CIFS Receives Notice of Non-compliance with NASDAQ Continued Listing Rule 5450(a)(1)
March 20 2020 - 11:30AM
China Internet Nationwide Financial Services, Inc. (the “Company”
or Nasdaq: CIFS) received a letter from the Listing Qualifications
Department of the Nasdaq Stock Market (“Nasdaq”) indicating that,
the closing bid price of the Company’s ordinary shares for the last
30 consecutive business days did not meet the minimum bid price of
$1.00 per share required for continued listing on The Nasdaq Global
Market pursuant to Nasdaq Listing Rule 5450(a)(1). The letter also
indicated that the Company will be provided with a compliance
period of 180 calendar days, or until August 31,2020, in which to
regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
The letter further provided that if, at any time during the 180-day
period, the closing bid price of the Company’s ordinary shares is
at least $1.00 for a minimum of ten consecutive business days,
Nasdaq will provide the Company with written confirmation that it
has achieved compliance with the minimum bid price requirement. If
the Company does not regain compliance by August 31, 2020, an
additional 180 days may be granted to regain compliance if the
Company (i) meets the continued listing requirement for market
value of publicly held shares and all other initial listing
standards for The Nasdaq Capital Market (except for the bid price
requirement) and (ii) provides written notice of its intention to
cure the deficiency during the second 180-day compliance period.
The Company intends to actively monitor its
closing bid price for its ordinary shares between now and August
31, 2020 and intends to take any reasonable actions to resolve the
Company’s noncompliance with the minimum bid price requirement as
may be necessary. No determination regarding the Company’s response
has been made at this time. There can be no assurance that the
Company will be able to regain compliance with the minimum bid
price requirement or will otherwise be in compliance with other
Nasdaq listing criteria.
Contact information
Jinchi XUChief
Financial Officerxujinchi@cifsp.com
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