Oriental Rise Updates on Nasdaq Delisting Decision
Oriental Rise provided an update regarding the decision of the Nasdaq Hearings Panel to delist the company's ordinary shares from the Nasdaq Capital Market. On June 22, the company received a written decision from the Panel denying the company's request for continued listing and providing that trading in the company's ordinary shares would be suspended at the open of trading on June 24. Prior to the Panel's decision, the company's 1-for-4 reverse stock split became effective at the open of trading on June 22. On that day, the company's ordinary shares opened at $2.04 per share and closed at $2.42 per share, above Nasdaq's $1.00 requirement. On June 23, the company's counsel received an email from Nasdaq stating that the Panel was reviewing the company's request for reconsideration, that the company would be notified within 15 calendar days, and that the Panel had chosen to stay the suspension while considering the request. On June 24, Nasdaq advised the company's counsel that its prior email had inadvertently omitted the word "not" and should instead have stated that the Panel, in fact, had chosen not to stay the suspension. Accordingly, trading in the company's ordinary shares on Nasdaq was suspended, while the Panel continued to consider the company's request for reconsideration, which is ongoing. The company will continue to pursue its request for reconsideration. If the Panel does not reconsider its decision, the company currently intends to request that the Nasdaq Listing and Hearing Review Council review the Panel's decision. Unless and until the Panel reverses or modifies its decision, or the company is successful in a subsequent appeal, the company expects that its ordinary shares will be quoted in the over-the-counter market under the company's OTC trading symbol, ORISF.
