Nasdaq issues delisting notice to SU Group
SU Group Holdings Faces Potential Delisting from Nasdaq Composite
In a recent press release, SU Group Holdings, whose shares are traded under the ticker symbol "SUGP" on the Nasdaq Composite, announced that it has received a notice from Nasdaq for a public float deficiency. The company has already appealed Staff's determination to a hearings panel, and the suspension of its securities remains in effect, pending the Panel's decision on the appeal.
The Nasdaq suspension does not appear to be related to the ongoing appeal hearing. The trading of SU Group Holdings' shares continues uninterrupted on the Nasdaq Composite, subject to the suspension. If the company does not rectify the deficiencies and the Panel disagrees and/or does not grant an extension, it may be subject to delisting from the Nasdaq Composite.
SU Group Holdings has taken steps to address the public float deficiency by announcing a 1-for-10 reverse stock split. The hearing request stays the suspension of the company's securities and the filing of the Form 25-NSE pending the Panel's decision. However, the potential outcome of the appeal hearing and its impact on the delisting decision is not specified in the provided paragraph.
It's worth noting that the Chairman and CEO of SU Group Holdings is Ertian Su. The current status of the appeal hearing is not specified in the provided paragraph. The trading of SU Group Holdings' shares will continue to trade uninterrupted on the Nasdaq Composite under the ticker symbol, "SUGP", until the earlier of the deficiency being rectified or the appeal being heard by the Panel.
As of after hours, SU Group Holdings' shares are at $6.17, down -1.04%. Financial information for the company is not provided in the current paragraph. The information provided is from a press release.
In conclusion, SU Group Holdings is currently facing a potential delisting from the Nasdaq Composite due to a public float deficiency. The company has appealed the decision and is awaiting a hearing by the Panel. The trading of its shares continues uninterrupted on the Nasdaq Composite, and the company has announced a reverse stock split to address the deficiency. The potential outcome of the appeal hearing and its impact on the delisting decision is not specified in the provided paragraph.
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