The decision comes after its shares failed to get a minimum bid price of $1 per share required for continued listing
Malaysia-based MOL Global, an e-payment enabler for online goods and services in emerging and developed markets, has been delisted and deregistered from the NASDAQ Global Select Market after its share prices fell below the required minimum bid price of US$1 per share.
As per a statement, NASDAQ notified the company in October last year that it had not met the minimum bid price of $1 per American Depository Share (ADS) required for continued listing.
MOL was initially granted the opportunity to submit a plan to cure the deficiency and regain compliance by this month. Subsequent to the first compliance period, the company received another letter from NASDAQ dated giving it additional time to consider making an application before April 14 to apply for a second compliance period to regain compliance.
However, MOL decided not to submit such a plan and will instead allow its American Depository Shares (ADS) to be delisted from NASDAQ and seek to deregister it shares. As a result, its share trading will be suspended on April 18.
The decision to allow the ADSs to be delisted from NASDAQ and to seek de-registration was taken following the company’s review and careful consideration of several factors, including the non-compliance letters received from NASDAQ, the ongoing listing, legal, administrative and additional accounting costs, etc.
Following delisting, MOL ADSs may be quoted on the OTC Market Group’s OTC Pink marketplace, an electronic quotation service for over-the-counter securities.
MOL operates a payments platform that connects consumers with digital content providers, telecommunications service providers and online merchants by providing a vast network of distribution channels that accepts cash and online payment methods. Its physical distribution network comprises more than 970,000 locations in 11 countries across four continents.
It also has mobile payment channels, electronic distribution channels that accept major credit cards and online banking from more than 100 banks.
The post Malaysian e-payment enabler MOL Global delists from NASDAQ appeared first on e27.
from e27 http://ift.tt/1qJ1QHj