The Nasdaq Hearings Panel has given Reebonz Holdings Limited, a Singapore-based online luxury marketplace, until March 29, 2019 to comply with all the applicable requirements for initial listing on the Nasdaq Stock Market or face potential delisting.
In a statement, Reebonz said its ordinary shares continue to be listed on the Nasdaq Capital Market after it appealed a December decision that found the company’s failure to meet Nasdaq’s minimum shareholders’ equity requirement of $4 million.
Should the company succeed in demonstrating its capabilities, its shares will be transferred to the Nasdaq Global Market.
“In the event that the company is not able to make the required demonstration or obtain a further extension, its ordinary shares would be subject to delisting from Nasdaq,” the company said in a statement.
Founded in 2009 by Samuel, Daniel Lim and Benjamin Han, Reebonz operates an online marketplace and platform for buying and selling new and pre-owned luxury products in Asia Pacific.
It claims to have attracted over 5.5 million members, with over 350 employees and business operations in Singapore, Malaysia, Indonesia, Taiwan, Hong Kong, Thailand, Australia, South Korea, China, and the US.
Reebonz merged with Nasdaq-listed Draper Oakwood Technology Acquisition (DOTA) last year and, on December 20, DOTA started trading as Reebonz Holding Ltd (RBZ).
However, six days after it started trading, RBZ disclosed in an SEC filing that it did not meet Nasdaq’s minimum shareholders’ equity requirement of $4 million. The company then submitted its appeal and its ordinary shares and warrants continue to be traded.
The company’s warrants have already been suspended on February 27.
Early in January, Singapore-based venture capital firm Vertex Ventures acquired $5 million worth of common shares in RBZ.
The investment by Vertex Ventures was made out of its Vertex Co-Investment Fund. Another UK-based investor, S4 Limited, also agreed to acquire 1 million shares of Class A common stock in RBZ, according to an SEC filing.
Reebonz backers include prominent venture capital investors, strategic investors and individuals such as GGV Capital, Intel Capital, Matrix Partners China, Mediacorp, SGInnovate, FengHe Group, OCBC Bank, All Star Investments managing partner and chief investment officer Richard Ji, and Morningside Venture Capital managing director Richard Liu, amongst others.
Also Read:
Reebonz Holding makes tepid Nasdaq debut
Vertex Ventures, UK-based S4 pick up stake in Reebonz Holding