SINGAPORE, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Reebonz Holding Limited (the “Company” or “Reebonz”) (Nasdaq: RBZ), a leading online luxury marketplace and platform in Southeast Asia, today announced that the Nasdaq Hearings Panel has granted the Company an extension to demonstrate compliance with all applicable requirements for initial listing on The Nasdaq Stock Market.
Reebonz’s ordinary shares are currently listed on The Nasdaq Capital Market. Pursuant to the Nasdaq Hearings Panel’s decision, on or before March 29, 2019, the Company is required to demonstrate that it satisfies all quantitative and qualitative requirements for initial listing on The Nasdaq Global Market. Following such demonstration, the Company’s ordinary shares will be transferred to The Nasdaq Global Market. In the event that the Company is not able to make the required demonstration or obtain a further extension, its ordinary shares would be subject to delisting from Nasdaq.
Nasdaq will suspend the listing of the Company’s warrants effective upon the open of trading on February 27, 2019. It is anticipated that the warrants will be eligible for trading in the OTC market at that time and that the trading symbol will remain RBZAW. Trading and quotation information will be available at www.otcmarkets.com. Nasdaq will take the necessary steps to formally delist the warrants by filing the necessary form with the Securities and Exchange Commission in the future.
Headquartered in Singapore and founded in 2009, Reebonz (pronounced “ribbons”) is the trusted online marketplace and platform for buying and selling new and pre-owned luxury products in the Asia Pacific region. Leveraging data and technology, Reebonz makes luxury accessible by operating as an eco-system of B2C e-tail and B2C marketplace for over 1,000 brands and 172 boutiques, supported by C2C marketplaces that enable individuals to sell through its platform. With an easy shopping experience, members can enjoy convenient access to the selection of products that Reebonz sources as well as from a curated collection of multi-brand luxury boutiques from all around the world.
Forward-Looking and Cautionary Statements
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Reebonz’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the ability to meet NASDAQ’s listing standards; Reebonz’s ability to manage growth; the reaction of Reebonz customers and suppliers to its business combination; rising costs adversely affecting Reebonz’s profitability; potential litigation involving Reebonz’s intellectual property; and general economic and market conditions impacting demand for Reebonz’s products. See the risk factors disclosed in the definitive proxy statement for Reebonz’ business combination for additional risks. Reebonz does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For investor and media inquiries, please contact:
Reebonz Holding Limited | email@example.com
Christensen | Tip Fleming | tfleming@ChristensenIR.com | Contact: +1 917 412 3333
For more information on Reebonz, please visit www.reebonz.com
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Source: Reebonz Limited