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.
通过其在中国的可变权益实体开展业务的中国保险经纪公司天睿祥(纳斯达克股票代码：TIRX)(以下简称“本公司”)今日宣布，本公司于2022年5月31日收到纳斯达克证券市场有限责任公司(“纳斯达克”)的书面通知(“通知”)，通知本公司未遵守“纳斯达克”上市规则所规定的在纳斯达克继续上市的最低投标价格要求。
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.
纳斯达克上市规则第5550(A)(2)条规定，上市证券维持最低买入价为每股1美元；第5810(C)(3)(A)条规定，短板持续连续30个营业日，即为未能达到最低买入价要求。以本公司普通股自2022年4月18日至2022年5月27日连续30个营业日的收盘竞价计算，本公司不再满足最低竞价要求。
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》暂不影响公司在纳斯达克资本市场上市。根据纳斯达克上市规则第5810(C)(3)(A)条，本公司获给予180个历日，即至2022年11月28日，以恢复遵守纳斯达克上市规则第5550(A)(2)条。为了重新获得合规，该公司的普通股必须在至少连续10个工作日内具有至少1.00美元的收盘价。如果公司未能在2022年11月28日之前重新获得合规，如果满足某些要求，公司可能有资格获得180个历日的额外时间以重新获得合规，或者将其普通股从纳斯达克资本市场退市。
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.
公司的业务运营不受收到通知函的影响。本公司拟监控其普通股的收市买入价，并可在适当时考虑实施可供选择的方案，包括但不限于对其已发行普通股实施反向分拆，以重新遵守纳斯达克上市规则对最低买入价的要求。
译文内容由第三方软件翻译。
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