HONG
KONG, Oct. 20, 2023 /PRNewswire/ -- Intelligent
Living Application Group Inc. (NASDAQ: ILAG) ("Intelligent Living"
or the "Company"), a premium lockset manufacturer in Hong Kong, announced today that, on
October 19, 2023, the Company
received a letter from the Nasdaq Stock Market ("Nasdaq") notifying
the Company that, because the closing bid price for the Company's
ordinary shares listed on Nasdaq was below $1.00 for 30 consecutive trading days, the
Company no longer meets the minimum bid price requirement for
continued listing on Nasdaq under Nasdaq Marketplace Rule
5550(a)(2), which requires a minimum bid price of $1.00 per share (the "Minimum Bid Price
Requirement").
The notification has no immediate effect on the listing of the
Company's ordinary shares. In accordance with Nasdaq Marketplace
Rule 5810(c)(3)(A), the Company has a period of 180 calendar days
from the date of notification, until April 16, 2024 (the
"Compliance Period"), to regain compliance with the
Minimum Bid Price Requirement. If at any time before the
expiration of the Compliance Period the bid price of the
Company's ordinary shares closes at least $1.00 per share for a
minimum of 10 consecutive business days, Nasdaq will provide
written notification that the Company has achieved compliance with
the Minimum Bid Price Requirement. If the Company does
not regain compliance by the end of the Compliance Period, the
Company may be eligible for an additional 180 calendar day period
to regain compliance. To qualify, the Company will be required to
meet the continued listing requirement for market value of publicly
held shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to cure
the deficiency during the second compliance period by effecting a
reverse stock split, if necessary. If the Company meets these
requirements, Nasdaq will inform the Company that it has been
granted an additional 180 calendar days. However, if it appears to
Nasdaq that the Company will not be able to cure the deficiency, or
if the Company is otherwise not eligible, Nasdaq will provide
notice that the Company's securities will be subject to
delisting.
The Company intends to continue actively monitoring the bid
price for its ordinary shares between now and the expiration of the
Compliance Period and will consider all available options to
resolve the deficiency and regain compliance with the Minimum
Bid Price Requirement.
About Intelligent Living Application Group Inc.
Intelligent Living Application Group Inc. ("ILAG") is a premium
lockset manufacturer headquartered in Hong Kong. It manufactures and sells high
quality mechanical locksets to customers mainly in the United States and Canada and has continued to diversify and
refine its product offerings in the past 40 years to meet its
customers' needs. ILAG has obtained the ISO9001 quality assurance
certificate and various accredited quality and safety certificates
including American National Standards Institute (ANSI) Grade 2 and
Grade 3 standards that are developed by the Builders Hardware
Manufacturing Association (BHMA) for ANSI. ILAG keeps investing in
self-designed automated product lines, new craftsmanship and
developing new products including smart locks. For more
information, visit the Company's website at
http://www.i-l-a-g.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "potential,"
"continue" or other similar expressions. The Company undertakes no
obligation to update or revise publicly any 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
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 www.sec.gov.
For more information, please contact:
Intelligent
Living Application Group, Inc.
Phone: +852 2481 7938
Email info@i-l-a-g.com
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SOURCE Intelligent Living Application Group, Inc.