Non-compliance

Zhibao Technology (ZBAO) received a Nasdaq deficiency letter for failing to file its Form 20-F for the fiscal year ended June 30, 2025, putting it at risk of non-compliance with Nasdaq Listing Rule 5250(c)(1). The notice doesn’t immediately affect the stock listing. Zhibao has 60 days to submit a compliance plan, potentially receiving an extension until May 13, 2026, if accepted. The company intends to file the report and submit a plan, with the option to appeal to a Nasdaq Hearings Panel if the plan is rejected.

Visionary Holdings Inc. received a Nasdaq notification on August 5, 2025, for non-compliance with Listing Rule 5250(c)(1) due to a delayed Form 20-F filing. Visionary submitted a compliance plan on October 6, 2025, and is working with its auditor to expedite the filing. The company is committed to Nasdaq listing. Analysts note that reporting delays can raise investor concerns, while Visionary’s tech-focused model may contribute to audit complexities. The company must address the delay to maintain investor confidence and avoid potential delisting.