SANTA CLARA, Calif., Sept. 20, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, "Borqs", or the "Company"), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that the Company received a deficiency notification letter from the Nasdaq Stock Market LLC ("Nasdaq") on September 15, 2023, notifying the Company that the Company's listed securities did not maintain a minimum market value of $35 million ("MVLS") for a period of 30 consecutive business days to meet the MVLS requirement.
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a compliance period of 180 calendar days, or until March 13, 2024, to regain compliance. Nasdaq will close the matter and provide written confirmation that the Company has achieved compliance with rule 5550(b)(2) if at any time before March 13, 2024, the Company's MVLS closes at $35 million or more for a minimum of ten consecutive business days. In the event the Company does not regain compliance by March 13, 2024, the Company's securities will be subject to delisting.
The Company intends to regain compliance with Nasdaq listing rules, and will evaluate its available options to regain compliance with Nasdaq's minimum MVLS rule within the compliance period. The notification letter does not impact the Company's listing on the Nasdaq Capital Market at this time.
About Borqs Technologies, Inc.
Borqs Technologies (Nasdaq: BRQS, "Borqs", or the "Company") is a global leader in software and products for the IoT, providing customizable, differentiated, and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio. Borqs' unique strengths include its Android Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage, and system performance optimization, suitable for large and low volume customized products, and is also currently in development of 5G products for phones and hotspots.
Website: www.borqs.com.
Forward-Looking Statements and Additional Information
This press release includes "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as "forecasts", "expects", "believes", "anticipates", "intends", "estimates", "predicts", "seeks", "may", "might", "plan", "possible", "should", "estimates" and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect our management's current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including the possibility that compliance with the Nasdaq rule as described herein may be not regained, so the reader is advised to refer to the Risk Factors sections of the Company's filings with the Securities and Exchange Commission for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
IR@borqs.com
www.borqs.com
