HONG KONG, Sept. 05, 2024 —  J-Long Group Limited (Nasdaq: JL) (“JL” or the “Company”), today announced that the Company received a written notification (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) on September 3, 2024, informing the Company that it is not meeting the minimum market value of publicly held shares (“MVPHS”) requirement as outlined in the Nasdaq Listing Rules for continued listing on the Nasdaq Global Market. 

Nasdaq Listing Rule 5450(b)(1)(C) requires listed securities on the Nasdaq Global Market to maintain a minimum MVPHS of US$5,000,000, and Nasdaq Listing Rule 5810(c)(3)(D) states that the failure to meet the minimum MVPHS requirement exists if the deficiency persists for 30 consecutive business days. The Notice stated that based on the Company’s MVPHS over the past 30 consecutive business days, the Company no longer meets the MVPHS requirement.

The Notice does not currently affect the Company’s listing on the Nasdaq Global Market. According to Nasdaq Listing Rule 5810(c)(3)(D), the Company has been given 180 calendar days, or until March 3, 2025, to achieve compliance with Nasdaq Listing Rule 5450(b)(1)(C). To regain compliance, the Company’s MVPHS needs to close at $5,000,000 or more for a minimum of 10 consecutive business days at any point during the compliance period.

If the Company fails to achieve compliance by March 3, 2025, Nasdaq will notify the Company in writing that its Ordinary Shares (“SHARES”) are subject to delisting. At that point, the Company may appeal the delisting decision to a hearings panel following the procedures outlined in the applicable Nasdaq Listing Rules. However, there is no guarantee that, even if the Company appeals the delisting decision by Nasdaq to the hearings panel, such an appeal would be successful. Alternatively, the Company may consider applying to transfer its securities to the Nasdaq Capital Market.

The Company’s business operations have not been impacted by the Notice. The Company intends to monitor its MVPHS and will consider using available options to regain compliance with the MVPHS requirement under the Nasdaq Listing Rules within the prescribed compliance period. During this time, the Company expects that the Company’s SHARES will continue to be listed and traded on the Nasdaq Global Market.

About J-Long Group Limited

J-Long Group Limited is an established distributor in Hong Kong of reflective and non-reflective garment trims including, among others, heat transfers, fabrics, woven labels and tapes, sewing badges, piping, zipper pullers and drawcords. The Company offers a wide range of services to cater to customers’ needs in reflective and non-reflective garment trims, including market trend analysis, product design and development and production and quality control. For more information, visit the Company’s website at .

Safe Harbor Statement

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at .

Hong Kong:

J-Long Group Limited

Edwin Chun Yin Wong, CEO and Director  +852 3693 2110

Source: J-Long Group Limited