MingZhu Logistics (YGMZ) said Friday it received a delisting notice from Nasdaq on Thursday after its share price remained below $1 for 30 consecutive days, failing to meet the minimum bid price requirement for continued listing.
The company is not eligible for the usual compliance period due to a reverse stock split effected on July 1, 2024.
The company said it plans to request a hearing to appeal the delisting determination before the Feb. 20 deadline.
MingZhu also said it is exploring all available options to regain regulatory compliance, including a reverse stock split that is subject to shareholders' approval.
Shares of MingZhu Logistics were down over 6% in after-hours trading.
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