MGO Global Inc. Receives Notice of Non-Compliance from Nasdaq

MGO Global Inc. (NASDAQ: MGOL) recently disclosed in a Form 8-K filing with the Securities and Exchange Commission that it had received notification from The Nasdaq Stock Market LLC (Nasdaq) regarding non-compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).

According to the filing, the notice was issued on February 6, 2025, due to MGO Global’s common stock failing to maintain a closing bid price of at least $1.00 per share for a continuous 30-business day period. The notification indicated that the non-compliance with the bid price requirement had no immediate effect on the listing of the company’s common stock on The Nasdaq Capital Market.

The Form 8-K detailed that an earlier reverse stock split conducted by MGO Global on July 18, 2024, made the company ineligible for the standard 180-calendar day period to demonstrate compliance with the minimum bid price requirement as per Nasdaq Listing Rule 5810(c)(3)(A)(iv).

To address the situation, MGO Global requested a hearing before a Hearings Panel on February 12, 2025. The hearing request automatically stays any potential delisting action until the conclusion of the hearing and any further extension granted by the panel. However, there is no guarantee that the Panel will provide an extension or that the Company will regain compliance with all applicable listing requirements.

In a separate announcement, MGO Global highlighted that a Special Meeting scheduled for February 14, 2025, will allow stockholders to vote on a business combination agreement with Heidmar Inc. This agreement was entered into on June 18, 2025, for a proposed business merger between the two entities.

Furthermore, on February 12, 2025, MGO Global issued a press release reminding stockholders about the upcoming Special Meeting where the approval and adoption of the business combination with Heidmar Inc. will be put to a vote. Stockholders of record as of December 18, 2024, are eligible to participate in the Special Meeting.

The company’s executives have emphasized their encouragement for all stockholders to vote in favor of the business combination. If approved, Heidmar Maritime Holdings Corp. will become the public entity and commence trading on The Nasdaq Capital Market under the symbol “HMR.”

The press release further disclosed the financial advisors and legal counsels involved in facilitating the merger between MGO Global and Heidmar Inc. It elaborated on Heidmar’s business operations and the vision behind the merger deal, setting the stage for potential future developments in the market.

Please note that the attached press release and additional information are being provided for informational purposes and are not considered a component of the company’s formal filings.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MGO Global’s 8K filing here.

About MGO Global

MGO Global, Inc operates as a lifestyle brand portfolio company. The company is involved in the fashion design, brand development and management, sourcing and manufacturing, licensing, IP protection, corporate finance, consumer engagement and experience, ecommerce, and retail sales and marketing activities related to the Messi brand.