Nasdaq-quoted VIP gambling room investor Iao Kun Group Holdings Ltd has been granted a six-month grace period to become once again compliant with the minimum bid price of US$1.00-per-share necessary for its listing, the company said in a statement.
Iao Kun said it had received – on September 13 – a written notice from the listing qualifications department of the Nasdaq Stock Market indicating that the firm had breached the minimum bid price directive.
“The Nasdaq listing rules require listed securities to maintain a minimum bid price of US$1.00 per share and, based upon the closing bid price for the 30 consecutive business days ended September 12, 2016, Iao Kun did not meet this requirement,” said the firm’s statement.
Iao Kun’s share price increased 2.1 percent on Friday trading, to close at US$0.38 per unit.
The junket group said it had been given “a 180-day period” in which to return to compliance. If at any time during this period the closing bid price of Iao Kun’s common stock is at least US$1.00 for a minimum of ten consecutive business days, “the matter [breach of compliance] will be closed,” said the firm.
“Iao Kun will work to regain compliance during the initial 180-day compliance period and will actively monitor its performance with respect to the listing standards,” it added.
Iao Kun currently promotes – via its business partners – two high roller facilities in Macau casinos, following the closure of three VIP rooms since August 31. The firm announced on September 2 a “comprehensive strategic review” of its operations in Macau in order to “enhance its operating performance”.
The company earlier this month reported unaudited rolling chip turnover of approximately US$110 million for August, down 75 percent in year-on-year terms. It was the 23rd consecutive month of year-on-year chip roll declines for the firm.
Iao Kun announced in late June that it was to acquire the Jeju Sun Hotel and Casino on Jeju Island, South Korea, from Philippines casino operator Bloomberry Resorts Corp. The junket group said that the acquisition was the “optimal way” to diversify its business outside of Macau.
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”I believe that with the location and the environment of the hotel [Legend Palace], it is well-positioned to be readily promoted to many different clients”
Co-chairman and CEO of casino services firm Macau Legend Development