LAS VEGAS, May 26, 2020 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital media properties, today announced that it has received notification from Nasdaq that the Company has regained compliance with Nasdaq's minimum bid price and stockholders' equity rules and met the requirements of the Nasdaq Hearing Panel decision which requires that the Company evidence compliance with all applicable criteria for continued listing. Accordingly, the Company's common stock will continue to be listed on the Nasdaq Capital Market and Nasdaq considers the matter closed.
"We are pleased to have regained compliance with the Nasdaq's listing requirements, and we are grateful to our investors for their trust and support while the management team and board of directors worked to achieve this end," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings, Inc. "With this matter now resolved, we remain focused on driving growth in our core business to create shareholder value."
Specifically, on November 20, 2019, the Nasdaq notified the Company that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by The Nasdaq Capital Market set forth in Listing Rule 5550(a)(2). Since then, the Nasdaq determined that for the 10 consecutive business days from May 8 through May 21, 2020, the closing bid price of the Company's common stock has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and this matter is now closed.
In addition, on December 30, 2019, the Nasdaq notified the Company that it had failed to maintain a minimum market value of listed securities of $35,000,000 over the previous 30 consecutive business days as required by The Nasdaq Capital Market set forth in Listing Rule 5550(b)(2). Since then, Nasdaq has determined that for the 10 consecutive business days from May 6 to May 21, 2020, the Company's market value of listed securities has been $35,000,000 or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(b)(2) and this matter is now closed.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at www.remarkholdings.com.
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.
E. Brian Harvey, Director of Capital Markets and Investor Relations
Remark Holdings, Inc.
SOURCE Remark Holdings, Inc.