Business Context and Reporting Period
This Form 6-K filing by Orangekloud Technology Inc. is dated December 13, 2024. The report addresses a regulatory notification received from The Nasdaq Stock Market regarding the Company's continued listing status.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on a listing deficiency related to the Market Value of Listed Securities (MVLS).
Material Changes
On December 11, 2024, the Company received a deficiency letter from Nasdaq stating it no longer meets the continued listing requirement under Rule 5550(b)(2). Specifically, the Company failed to maintain a minimum MVLS of $35 million for the period from October 24, 2024, to December 10, 2024.
Outlook, Risks, and Management Commentary
- Compliance Period: Nasdaq has granted the Company an 180-calendar-day compliance period, ending on June 9, 2025, to regain compliance.
- Delisting Risk: If the Company fails to regain compliance by the deadline, its securities will be subject to delisting. The Company retains the right to appeal such a determination to a hearing panel.
- Management Action: The Company is currently evaluating options to regain compliance and intends to meet the requirement timely.
- Uncertainty: Management explicitly states there can be no assurance that the Company will be able to regain compliance with Rule 5550(b)(2) or other listing requirements.
Investor Verification Checklist
- Verify the current Market Value of Listed Securities (MVLS) to assess the gap against the $35 million threshold.
- Monitor the Company's progress toward the June 9, 2025, compliance deadline.
- Review any subsequent filings for details on the specific strategies being employed to increase MVLS.
- Assess the potential impact of a delisting on liquidity and trading venue options.