Big Tree Cloud Holdings Limited Receives Nasdaq Notification Regarding Minimum Market Value Deficiency
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SHENZHEN, China, Aug. 9, 2024 /PRNewswire/ -- Big Tree Cloud Holdings Limited (the "Company"), a company devoted to the development, production, and sales of personal care products and other consumer goods in China, announced today that it has received a written notification (the "Notification Letter") from the Nasdaq Stock Market LLC ("Nasdaq") dated August 5, 2024, notifying the Company that it is not in compliance with the minimum market value of publicly held shares ("MVPHS") requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq Global Market. Nasdaq Listing Rule 5550(b)(2) requires companies to maintain a minimum MVPHS of US$15 million and Nasdaq Listing Rule 5810(c)(3)(D) provides that the failure to meet the minimum MVPHS requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the MVPHS of the Company for the last 33 consecutive business days, the Company did not meet the minimum MVPHS requirement.
The Notification Letter does not impact the Company's listing on the Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company is provided 180 calendar days, or until February 1, 2025, to regain compliance with Nasdaq Listing Rule 5550(b)(2). To regain compliance, the Company's MVPHS must exceed US$15 million for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by February 1, 2025, the Company may be eligible for additional time to regain compliance, or may face delisting.
The Company intends to monitor its MVPHS between now and February 1, 2025, and intends to cure the deficiency within the prescribed period. During this time, the Company expects that Class A ordinary shares of the Company will continue to be listed and trade on the Nasdaq Global Market. The Company's management is looking into various options available to regain compliance and maintain its continued listing.
The Company's business operations are not affected by the Notification Letter.
About Big Tree Cloud Holdings Limited
Big Tree Cloud is a consumer-oriented and mission-driven company dedicated to the development, production and sales of personal care products and other consumer goods in China. Founded in 2020, Big Tree Cloud is committed to delivering high-quality products that cater to the needs of modern, health-conscious, and independent consumers. Big Tree Cloud's innovative approach and strong community engagement set it apart in the industry, making it a trusted brand in the personal care market.