SMX receives Nasdaq listing delinquency notice

SMX (SMX)received a delinquency notification letter from the Listing Qualifications Staff of the Nasdaq Stock Market due to the company’s non-compliance with Nasdaq Listing Rule 5550(a)(2), as the bid price of the Company’s ordinary shares on the Nasdaq Capital Market was below $1.00 for 30 consecutive business days, from October 8, 2024 to December 9, 2024. Normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the Bid Price Rule. However, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Rule 5810(c)(3)(A) due to the fact that the Company effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one. Accordingly, unless the Company requests a hearing before a Hearings Panel, trading of the Company’s ordinary shares and public warrants will be suspended. The Company intends to request a hearing before a Hearings Panel at which it will request continued listing on The Nasdaq Capital Market. The Company’s hearing request will stay the suspension of trading and delisting of the Company’s ordinary shares and public warrants pending the conclusion of the hearing process. Consequently, the Company’s ordinary shares and public warrants will remain listed on The Nasdaq Capital Market at least until the Hearings Panel renders a decision following the hearing.