SGOCO Group, Ltd. [NASDAQ: SGOC] has disclosed that the Listing Qualifications Department of The Nasdaq Stock Market Inc. has sent the letter to the firm. The letter warned the firm is no longer following the Nasdaq Listing Rule 5250(c)(1). The firm will not be able to continue the listing. The firm is failed to submit its final report on Form 20-F for the year completed December 31, 2020, with the SEC.
The Deficiency Letter of Nasdaq Stock Market has no immediate effect on the listing of the ordinary shares of the firm on the Nasdaq Capital Market. This declaration is made in accordance with the Nasdaq Listing Rule. It needs a quick revelation of receipt of notification of deficiency.
Shares of SGOCO Group skyrocketed 4.14% as it gained +0.07 during the trading session of Thursday. The firm has recorded a trading volume of 8.19K as compared to the average volume of 204.71K. In the past 52-week of trading, the share of the firm oscillated between the 52-week low range of $0.77. Its share oscillated $4.21 from its 52-week high range. SGOC market capitalization has reached $172.64 million at the time of writing.
As per the Nasdaq Listing Rule, the firm has time until July 16, 2021, to file to Nasdaq a plan to reclaim obedience with the Nasdaq Listing Rules. The firm is planning to file the Compliance Plan as soon as possible.