HONG KONG, Sept. 05, 2025 — Garden Stage Limited (NASDAQ: GSIW) (referred to as “GSIW” or the “Company”) announced today that it received a notification letter (the “Notice”) on September 5, 2025, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”). The Notice informed the Company of its non-compliance with Nasdaq’s minimum bid price requirement for continued listing on the Nasdaq Capital Market. This deficiency arose because the closing bid price of the Company’s ordinary shares on the Nasdaq Capital Market fell below $1.00 per share for 30 consecutive business days. Nasdaq Listing Rule 5550(a)(2) mandates a minimum bid price of $1.00 per share for listed securities, and Nasdaq Listing Rule 5810(c)(3)(A) specifies that this requirement is violated if the deficiency persists for 30 consecutive business days. The Notice grants the Company 180 calendar days from its date, specifically until March 4, 2026, to regain compliance with the minimum bid price standard.
The receipt of this Notice does not have any immediate impact on the Company’s business operations or the listing status of its ordinary shares, which will continue to be traded on Nasdaq under the ticker “GSIW” without interruption. As stipulated in the Notice, the Company has until March 4, 2026, to rectify the minimum bid price deficiency, during which period its ordinary shares will continue to trade on the Nasdaq Capital Market. Should the bid price of the Company’s ordinary shares close at or above $1.00 per share for a minimum of 10 consecutive business days at any point before March 4, 2026, Nasdaq will issue written confirmation of compliance to the Company.
Should the Company fail to regain compliance by March 4, 2026, it may still be eligible for an extended period to achieve compliance. To qualify for this extension, the Company would need to satisfy the continued listing requirement regarding the market value of publicly held shares, along with all other initial listing standards for the Nasdaq Capital Market, excluding the minimum bid price requirement. Furthermore, the Company would be required to inform Nasdaq of its intention to remedy the deficiency during this potential second compliance period.
About Garden Stage Limited
GSIW, operating through its Subsidiaries, is a financial services provider based in Hong Kong. Its primary activities include (i) placing and underwriting services; (ii) securities dealing and brokerage services; (iii) asset management services; and (iv) investment advisory services. The Company conducts its operations through its wholly-owned Operating Subsidiaries: a) I Win Securities Limited, which holds a license to conduct Type 1 (dealing in securities) regulated activities under the SFO in Hong Kong, and b) I Win Asset Management Limited, licensed for Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the SFO in Hong Kong. I Win Securities Limited is a Stock Exchange Participant, possesses one Stock Exchange Trading Right, and is a participant of the HKSCC.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made in accordance with the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of terminology like “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar expressions. The Company may also release written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases, other written materials, and through verbal statements made by its officers, directors, or employees to third parties. Statements that do not represent historical facts, including but not limited to those concerning the Company’s beliefs and expectations, are considered forward-looking statements. These statements inherently involve risks and uncertainties. Various factors could lead to actual results differing materially from those expressed in any forward-looking statement. Additional information regarding these and other risks is provided in the Company’s filings with the Securities and Exchange Commission. All information presented in this press release is accurate as of its publication date, and the Company is not obligated to update such information, except where required by applicable law.
For more information, please contact:
Garden Stage Limited
Chan Sze Ho
Chief Executive Officer
Email:
Tel: (852) 2688 6333
