Core Viewpoint - Webuy Global Ltd. has received a delisting determination from Nasdaq due to non-compliance with the Minimum Bid Price Rule, which requires a minimum bid price of $1.00 per share [1][2]. Group 1: Nasdaq Compliance and Delisting - The Company failed to achieve a closing bid price of at least $1.00 per share for 10 consecutive business days within the compliance period, which included an initial 180-calendar-day period and a subsequent extension [2]. - Nasdaq has issued a Staff Delisting Determination, and trading of the Company's Class A ordinary shares will be suspended starting January 29, 2025 [1][4]. Group 2: Appeal Process - The Company plans to appeal Nasdaq's determination by requesting a hearing before a Nasdaq Hearings Panel, with the request due by 4:00 p.m. Eastern Time on January 29, 2025 [3]. - Hearings are typically scheduled to occur approximately 30-45 days after the hearing request is filed [3]. Group 3: Future Trading and Compliance Efforts - Following the suspension, the Company's Class A ordinary shares are expected to trade on OTC while awaiting the Panel's decision [4]. - The Company is committed to regaining compliance with the Minimum Bid Price Rule and will make reasonable efforts to do so, although there is no assurance of success [4][5]. Group 4: Company Overview - Webuy Global Ltd. is a technology-driven company focused on becoming a leading e-commerce and travel platform in Southeast Asia, utilizing advanced AI technologies to enhance its services [6]. - The Company aims to improve the lives of millions in Southeast Asia by providing high-quality, affordable products, services, and travel experiences [6].
Webuy Global Ltd. Receives Nasdaq Notification Regarding Non-Compliance with Minimum Bid Price Rule