The listing of shares in Macau VIP gambling room investor Iao Kun Group Holding Co Ltd has been transferred from the Nasdaq Global Market to the Nasdaq Capital Market with effect from Wednesday (March 14), Iao Kun announced.
It followed the company being unable to regain its compliance status regarding the minimum bid price requirement of US$1.00 per share set out in the exchange’s listing rules. Iao Kun had been warned about the issue in September 2016 by Nasdaq’s listing qualifications department, which gave the firm a deadline of 180 days to solve the matter.
Iao Kun’s stock symbol in the Nasdaq Capital Market will remain “IKGH”.
The firm has been given a further 180 days – until September 2017 – to regain its compliance status regarding Nasdaq’s minimum bid price directive, Iao Kun said.
“If at any time during the additional 180-day period the closing bid price of the company’s ordinary shares is at least US$1.00 for a minimum of 10 consecutive business days, the company will receive a written confirmation of compliance from Nasdaq and the matter will be closed,” Iao Kun said in a Tuesday filing.
The firm’s share price ended Tuesday’s trading session at US$0.3, up by 0.1 percent.
The junket investor is currently trying to shift the company’s overall strategy away from gaming. Iao Kun has acquired 51 percent of Jia-Heng Industrial Ltd, the holding company of Guangzhou LiNiu Network Technology Co Ltd. The latter is a software technology development company that is currently developing a business-to-consumer electronic trading platform focused on mainland China’s agricultural sector.
Iao Kun’s VIP room gaming promoters and collaborators oversaw five VIP gaming facilities in Macau as of the end of August. But the firm announced on September 2 a “comprehensive strategic review” of its operations in Macau in order to “enhance its operating performance”.
The company has since shut down four of its promoted Macau VIP rooms. The junket group now only promotes a single VIP room in Macau, located at City of Dreams Macau, a property run by casino operator Melco Crown Entertainment Ltd.
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”We do not believe that reopening the advance notice nomination deadline [for board directors] is appropriate or justified”
Daniel Boone Wayson
Chairman of the Wynn Resorts board of directors