HONG KONG - iClick Interactive Asia Group Limited (NASDAQ: ICLK), a prominent enterprise and marketing cloud platform in China, disclosed today that it has been notified by the Nasdaq Stock Market LLC of its non-compliance with Nasdaq's filing requirements. The notice, dated May 17, 2024, was issued because iClick did not file its annual report for 2023 on time.
The Nasdaq Listing Rule 5250(c)(1) requires timely submission of financial reports, which iClick failed to meet for the year ended December 31, 2023. The company now has 60 days from the receipt of the Nasdaq notice to present a plan to regain compliance. If the plan is accepted, Nasdaq may grant an extension of up to 180 days, or until November 11, 2024, for iClick to comply.
Currently, the notice does not impact the listing or trading of iClick’s securities on the Nasdaq Global Market. The company has expressed its commitment to filing the overdue annual report with the Securities and Exchange Commission as soon as possible.
iClick, established in 2009, provides a suite of data-driven solutions to help brands grow their business and profitability by leveraging consumer lifecycle insights. With headquarters in Hong Kong, the company has expanded its operations across Asia and Europe.
This article is based on a press release statement from iClick Interactive Asia Group Limited.
InvestingPro Insights
Amidst the backdrop of iClick Interactive Asia Group Limited's (NASDAQ: ICLK) recent non-compliance notice from Nasdaq, investors may be seeking deeper insights into the company's financial health and market performance. According to real-time data from InvestingPro, iClick's market capitalization stands at a modest $12.53 million USD. The company's Price / Book ratio, as of the last twelve months leading up to Q2 2023, is low at 0.27, hinting at a potentially undervalued stock in terms of its assets. However, this comes with significant revenue challenges, as evidenced by a substantial year-over-year revenue decline of 39.36% during the same period.
InvestingPro Tips suggest that iClick holds more cash than debt on its balance sheet, which can be a sign of financial stability. Additionally, the stock's Relative Strength Index (RSI) indicates it is in oversold territory, which could attract investors looking for potential bargains in the market. Despite these potentially positive signals, analysts anticipate a sales decline in the current year and do not expect the company to be profitable within this timeframe. The company's stock has experienced high price volatility and has fared poorly over the last month with a price total return of -56.23%.
For investors considering iClick as a potential addition to their portfolio, it's worth noting that InvestingPro offers additional insights and tips, with a total of 15 InvestingPro Tips available for iClick. These tips can help investors make more informed decisions by providing a comprehensive analysis of the company's financials, market performance, and potential future outlook. Interested readers can use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to gain access to these valuable insights.
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