BEIJING and NEW YORK, May 26,
2020 /PRNewswire/ -- Wins Finance Holdings Inc. ("Wins
Finance" or the "Company") (NASDAQ: WINS), a diversified investment
and asset management company that provides integrated financing
solutions to small and medium enterprises ("SMEs") in China, today announced that on May 22,
2020, the Company received a delisting determination letter (the
"Determination Letter") from the staff of the Listing
Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq"). The Determination Letter notified the Company that
since it had not filed its Annual Report on Form 20-F for the
fiscal year ended June 30, 2019 (the
"2019 20-F") by May 13, 2020, the
deadline by which the Company was to file the 2019 20-F in order to
regain compliance with Listing Rule 5250(c)(1), the Company's
common stock is subject to delisting from The Nasdaq Capital
Market.
The Determination Letter further noted that unless the Company
requested an appeal of the Staff's determination no later than
4:00 pm Eastern Time on May 29, 2020, trading of the Company's common
stock on The Nasdaq Capital Market will be suspended at the opening
of business on June 2, 2020, and a
Form 25-NSE would be filed with the Securities and Exchange
Commission (the "SEC") removing the Company's securities from
listing and registration on The Nasdaq Stock Market.
The Company intends to timely request a hearing before the
Nasdaq Hearings Panel (the "Panel") under Listing Rule 5815(a) to
present its plan to regain compliance with Listing Rule
5250(c)(1), which request will automatically stay the
delisting of the Company's securities for 15 calendar days from the
date of the request. In connection with its request for a hearing,
the Company also intends to request a further stay of the
suspension of trading and delisting of the Company's common stock
while the appeals process is pending. The Panel will notify the
Company of its decision if it will allow the Company's common stock
to continue to trade on The Nasdaq Capital Market pending the
Panel's decision.
As disclosed previously, the Company is working assiduously to
complete its delinquent filing with SEC and to regain
compliance with the Nasdaq listing rule as soon as
possible.
About Wins Finance
Wins Finance is a diversified investment and asset management
company listed on Nasdaq. The Company is focused on identifying
value accretive investment opportunities and assets in China and the United
States that can be enhanced through the strategic
involvement of its established management team and its familiarity
with the Chinese investment community to help generate long-term
value for shareholders. Wins Finance is well positioned to leverage
its expertise and existing operations in China to build a comprehensive platform for
the provision of lending and other financing solutions to the
under-served small and medium enterprise segment. For more
information, please visit www.winsholdings.com.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. All statements other than
statements of historical fact in this press release are
forward-looking statements and involve certain risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These forward-looking
statements are based on management's current expectations,
assumptions, estimates and projections about the Company and the
industry in which the Company operates, but involve a number of
unknown risks and uncertainties. Further information regarding
these and other risks are described in the Company's Annual Report
on Form 20-F for the year ended June 30,
2018 and in the Company's other filings with the U.S.
Securities and Exchange Commission. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these forward
looking statements are reasonable, it cannot assure you that such
expectations will turn out to be correct, and actual results may
differ materially from the anticipated results. You are urged to
consider these factors carefully in evaluating the forward-looking
statements contained herein and are cautioned not to place undue
reliance on such forward-looking statements, which are qualified in
their entirety by these cautionary statements.
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SOURCE Wins Finance Holdings Inc.