MoneyHero faces potential delisting as shares dip below US$1
It no longer meets the minimum bid price requirement for its continued listing on the Nasdaq Global Market after the closing bid price of its ordinary shares has fallen below US$1 per share for 31 consecutive business days
FINANCIAL comparison site MoneyHero may be delisted from the Nasdaq, less than two years after it went public.
On Apr 7, Nasdaq informed MoneyHero that it no longer meets the minimum bid price requirement for its continued listing on the Nasdaq Global Market, after the closing bid price of its ordinary shares fell below US$1 per share for 31 consecutive business days.
The notification does not result in the immediate delisting of the company’s securities.
Under Nasdaq rules, a company listed on the Nasdaq Global Market must meet the minimum bid price of at least US$1 per share – among other requirements – to remain listed.
MoneyHero’s shares closed at US$0.74 on Apr 11.
MoneyHero operates in Singapore, Hong Kong, the Philippines and Taiwan. Its portfolio includes the Seedly and SingSaver brands.
Business as usual
The company now has 180 calendar days to regain compliance with Nasdaq’s bid price requirement.
Should it fail to do so by Oct 6, MoneyHero may be eligible for an extension of the compliance period if it transfers to the Nasdaq Capital Market, a tier on the stock exchange with less stringent market value requirements.
In a filing to the US Securities and Exchange Commission, MoneyHero said that it is “actively monitoring the closing bid price of its securities” and “carefully exploring all available options” to regain compliance by the set date.
It added that it was “confident” in the progress made across “various initiatives” to address the situation, and that the notification does not affect its ongoing operations.
Once close to breakeven, MoneyHero has been grappling with widening losses since it went public in October 2023. Aggressive competitive tactics have proved costly and unsustainable, Tech in Asia reported last September.
MoneyHero has seen an exodus of senior executives – including former CEO Prashant Aggarwal – since it went public. Its chief financial officer Hao Qian resigned in December, after six months on the job.
In August 2024, MoneyHero made a surprise US$8 million offer to purchase MoneySmart, but the rival company rejected the offer.
In the third quarter of 2024, its revenue rose 6 per cent year on year to US$20.9 million, while adjusted earnings before interest, taxes, depreciation and amortisation loss widened from US$1.3 million to US$5.5 million.
It is expected to report its full year results on Apr 29. TECH IN ASIA
