XChange TEC.INC receives Nasdaq deficiency notice

XChange TEC.INC (XHG)announced that it has received a notice from The Nasdaq Stock Market LLC dated November 13, 2024 stating that the company is not in compliance with the requirement to maintain a minimum Market Value of Listed Securities of $35M as set forth under Nasdaq Listing Rule for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(2) requires companies to maintain a minimum MVLS of $35M, and Nasdaq Listing Rule 5810(c)(3)(C) specifies that a deficiency occurs if the MVLS falls below this threshold for 30 consecutive business days. Based on the company’s MVLS for the 30 consecutive business days from October 2, 2024, to November 12, 2024, the company no longer meets this requirement. The Notice further states that the company also does not meet the alternative requirements under Nasdaq Listing Rules 5550(b)(1) and 5550(b)(3). Pursuant to Nasdaq Listing Rule 5810(c)(3)(C), the Company has a 180-calendar-day compliance period, which expires on May 12, 2025. If, during this period, the company’s MVLS closes at or above $35M for at least 10 consecutive business days, Nasdaq will notify the company of its compliance, and the matter will be closed.