Starbox group holdings ltd. receives staff determination notice from nasdaq and plans to appeal

Kuala lumpur, malaysia, march 11, 2025 (globe newswire) -- starbox group holdings ltd. (nasdaq: stbx) ("starbox" or the "company"), a service provider of cash rebates, advertising, and payment solutions with a goal of becoming a comprehensive artificial intelligence solutions provider in southeast asia, today announced that the company received a staff determination notice (the “staff determination notice”) from the listings qualifications department of the nasdaq stock market llc (“nasdaq”) on march 7, 2025, notifying the company that it is not in compliance with the minimum bid price requirement as set forth under nasdaq listing rule 5550(a)(2) for continued listing on nasdaq. furthermore, pursuant to listing rule 5810(c)(3)(a)(iv), the company is not eligible for any compliance period, since the company has effected two reverse stock splits over the prior one-year period,. the company's securities will be suspended from trading on the nasdaq capital market at the opening of business on march 18, 2025, and a form 25-nse will be filed with the u.s. securities and exchange commission (the “sec”), which will remove the company's securities from listing and registration on the nasdaq stock market (the “suspension”), unless the company requests an appeal of such determination to nasdaq's hearings panel (the "panel").
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