BEIJING, May 16, 2020 /PRNewswire/ -- On May 12, 2020, Golden Bull Limited (Nasdaq: DNJR) received a written notification from the Nasdaq Stock Market Listing Qualifications Staff indicating that the Company had regained compliance with the $1.00 minimum closing bid price requirement for continued listing on the Nasdaq Stock Market pursuant to Nasdaq Listing Rule 5550(a)(2) and the matter is now closed. The closing bid price of the Company's common stock has been at $1.00 per share or greater for at least 20 consecutive business days.
On May 8, 2020, the Company completed the sale of 6,500,000 share of common stock at $0.40 per share for gross proceeds of $2,600,000.The offering was made pursuant to a Securities Purchase Agreement ("SPA") dated as of October 30, 2019, a copy of which form was filed as an exhibit to the Company's Form 6-K filed on October 31,2019. The offering was halted during the period of time of the Nasdaq trading suspension, as well as the effects of COVID-19 in China. The sale was made to eight (8) unaffiliated investors. Each investor signed a SPA which contained non-U.S. Person Representations pursuant to Regulation S under the Securities Act of 1933, as amended (the "Act"). There were no underwriters or placement agents involved in the transaction. Exemption from registration is claimed under Rule 903 of Regulation S under the Act based upon the representations and warranties in the SPA.
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