- Earlyworks Co., Ltd. (NASDAQ: ELWS) (“Earlyworks”), a Japanese company operating its proprietary private blockchain technology, Grid Ledgers System (“GLS”), has received written notification from Nasdaq Stock Market, LLC (“Nasdaq”) that it has regained compliance with the minimum bid price requirement for continued listing as per Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).
The Notification Letter confirmed that the Company’s ADSs traded above $1.00 per ADS for 20 consecutive business days from May 16, 2024, to June 14, 2024, meeting the Minimum Bid Price Requirement.
Nasdaq Decides to Continue Listing Earlyworks’ ADSs
Previously, as disclosed in a press release on May 13, 2024, Earlyworks had received a staff determination letter from Nasdaq on May 1, 2024, indicating that due to non-compliance with the Minimum Bid Price Requirement, the Company’s securities were set for delisting unless an appeal was requested. The Company appealed the determination on May 7, 2024, and a hearing was scheduled for June 18, 2024. Earlyworks requested expedited review and submitted a bid price compliance plan. On May 25, 2024, the Panel granted an exception until May 31, 2024, to achieve compliance.
Earlyworks has now met the compliance requirements and received confirmation from Nasdaq that its ADSs will continue to be listed on the exchange.
Source: ktla.com
