Masonglory Ltd (MSGY) News & EventsMSGYMasonglory Ltd

Masonglory Enters Share Swap Agreement with Beta Beteiligungs

Masonglory entered into a share swap agreement with the holder of a 49% equity interest in Beta Beteiligungs und Besitz, a private limited liability company under the laws of Austria - target -, and the beneficial owner of such holder, pursuant to which such holder agreed to transfer 20% of the equity interests in the target to a wholly-owned subsidiary of the company, and the company agreed to allot and issue an aggregate of 1,377,000 Class A ordinary shares of the company, par value $0.0008 each. The number of consideration shares was determined by reference to a valuation of 100% of the equity interests in the target of $23.4M performed by an independent third-party valuation firm, and a price per Class A ordinary share of $3.40. The target is engaged in the trading and distribution of construction materials, principally bathtubs, hot tubs and swim spas, in Continental Europe. Immediately following the closing of the transactions contemplated by the Share Swap Agreement, such beneficial owner will hold less than 5% of the aggregate voting power of the company.

Masonglory Receives Nasdaq Warning to Restore Minimum Bid Price to $1

Masonglory received a notification letter from The Nasdaq Stock Market, notifying the Company that it is not in compliance with the requirement to maintain a minimum closing bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2), because the closing bid price of the Company's ordinary shares was below $1 per share for the last 30 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until September 9, to regain compliance with the minimum bid price requirement. To regain compliance with the minimum bid price requirement, the closing bid price of the Company's ordinary shares must be at least $1.00 per share for a minimum of 10 consecutive business days at any time prior to the expiration of Compliance Period. If the Company regains compliance with the minimum bid price requirement within the Compliance Period, Nasdaq will provide the Company with written confirmation and will close the matter. If the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to September 9, in order to regain compliance. The Company is monitoring the closing bid price of its ordinary shares and evaluating options to regain compliance with the minimum bid price requirement, including by effecting a reverse stock split, if necessary.

Masonglory Ltd Trading Halted Due to Volatility Trading Pause

Masonglory Ltd trading halted, volatility trading pause