Next Technology Holding Inc. Receives Nasdaq Delisting Notice and Subsequently Regains Compliance

June 25, 2024 by No Comments

Shenzhen, China, June 24, 2024 — NEXT TECHNOLOGY HOLDING INC. (formerly known as “WeTrade Group, Inc.”) (the “Company”) announced on June 18, 2024, that it received a Staff Delisting Determination (the “Staff Determination”) from the Listing Qualifications Department of Nasdaq. This determination indicates that Nasdaq has begun a process that could lead to the delisting of the Company’s securities from Nasdaq. This action is due to the Company’s failure to comply with Nasdaq Listing Rule 5250(c)(1), which mandates that listed companies timely file all necessary periodic financial reports with the Securities and Exchange Commission. Furthermore, annual reports must contain audited financial statements.

The Staff Determination specifies that the Form 10-K submitted by the Company for the year ending December 31, 2023, did not include an auditor’s opinion on the Company’s financial statements and presented unaudited financial statements. The Staff Determination also states that until the Company files audited financial statements for the year ending December 31, 2023, the Form 10-K and all subsequent periodic reports would be considered incomplete and delinquent. In this regard, the Company also failed to timely file the Form 10-Q for the period ended March 31, 2024, which constitutes an additional and separate basis for delisting.

The Staff Determination further states that unless the Company requests an appeal to a hearing panel following the procedures outlined in the Nasdaq Listing Rule 5800 Series by 4:00 p.m. Eastern Time on June 25, 2024, trading of the Company’s American Depositary Shares and Warrants will be suspended at the opening of business on June 27, 2024. A Form 25-NSE will be submitted to the Securities and Exchange Commission to remove the Company’s securities from listing and registration on The Nasdaq Stock Market.

As disclosed in the Company’s Form 8-K filed on April 4, 2024, the Company changed its auditor on April 3, 2024. The transition process following this change caused delays in completing the audit of the Company’s financial statements. As a result, the Company could not include audited financial statements in the Form 10-K for the year ending December 31, 2023, which was filed on April 15, 2024.

The Company decided against appealing the Staff Determination and submitted a Form 10-K/A on June 21, 2024. This filing includes audited financial statements in compliance with Nasdaq Listing Rule 5250(c)(1). On June 24, 2024, the Company received another letter from Nasdaq confirming that, due to the newly filed 10-K/A and the Company’s confirmation that it is not required to file an amendment to the Form 10-Q for the period ended March 31, 2024, the Company had regained compliance with Nasdaq Listing Rule 5250(c)(1). As a result, the issue raised in the Staff Determination was resolved.

About Next Technology Holding Inc.

The Company pursues two corporate strategies. One business strategy is to provide AI-enabled software development services to our customers. This includes developing, designing, and implementing various SAAS software solutions for businesses of all types, including industrial and other businesses. Our second business strategy generally involves acquiring bitcoin with our liquid assets that exceed working capital requirements. From time to time, subject to market conditions, the company may issue debt or equity securities or engage in other capital raising transactions. The objective of these transactions is to use the proceeds to purchase bitcoin.

Forward-Looking Statements

This press release contains information about the Company’s view of its future expectations, plans, and prospects, which constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements due to various factors, including but not limited to, risks and uncertainties associated with its ability to raise additional funding, maintain and grow its business, variability of operating results, enhance its brand, develop and introduce new products and services, successfully integrate acquired companies, technologies, and assets into its portfolio of products and services, conduct marketing and other business development initiatives, face competition in the industry, navigate general government regulation, economic conditions, dependence on key personnel, attract, hire and retain personnel with the technical skills and experience necessary to meet clients’ requirements, and protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company’s annual reports and in its other filings with the Securities and Exchange Commission.

For more information, please contact:

Next Technology Holding Inc.

Investor Relations Department