Agape ATP Corp, a health services company, has received notification from NASDAQ that it no longer meets the minimum bid price requirement for continued listing on the stock market. The company's stock, traded under the ticker ATPC on the NASDAQ Capital Market, has been closing below the $1 threshold required by NASDAQ's Listing Rules since November 30, 2023, and has been given until July 16, 2024, to regain compliance.
On Monday, the company was informed that it had not met the requirement within the 180-day grace period and is not eligible for an additional compliance period due to its failure to satisfy the minimum stockholders’ equity requirements for initial listing on The Nasdaq Capital Market.
As a result, NASDAQ has scheduled the company's securities for delisting, with suspension set to begin on July 30, 2024. Agape ATP Corp plans to appeal this decision and will request a hearing before a NASDAQ Hearings Panel to present a plan to regain compliance and seek continued listing on the NASDAQ Capital Market.
The company's intention to appeal will delay the delisting process until the Panel makes a final decision. Still, there is no guarantee that the Panel will grant the request for continued listing or that the company will successfully regain compliance with NASDAQ's requirements. This development follows the company's receipt of a non-compliance letter from NASDAQ on January 18, 2024.
Based on the information from the SEC filing, the company's leadership, including Chief Executive Officer, President, Director, Secretary, and Treasurer How Kok Choong, is tasked with navigating this regulatory challenge. The outcome of the upcoming hearing and the company's ability to address the compliance issues will ultimately determine the future of its listing status on the NASDAQ Capital Market.
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