Nasdaq Extends Listing Deadline For Singapore E-marketer Reebonz

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Reebonz CEO Samuel Lim

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

In a temporary reprieve, Singapore-based and Nasdaq-listed online e-commerce marketer Reebonz Holding Limited on Tuesday said it has secured approval from the US Nasdaq Exchange’s Listing Qualifications Department to extend the compliance deadline from March 29, 2019 to April 19, 2019.

In the meantime, the stock continues to trade on the Nasdaq Exchange under the trading symbol “RBZ”. However, the warrants have been delisted since February 27, 2019 and are currently traded on the over-the-counter (OTC) market under the symbol “RBZW”

Reebonz was first notified by Nasdaq on December 20, 2018 that the company had not met the listing requirements set by the exchange.

The Exchange also informed Reebonz that the shares and warrants may be delisted unless the company meets the criteria.

Reebonz has, over the past quarter, been seeking extensions, while undertaking several corporate exercises to meet the listing requirements including the latest one-for-eight reverse stock split exercise on March 15, 2019, followed by a combined common share and warrant offering worth $51.75 million.

In the latest annual SEC filing on April 1, Reebonz said, it had achieved $75 million of total asset and revenue on December 31, 2018 (total actual assets and revenues of $79.1 million and $88.4 million respectively as of December 31, 2018), one of the listing criterion.

It is currently in the process of raising a combined total of $51.75 million worth of shares and warrants to meet norm related to public float of $20 million and 400 round lot shareholders. Its current public float is 1.13 million shares as of April 09, and total shares outstanding (post reverse stock-split) on March 20 is 2,686,720 ordinary shares.

Reebonz shares last traded at $9.77 on April 09, down 23 cents, or minus 2.3 per cent intraday on trading volume of 51,116 shares. The stock then rose three cents, or 0.31 per cent during after-hours trading to end at $9.80. Meanwhile, the warrants were last traded on April 09 at $0.065 unchanged.