Society Pass Inc (Nasdaq

SOPA) Granted Extension until 20 May 2024 to Regain Compliance with Nasdaq Listing Rules

NEW YORK, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Society Pass Inc. (Nasdaq: SOPA) (“SoPa” or the “Company”), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem announces that it has received an extension until 20 May 2024 to regain compliance with NASDAQ Listing Rules. The NASDAQ extension letter was filed in a Form 8-K with the U.S. Securities and Exchange Commission (“SEC”) on 22 November 2023.

Click Here (on SEC website) to view Form 8-K.

NASDAQ determined that SOPA is eligible for an additional 180 calendar day period, or until 20 May 2024, to regain compliance with NASDAQ's minimum $1.00 per share bid price requirement, as set forth in NASDAQ Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule"). This determination is pursuant to the discretionary authority granted to NASDAQ by the SEC and is subject to compliance with other continued listing requirements. Nasdaq’s determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement.

Ray Liang, Society Pass Inc CEO, states, "We are pleased with the extension granted by NASDAQ, which provides us with an additional six months to meet the minimum bid price requirement. We remain committed to executing our strategic initiatives and believe that the extension will allow us to continue to work towards regaining compliance with NASDAQ's listing standards."

Society Pass Inc has expressed its intention to actively monitor the bid price for its common stock and to consider implementing available options to regain compliance with the Minimum Bid Price Rule.

The Company's management team continues to focus on executing its business plan and delivering value to its shareholders.

About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 5 interconnected verticals (loyalty, digital media, travel, telecoms, and lifestyle), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.