Nasdaq Warns Neo-Concept International About Low Bid Price

July 9, 2024 by No Comments

HONG KONG, July 09, 2024 — Neo-Concept International Group Holdings Limited (Nasdaq: NCI) (the “Company”), announced that, on July 8, 2024, the Company received a notification from Nasdaq stating that the Company’s closing bid price for the period from May 21, 2024 to July 5, 2024, fell below the minimum $1 per share requirement for continued listing on Nasdaq. This notification was based on Nasdaq Listing Rules 5550(a)(2).

This notification does not immediately affect the Company’s listing on Nasdaq. The Company has been granted an 180-day compliance period, until January 6, 2025, to regain compliance with the minimum bid price requirement. If the Company fails to achieve compliance within this period, it may be eligible for an additional 180-day period if it meets the continued listing requirements for market value and initial listing standards for The Nasdaq Capital Market, excluding the bid price requirement. To regain compliance during this second period, the Company would need to provide written notice of its intention and potentially execute a reverse stock split. However, if the Company is unable to regain compliance or is deemed ineligible, Nasdaq will proceed with delisting the Company’s securities.

The Company is currently exploring options to regain compliance and intends to restore compliance with Nasdaq’s continued listing requirement. While the Company will make all reasonable efforts to meet the requirements of Rule 5550(a)(2), there is no guarantee of success. The Company cannot assure that it will be able to regain compliance or meet other Nasdaq continued listing requirements.

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About Neo-Concept International Group Holdings Limited

Neo-Concept International Group Holdings Limited (“NCI”) is a comprehensive apparel solutions provider. The Company offers a complete range of services within the apparel supply chain, including market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management. NCI serves customers in the European and North American markets. The Company also sells its own branded apparel products under the “Les100Ciels” brand through retail stores in the UK and an e-commerce platform.

NCI is committed to minimizing its environmental impact by implementing eco-friendly practices. The Company prioritizes recycling, clean processes, and traceable sourcing as part of its commitment to sustainability. NCI actively seeks sustainable solutions throughout the garment production process, aiming to meet customer needs in an environmentally responsible manner.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company’s current expectations or beliefs regarding future events, and actual results may differ significantly from current expectations. Such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes in the market for securities, political or financial instability, and other factors outlined in the Company’s Registration Statement on Form F-1 (File No. 333-275242), as amended, and in all filings with the SEC made by the Company subsequent to the filing thereof. The Company assumes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events, circumstances, or changes in its expectations, except as may be required by law. While the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure investors that such expectations will be realized. The Company cautions investors that actual results may differ materially from 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 .

Enquiries:

Neo-Concept International Group Holdings Limited Investor Relations Contact:

10/F, Seaview Centre
No.139-141 Hoi Bun Road
Kwun Tong, Kowloon, Hong Kong
(+852) 2798-8639
Email: