SANTA CLARA, Calif., Nov. 03, 2022 (GLOBE NEWSWIRE) — Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a world supplier of 5G wi-fi, Internet of Things (IoT) options, and modern clear vitality, as we speak introduced that the Company obtained deficiency notifications from the Nasdaq Stock Market LLC (“Nasdaq”) on October 28, 2022, notifying the Company that it’s not (i) in compliance with the minimal bid value requirement set forth in Nasdaq’s guidelines for continued itemizing on the Nasdaq; and (ii) that the Company’s listed securities didn’t keep a minimal market worth of $35 million (“MVLS”) for a interval of 30 consecutive business days to satisfy the MVLS requirement.
Nasdaq Listing Rules require listed securities to keep up a minimal bid value of US$1.00 per share, and failure to take action for a interval of 30 consecutive business days triggers a deficiency discover. Based on the closing bid value of the Company’s peculiar shares for the 30 consecutive business days from September 16, 2022 to October 27, 2022, the Company not meets the minimal bid value requirement.
To regain compliance underneath Nasdaq Listing Rule 5550(a)(2), the Company’s peculiar shares will need to have a closing bid value of at the very least US$1.00 for no less than 10 consecutive buying and selling days. To regain compliance underneath Nasdaq Listing Rule 5550(b)(2), the Company’s MVLS should shut at $35 million or extra for no less than 10 consecutive business days. In the occasion the Company doesn’t regain compliance by April 26, 2023 (the 180 calendar days the Company has to regain compliance underneath the minimal bid value and MVLS necessities), the Company could also be eligible for extra time to regain compliance with the minimal bid value requirement and MVLS requirement or might face delisting. If throughout any compliance interval the peculiar shares have a closing bid value of $0.10 or much less for 10 consecutive buying and selling days, Nasdaq’s Listing Qualifications Department shall challenge a Staff Delisting Determination concerning the minimal bid value requirement. The notification letters don’t influence the Company’s itemizing on the Nasdaq Capital Market presently.
“Given the Fortune 500 customer list from our IoT business and the growing demand in the U.S. market for solar and energy storage, we believe the current stock price and market value do not reflect the true value of our Company,” mentioned Mr. Pat Chan, CEO of Borqs Technologies, “we will work diligently to address the deficiency notices from Nasdaq. As always, our goal is to create a sustainable business model and create long-term value to our shareholders.”
About Borqs Technologies, Inc.
Borqs Technologies is a world chief in software program and merchandise for the IoT, offering customizable, differentiated and scalable Android-based sensible linked units and cloud service options. Borqs has achieved management and buyer recognition as an modern end-to-end IoT options supplier leveraging its strategic chipset accomplice relationships in addition to its broad software program and IP portfolio. Borqs’ distinctive strengths embrace its Android and Android Wear Licenses which enabled the Company to develop a software program IP library overlaying chipset software program, Android enhancements, area particular utilization and system efficiency optimization, appropriate for big and low quantity personalized merchandise, and can be at present in improvement of 5G merchandise for telephones and hotspots. The Company acquired controlling shares of the photo voltaic vitality storage system entity, Holu Hou Energy LLC, in October 2021.
About Holu Hou Energy, LLC
Holu Hou Energy, LLC, a Delaware Corporation, brings state-of-the-art renewable vitality and vitality storage methods to the Single-Family Residential, Multi-Dwelling Unit Residential and Commercial constructing markets. With operations in California, Hawaii, Wisconsin and Shanghai, HHE engineers proprietary storage system and management platform options, together with a breakthrough “HHE Energy Share” know-how that’s key to improvement of the Multi-Dwelling Unit Residential housing market. HHE is an important accomplice for buyers and asset homeowners which might be in search of ESG options. For extra data, go to www.holuhou.com.
Forward-Looking Statements and Additional Information
This press launch contains “forward-looking statements” that contain dangers and uncertainties that would trigger precise outcomes to vary materially from what is anticipated. Words akin to “forecasts”, “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should”, “estimates” and variations and comparable phrases and expressions are supposed to establish such forward-looking statements, however the absence of those phrases doesn’t imply {that a} assertion isn’t forward-looking. Such forward-looking statements relate to future occasions or future outcomes, based mostly on at present obtainable data and replicate our administration’s present beliefs. Many elements may trigger precise occasions or outcomes to vary materially from the occasions and outcomes mentioned within the forward-looking statements, together with the chance that the optimistic monetary outcomes from business actions as described herein might not be reached or in any respect, and the detrimental influence of the COVID-19 pandemic on the Company’s provide chain, revenues and total outcomes of operations, so the reader is suggested to discuss with the Risk Factors sections of the Company’s filings with the Securities and Exchange Commission for extra data figuring out necessary elements that would trigger precise outcomes to vary materially from these anticipated within the forward-looking statements. Except as expressly required by relevant securities legislation, the Company disclaims any obligation to replace any forward-looking statements, whether or not because of new data, future occasions or in any other case.
Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
[email protected]
www.borqs.com
