Business Context and Reporting Period
This Form 6-K filing by Lichen China Limited (also referred to as Lichen International Ltd) covers the month ended February 2025. The report details a critical regulatory event regarding the company's listing status on The Nasdaq Stock Market.
Key Financial Metrics
The filing does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric disclosed is the stock price performance triggering the regulatory action:
- Stock Price: The closing bid price was $0.10 or less for ten consecutive trading days as of February 12, 2025.
Material Changes
The primary material change is the receipt of a delisting determination from Nasdaq. Previously, on January 23, 2025, the company received a deficiency letter for non-compliance with the minimum bid price requirement (Listing Rule 5450(a)(1)), granting an 180-day compliance period until July 22, 2025. However, the delisting determination was accelerated because the stock price triggered the Low Priced Stocks Rule (Listing Rule 5810(c)(3)(A)(iii)).
Outlook, Risks, and Management Commentary
Management Action: The company intends to appeal the delisting determination by requesting a hearing before a Hearings Panel. This request must be made by February 19, 2025.
Consequences: If no hearing is requested, trading will be suspended at the opening of business on February 21, 2025, and a Form 25-NSE will be filed to remove the securities from Nasdaq.
Risks: The filing explicitly states there can be no assurance as to the success or outcome of the appeal. A successful hearing request will stay the suspension and the filing of the Form 25-NSE pending the Panel's decision.
Investor Verification Checklist
- Verify whether the company submitted a hearing request to Nasdaq by the February 19, 2025 deadline.
- Monitor the status of the hearing and the subsequent decision by the Hearings Panel.
- Check for any subsequent filings (e.g., Form 25-NSE) indicating the removal of securities from Nasdaq.
- Review the attached press release (Exhibit 99.1) for any additional details on the company's plan to regain compliance.