Golden Bull Limited Received Nasdaq Notification Letter Regarding Second Bid Price Compliance Period
BEIJING, March 27, 2020 /PRNewswire/ -- Golden Bull Limited (NASDAQ: DNJR) ("Golden Bull" or the "Company"), Received Nasdaq Notification Letter Regarding Second Bid Price Compliance Period. The Company is eligible for an additional 180 calendar day period, or until September 21, 2020, to regain compliance.
On September 26, 2019, the Company was notified that, based on the previous 30 consecutive business days, the Company's listed security no longer met the minimum $1 bid price per share requirement. Therefore, in accordance with Nasdaq Listing Rules (the "Rules"), the Company was provided 180 calendar days, or until March 24, 2020, to regain compliance. The listed security had not regained compliance with the minimum $1 bid price per share requirement. However, Nasdaq has determined that the Company was eligible for an additional 180 calendar day period, or until September 21, 2020, to regain compliance. The determination was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If at any time during this additional time period the closing bid price of the Company's security is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and this matter will be closed.
If compliance cannot be demonstrated by September 21, 2020, Nasdaq will provide written notification that the Company's securities will be delisted. At that time, the Company may appeal Nasdaq's determination to a Hearings Panel (the "Panel"). If the Company appeals it will be asked to provide a plan to regain compliance to the Panel, and that historically Panels have generally viewed a near-term reverse stock split as the only definitive plan acceptable to resolve a bid price deficiency.
In addition, an indicator will continue to be broadcast over Nasdaq's market data dissemination network noting the Company's non-compliance. The indicator will be displayed with quotation information related to the Company's securities on Nasdaq.com, NasdaqTrader.com and by other third-party providers of market data information. Also, a list of all non-compliant Nasdaq companies and the reason(s) for such non-compliance is posted on Nasdaq website at listingcenter.nasdaq.com. The Company will continue to be included in this list.
The Company intends to promptly evaluate options available to regain compliance, including, but not limited to, a reverse stock split if necessary. However, there can be no assurance that Company will be able to regain compliance with the applicable Nasdaq listing requirements.