Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16

OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2024

 

Commission File Number 001-41831

 

Globavend Holdings Limited

(Registrant’s Name)

 

Office 1401, Level 14, 197 St Georges Tce,

Perth, WA 6000,

Australia

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

On August 16, 2024, Globavend Holdings Limited (“GVH” and the “Company”) received a deficiency notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s ordinary shares (the “Ordinary Shares”) had been below the minimum of $1.00 per Ordinary Share required for continued listing on The Nasdaq Capital Market (the “Minimum Bid Price Rule”). The Notice has no immediate effect on the listing of the Ordinary Shares, which will continue to trade on The Nasdaq Capital Market under the symbol “GVH” without interruption at this time.

 

In accordance with Nasdaq Listing Rules, the Company has 180 calendar days, or until February 12, 2025, to regain compliance with the Minimum Bid Price Rule. If at any time before February 12, 2025, the closing bid price of the Ordinary Shares is at least $1.00 per Ordinary Share for a minimum of 10 consecutive business days, the Staff will provide written confirmation that the Company has achieved compliance and the matter will be closed.

 

If the Company does not regain compliance with the Minimum Bid Price Rule by February 12, 2025, the Company may be eligible for an additional 180 day calendar period to regain compliance or be subject to delisting, provided that on the 180th day of the first compliance period the Company meets the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on the Nasdaq Capital Market (except the bid price requirement) based on the Company’s most recent public filings and market information and notifies Nasdaq in time of its intent to cure this deficiency.

 

If at the expiration of the second compliance period the Company is still deficient, Nasdaq will issue a delisting determination, which the Company can appeal to the Nasdaq Listing Qualifications Headings Panel (the “Hearings Panel”). The Company may apply to the Hearings Panel for an additional period up to another 180 days from the date of the delisting determination to regain compliance. Nasdaq, however, has recently proposed to amend the Listing Rules to eliminate the stay in suspension of trading during the appeal process. If adopted, the Company will have only a maximum of 360 days to regain compliance with the Minimum Bid Price Rule.

 

The Company intends to actively monitor the closing bid price for its Ordinary Shares and will consider available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Rule.

 

EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release, dated August 22, 2024.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	GLOBAVEND HOLDINGS LIMITED
	By:	/s/ Wai Yiu Yau
	Name:	Wai Yiu Yau
	Title:	Chairman of the Board and Chief Executive Officer

 

Date: August 22, 2024

 

 

Exhibit 99.1

 

 

Globavend Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

 

Ordinary shares will continue to trade on the Nasdaq Capital Market, and the Company’s listing on such exchange is not affected by the receipt of the Notice

 

PERTH, AUSTRALIA, August 22, 2024 – Globavend Holdings Limited (Nasdaq: GVH) (the “Company” or “GVH”), an emerging e-commerce logistics provider, disclosed that it had received a notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) that GVH is not currently in compliance with the $1.00 minimum bid price requirement for continued listing of the Company’s ordinary shares (the “Ordinary Shares”) on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rules (the “Minimum Bid Price Requirement”). The Notice indicated that the Company has 180 days, or until February 12, 2025 (the “Compliance Deadline”), to regain compliance with the Minimum Bid Price Requirement by having the closing bid price of the Ordinary Shares meet or exceed $1.00 per Ordinary Share for at least ten consecutive business days.

 

The Notice has no immediate effect on the listing of the Company’s Ordinary Shares, which continue to trade on The Nasdaq Capital Market under the symbol “GVH.” The Company intends to monitor the closing bid price of its Ordinary Shares and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement, including a reverse stock split (i.e., a share consolidation).

 

About Globavend Holdings Limited

 

Globavend Holdings Limited, an emerging e-commerce logistics provider, offers end-to-end logistics solutions in Hong Kong, Australia, and New Zealand. The Company primarily serves enterprise customers, including e-commerce merchants and operators of e-commerce platforms, facilitating business-to-consumer (B2C) transactions. As an e-commerce logistics provider, Globavend delivers integrated cross-border logistics services from Hong Kong to Australia and New Zealand. It provides customers with a comprehensive solution, encompassing pre-carriage parcel drop-off, parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation, and final delivery.

 

Forward-Looking Statements

 

This press release contains certain forward-looking statements, including those regarding the Company’s plans to regain compliance with the minimum bid requirement, the potential to obtain any additional extensions from Nasdaq, the Company’s ability to regain or maintain compliance with the Nasdaq Listing Rules or continue its listing on Nasdaq. . Words such as “will,” “future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. These statements are subject to inherent uncertainties, many of which are difficult to predict and generally beyond the Company’s control. . These and other risk factors and uncertainties are detailed in our annual report on Form 20-F. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise, except as required by law.

 

For investor and media inquiries, please contact:

 

Company Info:

 

Globavend Holdings Limited

Wai Yiu Yau, Chairman and CEO

[e-mail] 61 08 6141 3263

 

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