MMTEC faces Nasdaq axe over sub-dollar shares

HONG KONG, Oct. 28, 2025 /PRNewswire/ -- MMTEC, Inc. (NASDAQ: MTC) ("MMTEC", "we", "our" or the "Company"), a China-based technology company that provides access to the U.S. financial markets, today announced that on October 27, 2025, the Company received a determination letter (the "Determination Letter") from the Listings Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") regarding a failure to meet Nasdaq's minimum bid price requirements. The Determination Letter advised that for the last 30 consecutive business the minimum closing bid price per share for the Company's common stock was below the $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). In addition, because the Company effected a one-for-eight reverse stock split on December 18, 2024, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv) the Company is not eligible for the 180-calendar day compliance period otherwise available under Nasdaq Listing Rule 5810(c)(3)(A). As a result, the Determination Letter states that Nasdaq has determined to delist the Company's securities from The Nasdaq Capital Market.

The Determination Letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.

Unless the Company requests an appeal, trading in the Company's securities will be suspended at the opening of business on November 5, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission to remove the Company's securities from listing and registration on The Nasdaq Stock Market.

The Company has the right to request a hearing before a Nasdaq Hearings Panel (the "Panel") to appeal this determination, with such request due by November 3, 2025. A request for a hearing would stay the suspension of the Company's securities pending the Panel's decision. The Company is currently evaluating the Nasdaq determination and considering its available options, including whether to request a hearing. The Company currently intends to appeal the determination; however, there can be no assurance that the Company will, in fact, move to appeal the determination, that any appeal would be successful, or that the Company will ultimately be able to regain compliance with the applicable Nasdaq listing requirements.

This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a delisting determination.

More information about the Company can be found at: www.haisc.com.