Reebonz finally achieves compliance with Nasdaq listing requirements

Samuel Lim, founder and chief executive officer of Reebonz Pte, poses for a photograph at the company's headquarters in Singapore, on Friday, Jan. 2016. Photographer: Nicky Loh/Bloomberg

Singapore-based luxury items marketplace Reebonz Holding Limited on Thursday announced that it has achieved compliance with all the requirements for an initial listing on the Nasdaq Global Market.

The company’s shares, which are currently listed on the Nasdaq Capital Market, will be transferred to the Global Market on Friday.

The latest announcement by Reebonz comes after a series of extensions granted by the Listing Qualifications Department of Nasdaq since December 20, 2018 when the company first received a notice stating that it has not met the initial listing requirements that include requiring stockholders’ equity of at least $4 million, along with having its ordinary shares of at least 300 round lot holders, and the warrant having at least 400 round lot holders.

Since then, Reebonz has undertaken several corporate exercises to ensure continued listing compliance, including a one-for-eight reverse stock split exercise announced on March 14. In April, it completed a common stock offering priced at $5.00 apiece that was expected to generate gross proceeds of $10.80 million and net proceeds of $12.40 million after the underwriters, Roth Capital Partners and Maxim Group, exercised their 30-day option to purchase up to 322,500 ordinary shares.

Reebonz Holding’s stock closed the market trading session at $7.32, up 32 cents on Thursday following the announcement. The trading volume was heavy during the regular trading session with 1.62 million shares changing hands, compared with the average three-month daily trading volume of 1.34 million shares. During after market hours trading, the stock price rose by 18 cents to $7.50.