China Rapid Finance Receives NYSE Approval for Business Transformation Plan
--Acceptance Enables Continued Listing--
--Plan Tracks Initiatives Announced over Past Several Months--
--First Milestone is filing of 2018 20-F by mid-November--
SHANGHAI, Nov. 4, 2019 /PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) ("XRF" or "the Company") today announced receipt of a letter from the New York Stock Exchange ("NYSE") accepting the Business Transformation Plan ("the Plan") submitted by XRF on September 13, 2019. The Plan lays out a roadmap for addressing and achieving the NYSE's continued listing criteria. The Company believes its Plan offers a reasonable and achievable path toward restructuring its business and eventually resuming robust growth, serving the emerging consumer credit market in China.
The Plan tracks the business transformation initiatives announced by the Company over the past several months, which the Company is in the process of implementing now. Key elements of the plan include "developing business in new segments through newly established partnerships" and "improving communications with investors." The Plan includes achievement of the market cap and shareholder equity listing criteria. The Plan extends through December 2020, and will be updated regularly.
As part of the Plan, XRF intends to file Form 20-F for the fiscal year ended December 31, 2018, on or before November 15, 2019.
About China Rapid Finance Limited
China Rapid Finance (NYSE: XRF) is a leading fintech company that offers an award-winning microcredit service that addresses China's growing consumer finance market. The Company utilizes its proprietary analytic technology and many years of credit industry experience to operate its services. XRF is also establishing new partnerships that can offer strategic alternatives in the fintech industry. It is currently developing new businesses in financial services such as SMB Lending, Auto Lending, and Lifestyle Lending. 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: the Company's ability to file its Annual Report in a timely manner or regain compliance with NYSE continued listing standards, adjustments to prior period financial statements, 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.
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