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BEIJING, July 20, 2024 /PRNewswire/ -- AGM Group Holdings Inc. ("AGMH" or the "Company") (NASDAQ: AGMH), an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment, today announced that it has received a written notification (the "Notification Letter") on July 15, 2024, from the Listings Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"). The Notification Letter advised that for the last 30 consecutive business the minimum closing bid price per share for the Company's ordinary shares was below the $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5550(a)(2). The Nasdaq notification letter has no current effect on the listing or trading of the Company's securities on Nasdaq. Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until January 13, 2025, to regain compliance under the Nasdaq Listing Rules. If at any time during this compliance period, the closing bid price of the Company's ordinary shares is US$1.00 per share or higher for a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance by January 13, 2025, it may be eligible for an additional 180 calendar day period to regain compliance. The Company intends to actively monitor the bid price for its shares and will evaluate available options to regain compliance with the continued listing requirements. About AGM Group Holdings Inc. Incorporated in April 2015 and headquartered in Beijing, China, AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company focusing on producing high-performance hardware and computing equipment. AGMH's mission is to become one of the key participants and contributors in the global fintech and blockchain ecosystem. For more information, please visit www.agmprime.com. Forward Looking Statements This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. For more information, please contact: In China: At the Company:Email: ir@agmprime.comWebsite: http://www.agmprime.com Seaquant ConsultingMs. Kristy LiEmail: kristy@sea-quant.com
KUALA LUMPUR, Malaysia, May 31, 2024 /PRNewswire/ -- The Malaysian Association of Convention and Exhibition Organisers and Suppliers (MACEOS) made significant announcements at their Annual General Meeting (AGM) held on 23 May 2024 at the Malaysia International Trade and Exhibition Centre (MITEC). The AGM featured the introduction of a new Executive Committee lineup for the 2024-2026 term and the much-anticipated launch of EVENTXPO 2024. MACEOS Reveals New Line-up of EXCO Members for 2024-2026 Term New MACEOS President and Executive Committee Datuk Dr. M Gandhi, Founder and Chairman of Bumiati Holding Sdn Bhd, was announced as the new President of MACEOS, succeeding outgoing President Francis Teo. Dr. Gandhi will lead the association for the next two years. During the AGM, Francis Teo extended his congratulations to Dr. Gandhi and expressed his pride in the association's achievements during his tenure from 2020-2024. Teo highlighted key milestones such as the MACEOS Strategic Roadmap 2022-2030, the SafeBE certification program, and the inaugural Business Events Forum in Sabah. In his acceptance speech, Dr. Gandhi emphasized his commitment to expanding market opportunities for stakeholders and fostering collaboration with the government and industry associations. He highlighted Malaysia's upcoming chairmanship of ASEAN in 2025 as a prime opportunity for MACEOS to enhance regional cooperation in the business events sector. MACEOS Executive Committee 2024-2026 President: Datuk Dr. M Gandhi, Bumiati Holdings Sdn BhdVice President - Innovation: Yusno Yunos, Y Us Sdn Bhd (Evenesis)Vice President – Development: Eric Ho Kah Pheng, PICO International (M) Sdn BhdVice President – Education: Mona Abdul Manap, Place Borneo Sdn BhdVice President – Advocacy: Gerard Leeuwenburgh, Informa Markets Malaysia Sdn BhdHonourary Secretary: Lee Mark, The Hot Shoe Show & Co Sdn BhdHonourary Treasurer: Chandra Ganesh, Felix Expo Logistics (M) Sdn Bhd Ordinary Committee Members include representatives from Anderes Fourdy Events Sdn Bhd, Convex Malaysia Sdn Bhd (Kuala Lumpur Convention Centre), D'Heritage Sdn Bhd (Sabah International Convention Centre), and others. Launch of EVENTXPO 2024 MACEOS also announced the launch of EVENTXPO 2024, to be held at the Kuala Lumpur Convention Centre (KLCC) from 19 to 21 August 2024. The event will be part of the Malaysia Business Events Week (MBEW) and is themed "Everything, Everywhere, Events!". The trade show aims to be a comprehensive marketplace for the latest business events products, services, technology, trends, and insights. Francis Teo, outgoing President and Organising Chair of EVENTXPO 2024, shared his excitement about the event: "After months of planning and coordinating, we're excited to roll out EVENTXPO 2024 as a gathering to spark new ideas and innovations, connections, and collaborations." EVENTXPO 2024 will feature interactive workshops, pocket talks by industry experts, and a careers fair. The MACEOS Youth Challenge will also take place, encouraging youths to share their best business events ideas. The event is expected to attract key decision-makers, conference and exhibition organizers, event planners, venue managers, marketing professionals, technology providers, government representatives, trade associations, corporate companies, and exhibitors from various sectors. Azman Tambi Chik, Chief Executive Officer of MyCEB, congratulated Dr. Gandhi and the new Exco lineup. He reaffirmed MyCEB's commitment to supporting the growth and success of the business events industry. The announcements at the AGM mark a new chapter for MACEOS, with fresh leadership and the promise of a dynamic and innovative EVENTXPO 2024. PR Newswire is the official news distribution partner of the Annual General Meeting (AGM).
BEIJING, May 23, 2024 /PRNewswire/ -- AGM Group Holdings Inc. ("AGMH" or the "Company") (NASDAQ: AGMH), an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment, announced today that it received a notice of non-compliance (the "Notice") from Nasdaq Stock Market LLC ("Nasdaq") on May 20, 2024, stating that as a result of not having timely filed its annual report on Form 20-F for the year ended December 31, 2023 (the "Annual Report"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Commission. This Notice has no immediate impact on the listing or trading of the Company's securities on Nasdaq. Pursuant to the Nasdaq Listing Rules, the Company has 60 calendar days from the date of the Notice to submit a plan to regain compliance. If Nasdaq accepts the Compliance Plan, the Company may be granted up to 180 calendar days from the due date of the Annual Report or until November 11, 2024, to regain compliance. The Company is fully committed to regaining compliance and satisfying all of Nasdaq's listing requirements and working diligently to file its Annual Report as soon as reasonably practicable. About AGM Group Holdings Inc. Incorporated in April 2015 and headquartered in Beijing, China, AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company focusing on producing high-performance hardware and computing equipment. AGMH's mission is to become one of the key participants and contributors in the global fintech and blockchain ecosystem. For more information, please visit www.agmprime.com. Forward Looking Statements This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. For more information, please contact: In China:At the Company:Email: ir@agmprime.com Website: http://www.agmprime.com Seaquant ConsultingMs. Kristy LiEmail: kristy@sea-quant.com
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), today announced that its shareholders approved all proposals at the Annual General Meeting of Shareholders (AGM) 2024, including: The re-appointment of Chairman Feike Sijbesma and Peter Löscher as members of the Supervisory Board. The appointment of Benoît Ribadeau-Dumas as member of the Supervisory Board. The appointment of Charlotte Hanneman as member of the Board of Management, with effect from October 1, 2024. The discharge of the members of the Board of Management and members of the Supervisory Board. A full overview of the resolutions taken at the AGM 2024 can be found below. Feike Sijbesma, Chairman of Philips’ Supervisory Board, said: “I am very pleased with the re-appointment of Peter and the appointment of Benoît, who has extensive experience with large and global industrial companies. With our highly knowledgeable and experienced members, the composition of our Supervisory Board is very strong and well positioned to fulfill our vital duty of advising, challenging, and supporting Management in executing Philips’ strategy, and it is an honor to serve a second term leading this Board. I would also like to welcome Charlotte to Philips. She will join Philips’ Board of Management on October 1, and fulfill the role of Chief Financial Officer. Her strong MedTech knowledge and extensive finance experience, coupled with her energy and passion for the healthcare industry, make her an ideal fit for the role. Charlotte will work with Abhijit, Philips’ current Chief Financial Officer, until October, ensuring a smooth transition. I would also like to thank Abhijit in advance for his tremendous contribution to Philips over the last 38 years, and more particularly during his nine years as Chief Financial Officer.” Roy Jakobs, CEO of Royal Philips said: “I want to congratulate our Chairman Feike with his re-appointment. Together with Peter and Benoît, as well as the other Supervisory Board members, they represent the best in the industry to provide oversight and valuable insights to Management in executing Philips’ 2023-2025 plan to create value with sustainable impact for all stakeholders. We look forward to a continued strong and successful collaboration, as we aim to improve the health and well-being of people through meaningful innovation.” All resolutions taken at the AGM 2024: Agenda item Resolution 2 Annual Report 2023 Adoption of the financial statements 2023 Adoption of a dividend of EUR 0.85 per common share, in common shares, against retained earnings Positive advisory vote on the approval of the Remuneration Report 2023 Discharge of the members of the Board of Management Discharge of the members of the Supervisory Board 3 Composition of the Board of Management Appointment of Ms Hanneman as member of the Board of Management with effect from October 1, 2024 4 Composition of the Supervisory Board Re-appointment of Mr Sijbesma as member of the Supervisory Board with effect from May 7, 2024 Re-appointment Mr Löscher as member of the Supervisory Board with effect from May 7, 2024 Appointment of Mr Ribadeau-Dumas as member of the Supervisory Board with effect from May 7, 2024 5 Remuneration of the Board of Management and the Supervisory Board Adoption of Remuneration Policy for the Board of Management Adoption of Remuneration Policy for the Supervisory Board 6 Authorization of the Board of Management to issue shares or grant rights to acquire shares and restrict or exclude pre-emption rights 7 Authorization of the Board of Management to acquire shares in the company 8 Cancellation of shares Further details about the dividend can be found via this link, and additional information on the composition of the Board of Management, the Executive Committee and the Supervisory Board can be found here. Philips’ 2023 financial statements are included in its Annual Report 2023 that was published on February 20, 2024.For more information about Philips’ AGM 2024, please click on this link. For further information, please contact: Elco van GroningenPhilips External RelationsTel.: +31 6 8103 9584E-mail: elco.van.groningen@philips.com Dorin DanuPhilips Investor RelationsTel.: +31 20 59 77055E-mail: dorin.danu@philips.com About Royal PhilipsRoyal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring, and enterprise informatics, as well as in personal health. Philips generated 2023 sales of EUR 18.2 billion and employs approximately 69,100 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.
SHENZHEN, China, July 7, 2023 /PRNewswire/ -- CIMC Group (00039.SZ/2039.HK)'s 2022 annual general meeting, the first A-share class meeting in 2023 and the first H-share class meeting in 2023 were held in Shenzhen headquarters. Chairman and CEO Mai Boliang presided over the AGM, while other directors, supervisors, and senior executives of the Group participated and attended the meeting respectively. During the meeting, it was revealed that container demand is gradually recovering in the second quarter of 2023, with freight rates and volumes stabilizing. Notably, the North American market has witnessed high profitability in road transport vehicles, while the gross profit margin of the domestic lighthouse factory business has increased. Additionally, the energy sector has experienced a surge in new orders, particularly for clean energy equipment, with the offshore engineering business boasting a full order book and rapid capacity expansion. The management of CIMC Group engaged in face-to-face communication with shareholder representatives and media journalists, addressing various topics of market concern, including container business operations, energy industry layout, cross-ocean vehicle operations, and the development prospects of the cold chain business. Stabilizing and Rebounding Container DemandRevamping the Fresh Supply Chain Ecology through Cold Chain Restructuring In the second quarter of the year, the shipping industry's market demand is gradually recovering as freight rates and volumes exhibit signs of stabilization. CIMC's container demand has stabilized and rebounded, with some orders already scheduled for production in the third quarter, marking a positive shift from the previous quarter. Addressing the global trade landscape changes, Chairman Mai Boliang said during the meeting, "As the basic unit of global logistics, containers are closely related to global trade activities and are not limited to any particular shipping route. Although the current global trade landscape is facing certain challenges, the proportion of global industrial output accounted for by long-term global trade remains high and still developing. Although the growth rate may not be significant, the prospects are still promising. We believe that changes in the trade landscape will not have a disruptive impact on container demand." Furthermore, regarding media's concerns about the relocation of container factories due to the global industrial chain transfer, Mai Boliang stated, "There is indeed a trend of the transfer of some light manufacturing industries to Southeast Asia, and even in the future to Africa and South America, for the joint global development. As a leading enterprise in the container industry, CIMC always keeps a close eye on this trend and is constantly conducting research. No matter how the situation changes, CIMC's global position in the container industry will not change." According to BIMCO, a highly influential international shipping organization, under the basic scenario, global container shipping volume is expected to increase by 0.5%-1.5% in 2023 and by 5.5%-6.5% in 2024. Volume and growth rate recovery are anticipated in the second half of 2023m, with the total volume of major outbound and regional routes projected to be approximately 7% higher by the end of 2024 compared to 2022. Despite the pressure the shipping market faces in the first half of 2023, CIMC Group has demonstrated a market share increase against the trend, highlighting its competitive advantages. Leveraging its strong foothold in the container manufacturing market, the Company actively explores new opportunities through its "container+" business, achieving growth in multiple areas. For example, CIMC is actively developing new products suitable for modern agriculture and new energy vehicle scenarios, such as planting containers, integrated refrigeration and insulation equipment boxes, new energy refrigerated containers, and V-RACK frame containers, among others. Benefiting from the growth of the electrochemical energy storage market, CIMC's container energy storage business continued to develop rapidly in 2022, reaching new revenue highs. By focusing on integrating energy storage systems, the business has transitioned from offering 20-foot and 40-foot containers to providing fully integrated energy storage solutions to downstream customers. Notably, records of batches of multiple deliveries have already been made to satisfied customers, showcasing the business' strong performance. CIMC Fishery has made significant strides in promoting the transformation and upgrading of traditional aquaculture industries through innovative "container+" scenarios. The modular construction business has made significant progress in both domestic and international markets, achieving significant milestones in several major projects. Mai Boliang emphasized the rapid growth and stability of CIMC Group's "container+" business. This sector has contributed significantly to the container industry, effectively mitigating the cyclical fluctuations associated with traditional containers. Mai Boliang also reiterated CIMC Group's active promotion of the fresh supply chain ecosystem reconstruction. China's fresh supply chain currently faces several challenges, including (1) lengthy intermediate circulation processes, where fresh products typically go through multiple layers of transportation and circulation before reaching consumers, and (2) a lack of accurate full-process cold chain transportation, resulting in a loss rate of nearly 30%, not including the degradation of product quality, which can turn a first-grade product into a fifth-grade product. "CIMC aims to address these two pain points by reducing the intermediate circulation process and ensuring accurate full-process cold chain transportation, eliminating fresh product loss rates and extending shelf life. This is where CIMC's advantages are at," added Mai Boliang, optimistic about the development prospects of CIMC's cold chain business. North American Vehicle Business Exceeded Expectations, Highlighting the Resilience of Its Cross-border Operations. CIMC's vehicle business has achieved impressive results driven by domestic recovery and overseas growth. In the first quarter of 2023, the business recorded a net profit that doubled year-on-year, while the gross profit margin increased significantly by 8.2 percentage points, setting a new historical record. Notably, the strong profitability of its North American operations played a crucial role, benefitting from favorable economic policies and the rapid growth of intermodal transportation in the region. According to market research company, ACT Research, in the first quarter of 2023, the North American market's semi-trailer production volume has reached 101,500 units, a year-on-year increase of 14.04%, maintaining its leading position in the industry. Entering the second quarter of this year, the North American market continues to demonstrate high demand trends, with ongoing order deliveries. In 2023, as the impact of the pandemic gradually diminishes in North America and consumer demand grows, the freight volume of the overall vehicle transportation market is expected to rise, sustaining the robust demand for semi-trailer equipment. Besides the favorable conditions in the North American market, strong demand is also emerging from other markets. Developing countries represent the most pressing demand for global development, offering ample opportunities for high-growth industries. CIMC's vehicle business is actively seeking market prospects in Southeast Asia, Africa, and the Middle East, facilitating the establishment of LoM manufacturing plants and constructing a sustainable and competitive overseas emerging market operation system. In the first quarter of this year, the Vanguard business seized overseas market opportunities, vigorously developed emerging markets, and achieved remarkable revenue growth of a notable 5 percentage points increase in gross profit margin. In the domestic market, the continuous recovery of infrastructure investment, steady progress in imports and exports, favorable government policies, and smoothness of the road transportation network have set the stage for a moderate recovery in China's heavy truck market this year. Industry forecast reports predict China's heavy truck sales in 2023 will reach approximately 800,000 units, marking a year-on-year increase of about 20%. Industry insiders have analyzed that this year, the recovery of China's commercial vehicle market is highly probable, and both North America and Europe are expected to witness growth. Furthermore, exploring emerging markets, such as Southeast Asia, will contribute to CIMC's positive vehicle sales growth. Surging new orders for energy equipment, and the order book is full. In the energy sector, CIMC Group focuses on major areas such as energy, chemicals, liquid food equipment, and offshore engineering while continuously increasing its investment in new energy. The Company has made comprehensive layouts in key equipment areas, such as hydrogen, offshore photovoltaic power, offshore wind power, and energy storage. As the Chinese economy steadily recovers and international natural gas prices decline, domestic natural gas consumption is gradually improving. According to data from the National Development and Reform Commission, China's apparent natural gas consumption from January to April this year reached 129.26 billion cubic meters, reflecting a year-on-year increase of 4.1%. Furthermore, the National Bureau of Statistics reported that China's natural gas imports from January to May amounted to 46.291 million tons, representing a year-on-year increase of 3.3%. The sales of LNG heavy trucks have also increased significantly, with 10,804 natural gas heavy trucks sold domestically in May, showcasing a staggering year-on-year increase of 547.3% and a month-on-month increase of 35%. Cumulative sales from January to May reached 35,000 units, reflecting a year-on-year increase of 255.8%. The recovery of demand in the natural gas industry has propelled the clean energy equipment business to new heights. CIMC Enric, as a leading player in the domestic clean energy industry, has experienced substantial growth in revenue and orders since 2023. Strong demand has been observed for low-temperature and high-pressure equipment sales, and the overseas markets continue to demonstrate robust demand for onshore clean energy equipment and engineering. CIMC Group President Gao Xiang has mentioned that CIMC Enric has strategically positioned its business around the "manufacture, storage, transportation, and usage" of clean energy equipment, enabling a comprehensive industry chain layout. The Company focuses on researching high-pressure equipment for hydrogen storage and transportation. With the government currently promoting the use of Type IV hydrogen storage tanks, CIMC Enric has partnered with Hexagon to develop these tanks, which are expected to be launched this year, further enhancing CIMC's core competitiveness. Last year, CIMC's hydrogen energy business achieved sales of 440 million RMB, and high-speed growth is expected to continue this year. In addition, the shipbuilding industry is experiencing a long-term high boom cycle due to ship replacement cycles and stricter environmental requirements. CIMC Enric's water-based clean energy business has recently and consecutively secured multiple orders, including LNG fuel tanks worth over 1 billion RMB, 2+2 1450 TEU LNG dual-fuel container ships worth over 1 billion RMB, 2+2 LPG/ammonia transport ships worth nearly 900 million RMB, and 4 clean energy river-sea intermodal bulk cargo ships worth over 250 million RMB, benefiting from the strong industry demand. Meanwhile, CIMC's offshore engineering business is developing substantially, propelled by the increasing demand for traditional oil and gas FPSO equipment and the dual drive of new energy-related industries. In the first quarter of 2023, the business achieved remarkable year-on-year increases in newly signed orders and cumulative order backlog. Newly signed orders reached $1.1 billion, showcasing a year-on-year increase of 119%, while the order backlog reached $4.76 billion, a year-on-year increase of 116%. Concurrently, the offshore asset management platform business secured a new contract for a self-elevating drilling unit at the end of March, leading to a 53% year-on-year increase in the order backlog, amounting to 349 months. Addressing concerns about the impact of recent crude oil price fluctuations on CIMC's offshore engineering business, Mai Boliang responded that "minor oil price fluctuations are considered normal. Furthermore, in recent years, CIMC's offshore engineering business has proactively capitalized on the historical opportunities presented by the rapid development of new energy and special-purpose ships. Investment in new production capacity and timely product delivery in emerging areas has been pivotal. Approximately 50% of the order backlog value of CIMC's offshore engineering business originates from non-oil and gas projects. The recovery trend is relatively certain when considering the offshore engineering industry as a whole. Based on the construction nodes of the order backlog, we expect the offshore engineering industry to experience a substantial period of robust recovery over the next 3-5 years." Moreover, CIMC Group has actively entered overseas markets in the energy storage sector and established a strategic joint venture with POWIN Energy, a leading international energy storage integrator and manufacturer. The two entities are actively expanding the global market for fully integrated energy storage equipment through technological research and development and product innovation. Shenzhen has proactively embraced energy storage as a "windfall" area, with the city's policy support and planning in the field of energy storage at the forefront. In June 2022, Shenzhen issued the "Action Plan for Cultivating and Developing New Energy Industry Clusters in Shenzhen (2022-2025)", which identifies the development of new energy storage as a critical project, emphasizing the need to strengthen the electrochemical energy storage system. Based on unwavering policy support and certain industry trends, CIMC's energy storage business is poised to maintain sustained growth momentum.
BEIJING, May 20, 2023 /PRNewswire/ -- AGM Group Holdings Inc. ("AGM Group " or the "Company") (NASDAQ: AGMH), an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment, today announced that it received a notification letter dated May 17, 2023 (the "Notification Letter") from Nasdaq notifying that the Company is not in compliance with the requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) since the Company did not timely file its annual report on Form 20-F for the fiscal year ended December 31, 2022 (the "2022 Form 20-F") with the Securities and Exchange Commission (the "SEC"). The Notification Letter has no immediate effect on the listing or trading of the Company's shares on Nasdaq. Pursuant to the Nasdaq Listing Rules, the Company has 60 calendar days from the date of the Notification Letter to submit a plan to regain compliance with Nasdaq Listing Rules (the "Compliance Plan"). If Nasdaq accepts the Compliance Plan, it may grant the Company an extension of up to 180 calendar days or until November 13, 2023, to regain compliance. AGM Group continues to work diligently to complete the Form 20-F and file it with SEC as soon as reasonably practicable. The Company expects to submit a plan to regain compliance or file its Form 20-F within the timeline prescribed by Nasdaq. This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency. About AGM Group Holdings Inc. Incorporated in April 2015 and headquartered in Beijing, China, AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment. AGMH's mission is to become one of the key participants and contributors in the global fintech and blockchain ecosystem. For more information, please visit www.agmprime.com. Forward Looking Statements This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. For more information, please contact: In China:At the Company:Email: ir@agmprime.com Seaquant ConsultingMs. Kristy LiEmail: kristy@sea-quant.com
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