TIAN RUIXIANG Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
TIAN RUIXIANG Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) (the "Company"), a China-based insurance broker conducting business through its variable interest entity in China, announced today that the Company received a written notification (the "Notification") from the Nasdaq Stock Market LLC ("Nasdaq") on May 31, 2022, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and 5810(c)(3)(A) provides that it is a failure to meet the minimum bid price requirement if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's ordinary shares for the 30 consecutive business days from April 18, 2022 to May 27, 2022, the Company no longer meets the minimum bid price requirement.
The Notification does not impact the Company's listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until November 28, 2022, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by November 28, 2022, the Company may be eligible for additional time period of 180 calendar days to regain compliance if it meets certain requirements, or will be subject to delisting its ordinary shares from the Nasdaq Capital Market.
The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares, to regain compliance with the minimum bid price requirement under Nasdaq Listing Rules.
TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) (the "Company"), a China-based insurance broker conducting business through its variable interest entity in China, announced today that the Company received a written notification (the "Notification") from the Nasdaq Stock Market LLC ("Nasdaq") on May 31, 2022, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq.
通過其在中國的可變權益實體開展業務的中國保險經紀公司天睿祥(納斯達克股票代碼：TIRX)(以下簡稱“本公司”)今日宣佈，本公司於2022年5月31日收到納斯達克證券市場有限責任公司(“納斯達克”)的書面通知(“通知”)，通知本公司未遵守“納斯達克”上市規則所規定的在納斯達克繼續上市的最低投標價格要求。
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and 5810(c)(3)(A) provides that it is a failure to meet the minimum bid price requirement if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's ordinary shares for the 30 consecutive business days from April 18, 2022 to May 27, 2022, the Company no longer meets the minimum bid price requirement.
納斯達克上市規則第5550(A)(2)條規定，上市證券維持最低買入價為每股1美元；第5810(C)(3)(A)條規定，短板持續連續30個營業日，即為未能達到最低買入價要求。以本公司普通股自2022年4月18日至2022年5月27日連續30個營業日的收盤競價計算，本公司不再滿足最低競價要求。
The Notification does not impact the Company's listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until November 28, 2022, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by November 28, 2022, the Company may be eligible for additional time period of 180 calendar days to regain compliance if it meets certain requirements, or will be subject to delisting its ordinary shares from the Nasdaq Capital Market.
《通知》暫不影響公司在納斯達克資本市場上市。根據納斯達克上市規則第5810(C)(3)(A)條，本公司獲給予180個歷日，即至2022年11月28日，以恢復遵守納斯達克上市規則第5550(A)(2)條。為了重新獲得合規，該公司的普通股必須在至少連續10個工作日內具有至少1.00美元的收盤價。如果公司未能在2022年11月28日之前重新獲得合規，如果滿足某些要求，公司可能有資格獲得180個歷日的額外時間以重新獲得合規，或者將其普通股從納斯達克資本市場退市。
The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares, to regain compliance with the minimum bid price requirement under Nasdaq Listing Rules.
公司的業務運營不受收到通知函的影響。本公司擬監控其普通股的收市買入價，並可在適當時考慮實施可供選擇的方案，包括但不限於對其已發行普通股實施反向分拆，以重新遵守納斯達克上市規則對最低買入價的要求。
譯文內容由第三人軟體翻譯。
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