HONG KONG - Metalpha Technology Holding Limited (NASDAQ:MATH), a company specializing in digital asset-focused wealth management, has been notified by the Nasdaq Stock Market of non-compliance with its listing rules.
The notification, received on April 8, 2024, indicates that Metalpha failed to file an interim balance sheet and income statement for the six months ending September 30, 2023, by the required due date of March 31, 2024.
The Nasdaq notice does not immediately affect the listing of Metalpha's ordinary shares. The company has been given 60 days, until June 7, 2024, to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant an extension of up to 180 days from the original due date, or until September 27, 2024, for Metalpha to comply with the listing rules.
Metalpha, founded in 2015 and publicly listed since October 20, 2017, offers investment and wealth management services with a focus on digital assets. The company is working to submit its compliance plan within the timeframe provided by the Nasdaq notice.
The information in this article is based on a press release statement from Metalpha Technology Holding Limited.
InvestingPro Insights
Amid concerns over Metalpha Technology Holding Limited's (NASDAQ:MATH) compliance with Nasdaq listing rules, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Metalpha's market capitalization stands at a modest 55.79 million USD, reflecting the size of the company within the digital asset-focused wealth management sector.
The company's current Price to Earnings (P/E) ratio is -1.88, indicating that investors are not currently receiving earnings for their investment, which is not uncommon for companies facing operational challenges or investing heavily in growth. Furthermore, the Price/Earnings to Growth (PEG) ratio for the last twelve months as of Q1 2024 sits at -1.29, suggesting that the market may have concerns about the company's future earnings growth relative to its P/E ratio.
InvestingPro Tips highlight that Metalpha's operating income margin for the same period is deeply negative at -206.12%, a figure that investors should consider when assessing the company's profitability and operational efficiency. Additionally, the recent price volatility is evident with a 1-week total return of 1.66%, a 1-month return showing a decline of -4.06%, and a notable 1-year total return of 66.85%, which could attract traders looking for short-term gains amidst the uncertainty.
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