Singapore-based Luxury Goods Platform Reebonz Gets 2nd Nasdaq Delisting Notice

US Nasdaq-listed and Singapore-based luxury items company Reebonz Holding Limited (Reebonz)  has received a notification from Nasdaq Stock Market LLC (Nasdaq) that it did not meet the continued listing requirements.

This is the second such notification received by the company. The first one was issued on December 2018, but the company managed to achieve full listing compliance in May 2019.

In the latest written notification issued on Thursday, Nasdaq has pointed out that Reebonz’s market value of its publicly held ordinary shares for the last 30 consecutive business days was below the minimum requirement of $15 million.

The company now has 180 calendar days or until February 25, 2020 to regain the minimum requirement.

Reebonz’s stock price closed up two cents, or 1.14 per cent at $1.77 following the announcement on September 05. The market capitalisation last stood at $11.01 million, according to data provided by Yahoo! Finance.

Separately, Reebonz also entered into a financing transaction with investors for the issuance of a series of senior convertible notes worth $3.75 million.

The net proceeds of the issuance will approximately be $3.30 million. The maturity date of the notes is July 31, 2020.