Wins Finance Holdings Request for Extended Stay of Suspension is Granted by Nasdaq
BEIJING and NEW YORK, June 15, 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 it has been granted an extended stay as to the suspension of the Company's ordinary shares from trading on the Nasdaq Capital Market pending the Company's scheduled hearing before the Nasdaq Hearings Panel (the "Panel") on July 2, 2020 and the issuance of a final Panel decision.
On May 29, 2020, the Company submitted a request for a hearing before the Panel under Listing Rule 5815(a) to present its plan to regain compliance with Listing Rule 5250(c)(1). This request automatically stayed the delisting of the Company's securities until June 15, 2020. The Panel notified the Company that it has extended the stay until it fully reviews the facts of the matter and makes a final determination regarding the Company's listing status following the July 2, 2020 hearing.
The Company received a delisting determination letter on May 22, 2020 from the staff of the Listing Qualifications Department of Nasdaq which notified the Company that because 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.
As disclosed previously, the Company is working assiduously to complete its delayed SEC filings of its financial statements and to regain compliance with the NASDAQ rules 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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