CIFS Receives Notice of Non-compliance with NASDAQ’s Listing Rule 5450(b)(1)(C)
CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC (CIFS)
US:NASDAQ Investor Relations:
prnewswire.com/news-releases/china-internet-nationwide-financial-services-inc-to-commence-trading-on-nasdaq-global-market-300500602.html
Company Research
Source: GlobeNewswire
Beijing, China, April 17, 2020 (GLOBE NEWSWIRE) -- 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 MVPHSExpiration of 180 calendar day compliance periodPublic Announcement Due DateRelevant Listing RulesMarch 2, 2020 to April 15, 2020October 13, 2020April 22, 20205450(b)(1)(C) – MVPHS5810(c)(3)(D) – compliance period5810(b) – public disclosure5505 – Capital Market criteria The Company was
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