TNL Mediagene Faces Nasdaq Delisting Over 30-Day Sub-$1 Price, Plans Hearing
TNMG•TNL Mediagene received a Nasdaq notice June 22 of delisting after its shares closed below $1 for 30 days and was ineligible for a cure due to a reverse split. The firm also lacks the $2.5 million stockholders’ equity minimum and will request a hearing to appeal and present a compliance plan.
1. Nasdaq Delisting Determination
On June 22, TNL Mediagene received a determination letter from Nasdaq’s Listing Qualifications Department notifying the company that its ordinary shares are subject to delisting after closing below $1 per share for 30 consecutive business days. The letter cites the reverse stock split executed within the past year, which disqualifies TNL Mediagene from a compliance cure period.
2. Listing Requirements Non-Compliance
In addition to the sub-$1 bid price, the company has failed to maintain the required $2.5 million in stockholders’ equity under Nasdaq Listing Rule 5550(b)(1). TNL Mediagene is also under a Discretionary Panel Monitor for one year as established by a prior Nasdaq Hearings Panel decision.
3. Hearing Request and Appeal Plan
TNL Mediagene intends to request a hearing before a Nasdaq Hearings Panel to appeal the delisting determination. The hearing request will stay any suspension of trading and the delisting process, during which the company will present its plan to regain compliance, though approval is not guaranteed.
