Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 34

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 3
Chunk 34
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 180 calendar days compliance period, or until August 26, 2024,
in which to regain compliance with Nasdaq continued listing requirement. On August 27, 2024, the Company received a letter from Nasdaq,
notifying the Company that Nasdaq has determined the Company is eligible for an additional 180 calendar day period, or until February
24, 2025, to regain compliance with the minimum bid price of $1 per share requirement pursuant to the continued listing requirement of
Nasdaq under Nasdaq Listing Rules 5550(a)(2).

On
February 26, 2025, the Company received a letter from Nasdaq notifying the Company that it has not regained compliance with Listing Rule
5550(a)(2). Accordingly, its securities will be delisted from the Capital Market. The Company may appeal Staff’s determination
to the Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series.

On
March 4, 2025, the Company received formal notification from Nasdaq, that the Company has regained compliance with the Nasdaq Minimum
Bid Price Requirement. Nasdaq made this determination of compliance after the closing bid price of the Company’s ordinary shares
was at $1.00 per share or greater for the last 10 consecutive business days from February 18, 2025 to March 3, 2025. Accordingly, the
Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter has been
closed.

The
National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the
sale of certain securities, which are referred to as “covered securities.” Because we expect that our shares will be listed
on Nasdaq, such securities will be covered securities. Although the states are preempted from regulating the sale of our securities,
the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent
activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed
on Nasdaq, our securities would not be covered securities and we would be subject to regulations in each state in which we offer our
securities. We can not assure you that we will be able to meet the continued listing standards of Nasdaq in the future and if we are
delisted