Galaxy Payroll Group Granted 180-Day Extension by Nasdaq to Meet Minimum Bid Price Requirement
Galaxy Payroll Group Limited has received an additional 180-day compliance period from Nasdaq to regain its minimum bid price requirement, highlighting the company's ongoing challenges with stock performance while maintaining other listing standards.
Galaxy Payroll Group Limited (Nasdaq: GLXG) has been granted an additional 180-day compliance period by Nasdaq to regain compliance with the minimum bid price requirement, extending the deadline to March 16, 2026. The Hong Kong-based payroll provider received notification from Nasdaq's Listing Qualifications staff on September 16, 2025, confirming the extension after the company failed to meet the initial compliance deadline.
The company first received notice from Nasdaq on March 17, 2025, indicating that its ordinary shares had traded below the $1.00 minimum bid price requirement for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). The initial 180-day grace period expired on September 15, 2025, prompting the need for additional time to address the compliance issue.
Nasdaq's decision to grant the extension was based on Galaxy meeting all other continued listing requirements, including the market value of publicly held shares and all applicable initial listing standards for the Nasdaq Capital Market, except for the bid price requirement. The company has notified Nasdaq of its intention to potentially implement a reverse stock split to cure the deficiency during the second compliance period.
According to Nasdaq's notification, compliance will be achieved if the company's closing bid price reaches $1.00 per share or more for at least 10 consecutive business days before the March 2026 deadline. If successful, Nasdaq will provide written confirmation of compliance, resolving the matter. For more information about the company, visit https://www.galaxyapac.com.
Chief Executive Officer Mr. Wai Hong Lao stated that the company appreciates the additional time granted by Nasdaq and remains committed to enhancing shareholder value while executing its business strategy. The extension acknowledges that Galaxy currently meets other key listing requirements apart from the bid price deficiency. The company's ability to maintain its Nasdaq listing during this period remains crucial for investor confidence and market presence.
The development highlights the ongoing challenges faced by publicly traded companies in maintaining compliance with exchange requirements during periods of stock price volatility. Galaxy's situation demonstrates how companies can utilize available grace periods and strategic options, such as reverse stock splits, to address listing compliance issues while continuing to operate their core business operations.