UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act 1934
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ITEM 8.01. Other Events.
As previously reported, on June 15, 2023, Addentax Group Corp. (the “Company”) received a written notification from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) that the closing bid price of our common stock had been below $1.00 per share for the previous 30 consecutive business days, and that we were not in compliance with the minimum bid price requirement for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(2) (the “Rule”). The Company was provided 180 calendar days, until December 12, 2023, to regain compliance.
On July 17, 2023, the Company received written notice from the Listing Qualifications Staff of Nasdaq notifying the Company that, for more than the last ten (10) consecutive business days, from June 30, 2023 through July 14, 2023, the closing bid price of the Company’s common stock was $1.00 per share or greater. Accordingly, the written notice stated that the Company has regained compliance with the minimum bid price listing requirement set forth under the Rule.
On August 29, 2023, the Company issued a press release announcing that it regained compliance with Nasdaq listing requirements.
The full text of the press release is attached to this current report on Form 8-K as Exhibit 99.1
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release, dated August 29, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Addentax Group Corp. | ||
| By: | /s/ Hong Zhida | |
| Name: | Hong Zhida | |
| Title: | Chief Executive Officer | |
| Dated: August 29, 2023 | ||
| 3 |
Exhibit 99.1
Addentax Group Corp. Regains Compliance with Nasdaq Minimum
Bid Price Requirement
SHENZHEN, China, August 29, 2023 – Addentax Group Corp. (“Addentax” or the “Company”) (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics services, and property management and subleasing, today announced that it has regained compliance with Nasdaq’s minimum bid price listing requirement. A written notice from Listing Qualifications Staff of Nasdaq Stock Market LLC (“Nasdaq”) on July 17, 2023, indicated that as of July 14, 2023, the minimum bid price of the Company’s common stock was $1.00 per share or greater for the last 10 consecutive business days. As a result, the Company has now regained compliance with Listing Rule 5550(a)(2) and the matter is now closed.
About Addentax Group Corp.
Addentax Group Corp. Corp. is an integrated service provider specializing in garment manufacturing, logistics services, and property management and subleasing. More information please visit the website: https://www.addentax.com/.
Safe Harbor Statement
All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update 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 consider risk factors, including those described in the Company’s filings with the SEC, that may affect the Company’s future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
Company Contact:
Public Relations Contact:
Addentax Group Corp.
Phone: + (86) 755 86961 405
cyseah@zgyingxi.com
Investor Relations Contact:
Sherry Zheng
Weitian Group LLC
1-718-213-7386
shunyu.zheng@weitian-ir.com
Cover |
Aug. 29, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Aug. 29, 2023 |
| Entity File Number | 001-41478 |
| Entity Registrant Name | ADDENTAX GROUP CORP. |
| Entity Central Index Key | 0001650101 |
| Entity Tax Identification Number | 35-2521028 |
| Entity Incorporation, State or Country Code | NV |
| Entity Address, Address Line One | Kingkey 100, Block A |
| Entity Address, Address Line Two | Room 5403 |
| Entity Address, Address Line Three | Luohu District |
| Entity Address, City or Town | Shenzhen City |
| Entity Address, Country | CN |
| Entity Address, Postal Zip Code | 518000 |
| City Area Code | 86 |
| Local Phone Number | 755 86961 405 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock |
| Trading Symbol | ATXG |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Elected Not To Use the Extended Transition Period | false |
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