Oriental Rise Shares Suspended After $2.42 Post-Split Trading, Panel Denies Listing
ORIS•After a 1-for-4 reverse split that drove shares to $2.42 on June 22, Oriental Rise’s request to maintain Nasdaq listing was denied, triggering suspension of ordinary shares on June 24. The company is pursuing reconsideration and may seek review by the Nasdaq Council while preparing for OTC quotations.
1. Panel Decision and Reverse Split
On June 22, Oriental Rise executed a 1-for-4 reverse stock split, raising its per-share price to open at $2.04 and close at $2.42, exceeding Nasdaq’s $1.00 minimum bid requirement. Two days later, the Nasdaq Listing Qualification Panel denied the company’s request to maintain its listing despite the split.
2. Suspension and Reconsideration
Trading in the company’s ordinary shares was suspended at the open on June 24 after Nasdaq clarified that it would not stay the suspension while reviewing the emergency request. Oriental Rise has formally submitted a request for reconsideration, and the Panel is expected to respond within 15 calendar days.
3. Appeals and OTC Transition
If the Panel upholds its decision, the company intends to appeal to the Nasdaq Listing and Hearing Review Council and is preparing for its shares to trade over-the-counter under the symbol ORISF. Core business operations remain unaffected and SEC reporting obligations continue as the appeals process unfolds.
