Dragon Victory receives Nasdaq staff deficiency letter
Dragon Victory International Limited announced that on July 16, 2019, it received a Nasdaq staff deficiency letter notifying the company that it was no longer in compliance with the minimum bid price requirement as set forth in Nasdaq Listing Rule 5550a2. Nasdaq Listing Rule 5550a2 requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810c3A provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the company's ordinary shares for the 30 consecutive business days prior to the date of the Nasdaq Letter, the company no longer meets the minimum bid price requirement. The Nasdaq Letter has no immediate effect on the listing or trading of the company's ordinary shares on the Nasdaq Capital Market and, at this time, the ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol "LYL."