Mingzhu Logistics to Be Delisted from Nasdaq on December 12

Mingzhu Logistics received a notification from The Nasdaq Stock Market on December 10. The notification stated that the Company's securities will be delisted from the Nasdaq Capital Market, with trading suspended at the opening of trading on December 12. The delisting determination stems from the Company's non-compliance with Nasdaq Listing Rule 5550(a)(2), commonly known as the "Bid Price" Rule. This rule requires listed companies to maintain a minimum closing bid price of $1 per share for 30 consecutive business days. Nasdaq first notified the Company of its non-compliance on October 20. Typically, Nasdaq provides a 180-calendar day cure period for companies to regain compliance. However, due to a Discretionary Panel Monitor imposed on the Company by the Nasdaq Listing Qualifications Panel on May 20, the Company was not eligible for such a cure period. Following the initial delisting determination, the Company requested an appeal and presented its compliance plan - including a proposed reverse share split - at a hearing before the Nasdaq Hearings Panel on December 9, 2025. The Hearings Panel formally denied the Company's appeal on December 10. In response to the decision, the Company confirmed that it intends to file a further appeal with the Nasdaq Listing and Hearing Review Council within the 15-day deadline. While this appeal will delay the filing of Form 25, it will not prevent the suspension of trading in the Company's shares on Nasdaq as scheduled on December 12, 2025. The Company noted that trading liquidity may become extremely limited following the Nasdaq suspension. It expects its securities to be quoted in the Over-the-Counter market under the existing ticker symbols, but warned that shareholders may face difficulties in selling their shares, and any subsequent trading prices could be adversely affected.