing, Online ticketing and reservation, Telecommunications Reseller, e-Commerce, and Merchant Point of Sale segments.