SHANGHAI, July 25, 2019 /PRNewswire/ -- China Rapid Finance
Limited (NYSE: XRF) (the "Company") today announced that it had
received a letter from the New York Stock Exchange (the "NYSE")
notifying it that the Company was not in compliance with the NYSE's
continued listing standards because, as of May 31, 2019, the 30 trading-day average market
capitalization of the Company's ADSs representing Class A ordinary
shares was below $50 million and, as
of September 30, 2018, the Company's
stockholders' equity was less than $50
million. This notice does not have an immediate effect on
the listing of the Company's ADSs representing Class A ordinary
shares.
In accordance with NYSE rules, the Company has notified the NYSE
that it intends to cure the deficiency. Under the NYSE rules, the
Company has 90 days from the receipt of the notification to submit
a plan advising the NYSE of definitive action the Company has
taken, or is taking, that would bring the Company into conformity
with the continued listed standards within 18 months of receipt of
the notification. The Company intends to develop and submit a
business plan to bring it into compliance with the listing
standards within the required timeframe.
The NYSE will make a determination as to whether the Company has
made a reasonable demonstration of an ability to come into
conformity in the 18-month period. If the NYSE accepts the plan,
the Company's ADSs representing Class A ordinary shares will
continue to be listed and traded on the NYSE during the 18-month
cure period, subject to the Company's compliance with other
continued listing standards, and the Company will be subject to
quarterly monitoring by the NYSE for compliance with the plan.
The NYSE notification does not affect the Company's business
operations or its Securities and Exchange Commission reporting
requirements.
About China Rapid Finance Limited
China Rapid Finance (NYSE: XRF) is a leading fintech company
that operates an award-winning microcredit company and one of
China's largest online consumer
finance marketplaces. The Company enables affordable access to
digital credit for one of the world's largest untapped consumer
credit markets: China's
mobile-active consumers. Facilitating millions of loans annually,
the Company utilizes its proprietary, mobile-first technology to
select consumers for its platform. China Rapid Finance was founded
by Dr. Zane Wang, who has decades of
consumer credit industry experience in the U.S. and China. For more information, please visit
http://ir.crfchina.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as "may," "will," "expects," "anticipates,"
"aims," "future," "intends," "plans," "believes," "estimates,"
"likely to" and similar statements. The Company may also make
written or oral forward-looking statements in its reports filed
with, or furnished to, the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: unexpected difficulties in the Company's
pursuit of its goals and strategies; the unexpected developments,
including slow growth, in the consumer lending market; reduced
demand for, and market acceptance of, the Company's products and
services; difficulties keeping and strengthening relationships with
borrowers or investors; difficulties of expanding data and channel
partnerships, potentially costly servicing activities; competition
in the consumer lending market; PRC governmental regulations and
policies; and general economic and business conditions in the
regions where the Company provides products and services. Further
information regarding these and other risks is included in the
Company's reports filed with, or furnished to, the Securities and
Exchange Commission. All information provided in this announcement
and in the attachments is as of the date of this announcement, and
the Company undertakes no duty to update such information except as
required under applicable law.
Investor Relations Contact:
The Blueshirt Group
Gary T. Dvorchak, CFA
gary@blueshirtgroup.com
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SOURCE China Rapid Finance