Uni-Fuels Holdings Limited, a Singapore-headquartered bunker fuel provider listed on the Nasdaq Capital Market under the ticker UFG, has disclosed that it received a notification letter from Nasdaq on 27 July, stating that the company is not in compliance with the exchange’s minimum closing bid price requirement.

According to the announcement, the company’s Class A ordinary shares closed below $1 per share for 30 consecutive business days, from 11 June to 24 July, falling short of the $1 minimum required under Nasdaq Listing Rule 5550(a)(2).

Uni-Fuels confirmed that the notification does not result in the immediate delisting of its shares and has no current effect on the listing or trading of its Class A ordinary shares on the Nasdaq Capital Market.

Under Nasdaq Listing Rule 5810(c)(3)(A), the company has been granted a compliance period of 180 calendar days, expiring 25 January 2027, in which to regain compliance. To do so, the closing bid price of its Class A ordinary shares must reach at least $1.00 per share for a minimum of 10 consecutive business days before that deadline.

Should the company fail to meet the requirement within the initial compliance period, it may be eligible for a further 180-day extension, provided it meets the continued listing requirements for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement. It would also need to provide written notice of its intention to cure the deficiency, which could include effecting a reverse stock split. If Nasdaq determines that the company is unlikely to cure the deficiency, or if the company does not qualify for the extension, Nasdaq would provide notice that its securities are subject to delisting.

Uni-Fuels stated that it is monitoring its share price and evaluating options to regain compliance, including the potential implementation of a reverse stock split. Any reverse stock split, if pursued, must be completed no later than 10 business days before 25 January 2027. The company cautioned, however, that there can be no assurance that it will be able to regain or maintain compliance with Nasdaq’s continued listing requirement in a timely manner.

Established in 2021, Uni-Fuels is a bunker trader and broker that operates across a number of locations, with offices in Bangkok, Dubai, Limassol, Seoul, Shanghai and Singapore.