TJGC Group Receives Noncompliance Notice from Nasdaq
TJGC Group received a letter of noncompliance from The Nasdaq Stock Market, dated March 26, notifying the Company that based on TJGC's closing bid price for the last 30 consecutive business days, the Company no longer meets the continued listing requirement of Nasdaq, under Nasdaq Listing Rules 5550(a)(2),to maintain a minimum bid price of $1 per share. However, pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days in which to regain compliance. If at any time during this 180-day period the closing bid price of the Company's security is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide TJGC with written confirmation of compliance and this matter will be closed. In the event the Company does not regain compliance, TJGC may be eligible for additional time. 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 TJGC 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 its securities will be subject to delisting.
