Society Pass receives Nasdaq non-compliance notice for equity deficiency

SOCIETY PASS INCORPORATED.

Received Nasdaq letter on Aug 21, 2024: stockholders' equity below $2.5M minimum (Listing Rule 5550(b)(1)).
No immediate delisting; company has 45 days (by Oct 7, 2024) to submit compliance plan.
Plans to cure via IPO of subsidiary Thoughtful Media Group (TMG); Form S-1 filed Aug 15, 2024.
Expects to increase equity from IPO proceeds; no assurance of regaining compliance.
Also does not meet alternatives of market value of listed securities or net income from continuing operations.

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