WUHAN,
China, March 10, 2023 /PRNewswire/ -- Dunxin
Financial Holdings Limited ("Dunxin" or the "Company") (NYSE
American: DXF), a licensed microfinance lender servicing
individuals and small and medium enterprises ("SMEs") in
Hubei Province, China, today announced that it had received a
deficiency letter ("Letter") from NYSE American LLC ("NYSE
American" or the "Exchange") on March 6,
2023 stating that the Company is not in compliance with the
continued listing standards as set forth in Section 1003(f)(v) of
the NYSE American Company Guide ("Company Guide").
The Letter stated that because the Company's ADSs had been
trading for a low price per share for a substantial period of time,
the Company was not in compliance with Section 1003(f)(v) of the
Company Guide. The NYSE American staff determined that the
Company's continued listing is predicated on it demonstrating
sustained price improvement within a reasonable period of time or
effecting a reverse stock split of its securities, which the staff
determined to be until September 6,
2023, which could be extended to the Company's next annual
meeting of stockholders to be held in 2023. The Company intends to
regain compliance with the NYSE American's continued listing
standards by undertaking a measure or measures that are for the
best interests of the Company and its stockholders.
The Letter has no immediate effect on the listing or trading of
the Company's common stock and the ADSs will continue to trade on
the NYSE American under the symbol "DXF". Additionally, the Letter
does not result in the immediate delisting of the Company's common
stock from the NYSE American. The Company's receipt of the Letter
does not affect the Company's business, operations or reporting
requirements with the Securities and Exchange Commission. The
Company is actively engaged in discussions with the Exchange and is
developing plans to regain compliance with the NYSE American's
continued listing standards within the cure period.
About Dunxin Financial Holdings Limited
Dunxin is a licensed microfinance lender serving individuals and
SMEs in Hubei Province,
China. Dunxin suspended offering
loans to its customers since 2020 and is exploring new business
opportunities based on Metaverse related technologies.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of market in China and the other
international markets the Company plans to serve; reputation and
brand; the impact of competition and pricing; government
regulations; fluctuations in general economic and business
conditions in China and the
international markets the Company plans to serve and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the SEC. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
SEC, which are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward–looking
statements to reflect events or circumstances that arise after the
date hereof.
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SOURCE Dunxin Financial Holding Limited