HONG KONG - Metalpha Technology Holding Limited (NASDAQ:MATH), a company specializing in digital asset wealth management, has been notified by The Nasdaq Stock Market LLC that it is currently non-compliant with Nasdaq's Listing Rule 5250(c)(1). The rule requires the timely submission of periodic financial reports to the Securities and Exchange Commission (SEC).
The notice, received on Monday, August 15, 2024, was triggered by Metalpha's failure to file its annual report on Form 20-F for the fiscal year ended March 31, 2024, within the prescribed timeframe. Despite the delay, this development does not immediately affect the trading of Metalpha's ordinary shares on the Nasdaq Capital Market.
Metalpha has been given a deadline of October 14, 2024, to present a plan to Nasdaq detailing how it intends to regain compliance. If the plan is accepted, the company may be granted an extension until February 10, 2025, to file the overdue report and adhere to the listing standards.
The company attributes the delay to additional time required for preparing the annual report, as indicated in a Form 12b-25 filed with the SEC on July 31, 2024. Metalpha has communicated its commitment to finalizing and submitting the 2024 Form 20-F as soon as it is feasibly possible.
Founded in 2015 and public since October 20, 2017, Metalpha aims to be a leader in crypto wealth management, leveraging its blockchain expertise to offer transparent and innovative services.
This press release statement also includes forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect the company's current expectations and projections about future events and are subject to risks, uncertainties, and assumptions that could cause actual results to differ.
Investors should note that this information is based on a press release statement and that Metalpha is working to resolve its compliance issue with Nasdaq.
InvestingPro Insights
As Metalpha Technology Holding Limited navigates its way back to Nasdaq compliance, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Metalpha's market capitalization stands at a modest $42.12 million USD, reflecting the size and current valuation of the company in the market.
Despite its challenges, Metalpha has shown an impressive revenue growth rate of 878.14% for the last twelve months as of Q2 2024, signaling a potential turnaround in its financial performance. However, this growth comes with a caveat, as the company's gross profit margin is currently in the negative at -8.08%, indicating that the cost of goods sold exceeds the revenue generated from those sales.
InvestingPro Tips suggest that investors should be aware of the company's Price to Earnings (P/E) Ratio, which is deeply negative at -3.9 based on adjusted last twelve months data as of Q2 2024. This metric suggests that investors are not expecting earnings growth in the near future. Additionally, with a Price to Book (P/B) ratio of 4.04, the stock may be considered by some investors as overvalued in relation to the company's net asset value.
For interested investors looking to delve deeper into Metalpha's financials and future prospects, there are currently several additional tips available on InvestingPro that could provide further insights into making informed investment decisions.
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