What's Going On With Jin Medical International Stock?

Jin Medical International Ltd. ZJYL shares are surging higher Thursday. The company received a letter from the Nasdaq indicating that a delisting action has been stayed.

The Details:

According to an SEC filing, Jin Medical received a letter from the Nasdaq Listing Qualifications Department on Sept. 25 which indicated that the company was not in compliance with Listing Rule 5550(a)(3), which requires the company to have at least 300 public holders for continued listing by Nasdaq.

On Dec. 18,  the company received a letter from Nasdaq notifying Jin Medical that it had failed to provide a detailed plan to support a decision for further time for compliance. The letter also stated trading of the company's shares would be suspended at the opening of business on Dec. 28.

Jin Medical stated that it had subsequently submitted a request for a hearing before the Nasdaq Hearings Panel, which will stay the suspension pending the panel's decision.

On Dec. 20, the company received a letter from Nasdaq indicating that the delisting action has been stayed, pending a final written decision by the panel after a hearing to be held on March 14, 2024.

Jin Medical announced on Dec. 14 that it had signed a preliminary Memorandum of Understanding (MOU) with Jiangsu Zhongjin Kanglu Information Technology Co., Ltd. for the purpose of acquiring the entire or a partial stake in the company.

Jin Medical International Ltd. is a Cayman Islands holding company with Chinese operating entities that manufacture and develop wheelchairs and living aids products.

Jin Medical has a float of only 1.848 million shares and a history of volatility with its 52-week price history ranging from a low of $4.84 to a high of $509.87.

Related News: What's Going On With Marijuana-Giant Tilray Brands?

ZJYL Price Action: According to Benzinga Pro, Jin Medical shares are up 60% at $197.00 at the time of publication.

Image: Mohamed Hassan from Pixabay