FLJ Group discloses NASDAQ Deficiency Notice

FLJ Group Limited announced that it has received notice from the Nasdaq Stock Market LLC dated February 20, 2024 stating that the Company is not in compliance with certain Nasdaq Rules for continued listing on the Nasdaq Global Market. The Nasdaq notice stated that the Company is not in compliance with the minimum US$50 million in total assets and total revenue for the most recently completed fiscal year or two of the last three most recently completed fiscal years requirement and does not comply with an alternative requirement of Nasdaq Listing Rule 5450(b). The Company disposed and deconsolidated certain subsidiaries in October 2023 and with effect to prior fiscal years total assets and total revenues. The Company also no longer meets the minimum Market Value of Publicly Held Shares (“MVPHS”) requirement under Nasdaq Listing Rules. Nasdaq Listing Rule 5450(b)(3)(C) requires companies to maintain a minimum MVPHS of US$15 million, and Nasdaq Listing Rule 5810(c)(3)(D) provides that a failure to meet the MVPHS requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the MVPHS of the Company for the 30 consecutive business days from January 5, 2024 to February 16, 2024, the Company no longer meets the minimum MVPHS requirement.