Galaxy Payroll Group Limited has secured an additional 180-day compliance period from Nasdaq to meet the minimum bid price requirement, extending the deadline to March 16, 2026. The extension follows a notice received on March 17, 2025, indicating the company's closing bid price had remained below the $1.00 threshold for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
Nasdaq's decision to grant the extension stems from Galaxy meeting all other continued listing requirements, including market value of publicly held shares and all applicable initial listing standards for the Nasdaq Capital Market, except for the bid price deficiency. The company has notified Nasdaq of its intention to potentially implement a reverse stock split during this second compliance period to address the pricing issue.
According to the notification terms, if Galaxy's ordinary shares reach $1.00 or more per share for at least 10 consecutive business days before the March 2026 deadline, Nasdaq will provide written confirmation of compliance and close the matter. The company operates as a leading payroll outsourcing service provider specializing in HR and payroll solutions for multinational corporations across various industries. More information about the company's services can be found at https://www.galaxyapac.com.
Chief Executive Officer Mr. Wai Hong Lao stated that the company appreciates Nasdaq granting additional time to resolve the compliance matter and remains committed to enhancing shareholder value while executing its business strategy. This development signals the ongoing challenges faced by technology service providers in maintaining market valuation standards amid competitive pressures.
The extension provides Galaxy Payroll Group with crucial breathing room to implement strategic measures that could stabilize its stock price and maintain its Nasdaq listing status. For business leaders and investors monitoring the HR technology sector, this situation underscores the importance of financial stability and compliance in publicly traded companies providing essential business services to multinational organizations.
