Galaxy Payroll Group Limited 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 company had previously received a notice on March 17, 2025, indicating that its closing bid price had fallen below the $1.00 threshold for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). This extension provides the company with crucial time to implement corrective measures without facing immediate delisting risks.
Nasdaq's decision to grant the extension is based on Galaxy meeting all other continued listing requirements, including the market value of publicly held shares and all other 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 address the deficiency during this second compliance period. This strategic move could help the company maintain its listing status while continuing its operations as a leading payroll outsourcing service provider.
According to the notification, if Galaxy's ordinary shares reach $1.00 or more per share for at least 10 consecutive business days before the March 2026 deadline, Nasdaq will provide written confirmation of compliance and close the matter. The company operates as a specialized HR and payroll solutions provider for multinational companies across various industries, with more information about its services available at https://www.galaxyapac.com. Chief Executive Officer Mr. Wai Hong Lao stated that the company appreciates Nasdaq granting additional time to resolve the compliance matter and remains committed to enhancing shareholder value while executing its business strategy.
