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Sgoco Group, Ltd. Announces Extension Of Time To Cure Deficiency

The following excerpt is from the company's SEC filing.

Hong Kong, August 12, 2015 – On August 11, 2015, SGOCO Group, Ltd. (the “Company”) received a letter from the NASDAQ Stock Market LLC (“Nasdaq”) granting the Company an additional 180 days to regain compliance with the minimum bid price requirement set forth in Nasdaq Rules for continued listing on The Nasdaq Capital Market. The Company has until February 8, 2016 to regain compliance. The Company’s eligibility for the additional period was based on meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Marke t with the exception of the bid price requirement and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split. If at any time during this additional time period, the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will provide written confirmation of compliance and the matter will be closed. If compliance cannot be demonstrated by February 8, 2016, Nasdaq will provide written notification that the Company’s stock will be delisted. At that time, the Company may appeal Nasdaq’s determination to a Hearings Panel (the “Panel”). If the Company appeals, it will be asked to provide a plan to regain compliance to the Panel.

The Company intends to seek stockholder approval of amendments to the Company’s Amended and Restated Articles of Association to effect a reverse stock split. If the proposal is approved by the Company’s stockholders, it will be implemented by the Company’s board of directors if the board of...