Stock Markets
ARB IOT Group faces Nasdaq delisting over share price
SELANGOR, Malaysia – ARB IOT Group Limited (NASDAQ:ARBB), specializing in Internet of Things (IoT) system integration, has been notified of non-compliance with Nasdaq’s minimum bid price requirement. The notification, received on June 25, 2024, indicates that the company’s shares did not maintain the required $1.00 minimum bid price over a 30-day period.
The Nasdaq Listing Rule 5550(a)(2) stipulates that listed securities must sustain a minimum bid price of at least $1.00 per share. ARB’s ordinary shares fell short of this threshold for 31 consecutive business days from May 9, 2024, to June 24, 2024. Despite this setback, the notification does not immediately affect ARB’s listing, and its shares continue to trade on Nasdaq.
To address this issue, ARB has been granted a 180-day compliance period ending on December 23, 2024, during which the company must raise its share bid price to at least $1.00 for a minimum of 10 consecutive business days. If ARB achieves this, Nasdaq will confirm compliance, and the matter will be resolved.
Failure to meet the requirement by the deadline may lead to an additional grace period of 180 days, provided ARB meets all other initial listing standards for The Nasdaq Capital Market, except for the bid price. The company may need to consider measures such as a reverse stock split to regain compliance.
ARB IOT Group offers comprehensive IoT solutions, from system design to project deployment, aiming to be a leader in the ASEAN IoT landscape. The company’s services include system integration, support, and full turnkey deployment for various automated systems.
This development is based on a press release statement from ARB IOT Group Limited and does not imply any immediate trading disruption. The company is considering options to comply with Nasdaq’s requirements within the given timeframe.
InvestingPro Insights
Amidst the challenges faced by ARB IOT Group Limited (NASDAQ:ARBB) with Nasdaq’s minimum bid price requirement, a deeper look into the company’s financial health is essential for investors. According to recent data, ARBB holds a Price / Book multiple of 0.61 as of the last twelve months ending in Q2 2024, which indicates that the company is trading at a low valuation compared to its book value. This could be an attractive point for value investors seeking underpriced stocks.
However, the financial outlook is not without its concerns. Analysts tracking ARBB anticipate a sales decline in the current year, reflecting potential headwinds in revenue generation. Moreover, ARBB’s stock has experienced significant price volatility, which could be a point of caution for risk-averse investors. The company’s gross profit margin stands at 11.65%, underscoring some challenges in maintaining profitability.
For those interested in a more comprehensive analysis, there are additional InvestingPro Tips available, which delve into other aspects such as short-term liquidity issues and the stock’s performance over various time frames. Access to these tips can be found at Investing.com/pro/ARBB. Moreover, for investors looking to leverage these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As ARB IOT Group Limited navigates through its current compliance period with Nasdaq, these metrics and tips from InvestingPro provide a broader context for investors to consider the company’s financial state and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
Trump transition team plans immediate WHO withdrawal, expert says
By Maggie Fick and Ahmed Aboulenein
WASHINGTON (Reuters) – Members of Donald Trump’s presidential transition team are laying the groundwork for the United States to withdraw from the World Health Organization on the first day of his second term, according to a health law expert familiar with the discussions.
“I have it on good authority that he plans to withdraw, probably on Day One or very early in his administration,” said Lawrence Gostin, professor of global health at Georgetown University in Washington and director of the WHO Collaborating Center on National and Global Health (NS:) Law.
The Financial Times was first to report on the plans, citing two experts. The second expert, former White House COVID-19 response coordinator Ashish Jha, was not immediately available for comment.
The Trump transition team did not immediately respond to a Reuters request for comment.
The plan, which aligns with Trump’s longstanding criticism of the U.N. health agency, would mark a dramatic shift in U.S. global health policy and further isolate Washington from international efforts to battle pandemics.
Trump has nominated several critics of the organization to top public health positions, including Robert F. Kennedy Jr., a vaccine skeptic who is up for the post of secretary of Health and Human Services, which oversees all major U.S. health agencies including the CDC and FDA.
Trump initiated the year-long withdrawal process from the WHO in 2020 but six months later his successor, President Joe Biden, reversed the decision.
Trump has argued that the agency failed to hold China accountable for the early spread of COVID-19. He has repeatedly called the WHO a puppet of Beijing and vowed to redirect U.S. contributions to domestic health initiatives.
A WHO spokesperson declined to directly comment but referred Reuters to comments by WHO Director-General Tedros Adhanom Ghebreyesus at a press briefing on Dec. 10 in which he was asked whether he was concerned that the Trump administration would withdraw from the organization.
Tedros said at the time that the WHO needed to give the U.S. time and space for the transition. He also voiced confidence that states could finalize a pandemic agreement by May 2025.
Critics warn that a U.S. withdrawal could undermine global disease surveillance and emergency response systems.
“The U.S. would lose influence and clout in global health and China would fill the vacuum. I can’t imagine a world without a robust WHO. But U.S. withdrawal would severely weaken the agency,” Gostin said.
Stock Markets
Just in: MicroStrategy Buys $561 Million More Bitcoin (BTC), Announces Saylor
U.Today – MicroStrategy has made headlines again by purchasing 5,262 BTC for approximately $561 million at an average price of $106,662 per BTC. The company now holds a staggering 444,262 BTC, accumulated at a total cost of approximately $27.7 billion, with an average purchase price of $62,257 per BTC.
Despite impressive returns of 47.4% since the beginning of the quarter and 73.7% since the beginning of the year, skepticism about the company’s strategy is growing.
It is believed that to sustain its purchases, MicroStrategy raises capital through methods such as issuing convertible and corporate bonds, securing credit lines and selling shares.
This cycle appears to operate as follows: shares are sold to acquire the cryptocurrency, and the rising price per BTC increases asset value, enabling further loans, which are then reinvested in more purchases.
Some observers warn that a significant decline in Bitcoin’s price or MicroStrategy’s stock could trigger a cascade effect. A sharp fall in MSTR shares would weaken the collateral backing its loans, potentially leading to forced asset sales, including BTC.
This scenario could exert downward pressure on the broader cryptocurrency market, as the company holds 2.2% of the global Bitcoin supply now.
Thus, while some view Michael Saylor’s approach as a bold bid to cement the cryptocurrency’s role in the financial system, others see it as unsustainable. History offers a cautionary note: in 2000, MSTR shares surged to $333 before plummeting 99%, a collapse that took 24 years to recover from.
Stock Markets
Taylor Morrison Named Among America’s Most Trusted and Best Companies by Forbes
National homebuilder ranked No. 12 on inaugural list ranking companies based on trust
SCOTTSDALE, Ariz., Dec. 23, 2024 /PRNewswire/ — With a longstanding reputation for trust, national homebuilder and land developer Taylor Morrison (NYSE:) (NYSE: ™HC) has been recognized by Forbes on their inaugural list of the Most Trusted Companies in America. The homebuilder ranked No. 12 out of 300 companies across all industries.
“There are few things more powerful than trust and it’s something we strive to earn amongst all company stakeholders, from our customers to our team members, our shareholders, and our local communities,” said Taylor Morrison Chairman and CEO Sheryl Palmer. “To be included on this esteemed list in its inaugural year is especially meaningful and these awards are important reminders of the relationships we’re building across all aspects of our business.”
Fueled by hundreds of millions of data points, the Most Trusted Companies in America list combines data on a wide range of factors across four categories: employee trust, customer trust, investor trust and media sentiment. The ranking was created in partnership with research companies HundredX, Signal AI and Glassdoor.
Taylor Morrison also earned the No. 67 spot on Forbes’ inaugural America’s Best Companies list. The ranking is Forbes’ most comprehensive company ranking to date and factored in ratings for financial performance, customer and employee satisfaction, cybersecurity, sustainability, companies’ remote work policies, media coverage and more. Forbes’ America’s Best Companies list assessed more than 60 metrics across 11 primary categories to identify which organizations excel across the board. Of the more than 2,000 U.S.-based publicly traded companies that were eligible, only 300 qualified for each list.
In addition to being named among the Most Trusted and Best Companies in America by Forbes, Taylor Morrison holds several additional accolades including being named on Newsweek’s America’s Most Responsible Companies and America’s Greenest Companies lists, U.S. News & World Report’s Best Companies to Work For list, the American Opportunity (SO:) Index, America’s Most Trusted ® Home Builder for nine years, Hearthstone’s 2021 BUILDER Humanitarian Award, and inclusion on the Fortune 500 list since 2021.
About Taylor Morrison
Headquartered in Scottsdale, Arizona, Taylor Morrison is one of the nation’s leading homebuilders and developers. We serve a wide array of consumers from coast to coast, including first-time, move-up, luxury and resort lifestyle homebuyers and renters under our family of brands”including Taylor Morrison, Esplanade and Yardly. From 2016-2024, Taylor Morrison has been recognized as America’s Most Trusted ® Builder by Lifestory Research. Our long-standing commitment to sustainable operations is highlighted in our annual Sustainability and Belonging Report.
For more information about Taylor Morrison, please visit www.taylormorrison.com.
CONTACT:
media@taylormorrison.com
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