Society Pass Inc. (NASDAQ: SOPA) shares up slightly Friday, as the company, Southeast Asia’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announced that it has received an extension until May 20, 2024, to regain compliance with NASDAQ Listing Rules. The NASDAQ extension letter was filed in a Form 8-K with the U.S. Securities and Exchange Commission on November 22, 2023.
NASDAQ determined that SOPA is eligible for an additional 180-calendar-day period, or until May 20, 2024, to regain compliance with NASDAQ’s minimum $1.00 per share bid price requirement, as set forth in NASDAQ Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”). This determination is pursuant to the discretionary authority granted to NASDAQ by the SEC and is subject to compliance with other continued listing requirements. NASDAQ’s determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement.
CEO Ray Liang states, “We are pleased with the extension granted by NASDAQ, which provides us with an additional six months to meet the minimum bid price requirement. We remain committed to executing our strategic initiatives and believe that the extension will allow us to continue to work towards regaining compliance with NASDAQ’s listing standards.”
SOPA shares picked up a penny, or 2%, to begin the day after Thanksgiving at $2.08.