CIFS Receives Notice of Non-compliance with NASDAQ’s Listing Rule 5450(b)(1)(C)
April 17 2020 - 11:00AM
China Internet Nationwide Financial Services, Inc. (the “Company”
or Nasdaq: CIFS) received a letter on April 16, 2020 from the
Listing Qualifications Department of the Nasdaq Stock Market
(“Nasdaq”) indicating the Company’s Market Value of Publicly Held
Shares (MVPHS) did not meet the minimum value of $5,000,000 for the
last 30 consecutive business days in contravention of the Nasdaq’s
Listing Rules (the “Rules”). However, the Rules also provide the
Company a compliance period of 180 calendar days in which to regain
compliance. The following table summarizes the critical dates and
information as related to this matter.
Period below $5,000,000 MVPHS |
Expiration of 180 calendar day compliance
period |
Public Announcement Due Date |
Relevant Listing Rules |
March 2, 2020 to April 15, 2020 |
October 13, 2020 |
April 22, 2020 |
5450(b)(1)(C) – MVPHS5810(c)(3)(D) – compliance period5810(b) –
public disclosure5505 – Capital Market criteria |
The Company was informed that if at any time
during this compliance period the Company’s MVPHS closes at
$5,000,000 or more for a minimum of ten consecutive business days,
the Nasdaq would provide the Company written confirmation of
compliance and this matter would be closed. In the event the
Company does not regain compliance with the Rules prior to the
expiration of the compliance period, it will receive written
notification that its securities are subject to delisting.
Alternatively, the Company may consider applying to transfer the
Company’s securities to The Nasdaq Capital Market (the “Capital
Market”). In order to transfer, the Company must submit an on-line
Transfer Application, pay the $5,000 application fee, and meet the
Capital Market’s continued listing requirements.
The Company intends to actively monitor its
closing bid price for its ordinary shares between now and October
31, 2020 and intends to take any reasonable actions to resolve the
Company’s noncompliance with the Rules. 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 Rules or will otherwise be in compliance with other Nasdaq
listing criteria.
Contact information
Jinchi XU Chief Financial
Officer xujinchi@cifsp.com
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