Galaxy Payroll Group Limited (Nasdaq: GLXG), a global payroll provider, announced that Nasdaq has granted the company an additional 180-day compliance period, until March 16, 2026, to regain compliance with the minimum bid price requirement. The decision follows a prior notification on March 17, 2025, that the company's closing bid price had fallen below $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). The initial 180-day grace period expired on September 15, 2025.
Nasdaq's extension is contingent on Galaxy meeting other continued listing requirements, including the market value of publicly held shares, and all other initial listing standards for the Nasdaq Capital Market except the bid price. The company has indicated its intention to cure the deficiency by potentially implementing a reverse stock split. If the closing bid price reaches $1.00 or more for at least 10 consecutive business days before the deadline, Nasdaq will confirm compliance and close the matter.
CEO Mr. Wai Hong Lao expressed appreciation for the additional time, stating it acknowledges the company's compliance with other key listing standards. He reaffirmed the company's commitment to enhancing shareholder value and executing its business strategy. Galaxy Payroll Group, based in Hong Kong, provides payroll outsourcing, employment services, and consultancy to multinational companies across Hong Kong, Taiwan, Macau, and the PRC.
This extension is important for Galaxy as it provides a path to maintain its Nasdaq listing, which is crucial for investor confidence and capital access. The potential reverse stock split, while often viewed as a temporary measure, could help stabilize the stock price. Investors will be watching closely to see if Galaxy can meet the bid price requirement within the extended period, as failure could lead to delisting. The company's ability to focus on its core business while addressing this compliance issue is vital for its long-term growth. More information about Galaxy can be found on its website: www.galaxyapac.com. The original press release is available at www.newmediawire.com.
