MMTEC receives Nasdaq delisting determination

MMTEC (MTC) received a determination letter from the Listings Qualifications Department of Nasdaq regarding a failure to meet Nasdaq’s minimum bid price requirements, as for the last 30 consecutive business the minimum closing bid price per share for the company’s common stock was below the $1.00 per share requirement for continued listing. In addition, because the company effected a one-for-eight reverse stock split on December 18, 2024, the company is not eligible for the 180-calendar day compliance period. As a result, Nasdaq has determined to delist the company’s securities from Nasdaq. Unless the company requests an appeal, trading in the company’s securities will be suspended at the opening of business on November 5, and a Form 25-NSE will be filed with the SEC to remove the company’s securities from listing and registration on Nasdaq. The company has the right to request a hearing before a Nasdaq Hearings Panel to appeal this determination, with such request due by November 3. The company is currently evaluating the Nasdaq determination and considering its available options, including whether to request a hearing. The company currently intends to appeal the determination; however, there can be no assurance that the company will, in fact, move to appeal the determination.