Sentiment on Stocktwits was mixed following the announcement.
Shares of Webuy Global ($WBUY) were in suspension on Wednesday after the company announced it received a delisting notice from Nasdaq, with retail sentiment divided.
On Tuesday, Webuy said it received a letter from the Listing Qualifications Department of Nasdaq indicating that the company has not regained compliance with Nasdaq Listing Rule 5550, which requires listed securities to maintain a minimum bid price of $1.00 per share. Following a delisting determination, with the trading of the company's Class A ordinary shares were suspended on Jan 29.
The company was planning to appeal Nasdaq's determination by requesting a hearing before a 'Nasdaq Hearings Panel.' After the suspension, the Company’s Class A ordinary shares are expected to trade on OTC pending the panel’s decision after the hearing to reinstate its listing on Nasdaq.
Sentiment on Stocktwits appeared mixed with some commenters still hopeful the company would bounce back.
Webuy recently announced its advancement on the next phase of Nvidia’s AI Accelerator Program, aimed at advancing the company’s AI capabilities and enhancing its offerings. The program is supported by Singapore’s Economic Development Board; Tribe, an Asian blockchain accelerator; and Digital Industry Singapore.
Last month, the company also announced a pricing of a securities purchase agreement with certain institutional investors to buy about 21.1 million Class A ordinary shares in a registered direct offering for $0.1756 per share. The gross proceeds from the offering amounted to about $3.7 million.
Webuy stock lost 71% in valye in the last one year.
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