X3 Holdings Approves Share Consolidation, Appeals Nasdaq Delisting Citing Sub-$1 Bid
Shareholders approved a share consolidation at the Feb 9 annual meeting to regain compliance with Nasdaq Rule 5550(a)(2), to be implemented with cash redemption for fractional shares. On Feb 10 the company received a delisting notice citing closing bid below $1 over 32 trading days and has appealed to stay suspension.
1. Share Consolidation Approved at Annual Meeting
On February 9 shareholders passed a resolution to consolidate the company’s ordinary shares in order to meet Nasdaq Rule 5550(a)(2) requirements. The consolidation will take effect shortly and fractional shares will be automatically redeemed for cash at fair value, with no action required by electronic shareholders.
2. Nasdaq Delisting Notice and Appeal Process
On February 10 the company received formal notice of delisting due to a closing bid below $1 over 32 consecutive trading days. The company has requested a hearing before the Nasdaq Hearings Panel to stay the planned suspension on February 19 and is evaluating all available options to restore compliance.