Core Viewpoint - Kandal M Venture Limited has received a letter of noncompliance from Nasdaq due to its closing bid price falling below the required minimum of $1 per share for the last 30 consecutive business days [1]. Group 1: Compliance and Listing Requirements - The company has a compliance period of 180 calendar days to regain compliance with Nasdaq's minimum bid price requirement [2]. - If Kandal's closing bid price reaches at least $1 for a minimum of ten consecutive business days during this period, Nasdaq will confirm compliance [2]. - Should the company fail to regain compliance, it may be eligible for additional time, provided it meets other listing requirements [3]. Group 2: Potential Actions and Consequences - To qualify for an extension, Kandal must meet the continued listing requirements for market value of publicly held shares and may need to consider a reverse stock split [3]. - If Kandal meets the necessary requirements, Nasdaq will grant an additional 180 calendar days for compliance [4]. - If Nasdaq determines that Kandal is unlikely to cure the deficiency, the company will be notified of potential delisting [4]. Group 3: Current Status and Future Plans - The notification from Nasdaq does not result in immediate delisting, and Kandal's shares will continue to trade under the symbol "FMFC" [5]. - The company is currently evaluating options to regain compliance and is committed to timely addressing Nasdaq's continued listing requirements [5]. Group 4: Company Overview - Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods, primarily producing handbags and smaller leather goods, with manufacturing operations based in Cambodia [6].
Kandal M Venture Limited Announces Receipt of Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency