Nasdaq notifies Magic Empire of 180 calendar days for minimum bid compliance

Magic Empire Global has announced that on August 27 the Company received a letter from Nasdaq, notifying the Company that Nasdaq has determined the Company is eligible for an additional 180 calendar day period, or until February 24, 2025, to regain compliance with the minimum bid price of $1 per share requirement pursuant to the continued listing requirement of Nasdaq under Nasdaq Listing Rules 5550(a)(2). This 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, and the Company’s written notice to Nasdaq dated August 19 noting of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If compliance cannot be demonstrated by February 24, 2025, Nasdaq will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal the determination to a hearing panel. The Company is currently evaluating options to regain compliance and intends to timely regain compliance with Nasdaq’s continued listing requirement. Although the Company will use all reasonable efforts to achieve compliance with Rule 5550(a)(2), there can be no assurance that the Company will be able to regain compliance with that rule.