SHANGHAI, Sept. 29, 2019 /PRNewswire/ -- Golden Bull Limited (NASDAQ: DNJR) ("Golden Bull" or the "Company", an online finance marketplace, or "peer-to-peer" lending company in China that provides borrowers access to short-term loans announced today that the Company has received a notification letter from The NASDAQ Stock Market LLC ("Nasdaq") on September 26, 2019, notifying the Company that it is not in compliance with the Minimum Bid Price ("Bid Price") requirement.
On September 26, 2019, Nasdaq sent the Company a notification letter stating that the minimum bid price per share for the Company's ordinary shares has been below $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the Bid Price requirements set forth in Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Deficiency").
The Bid Price Deficiency letter received has no immediate effect on the listing of the Company's ordinary shares on Nasdaq. Under the Nasdaq Listing Rules, the Company has until March 24, 2020 to regain compliance. If at any time during such 180-day period the closing bid price of the Company's ordinary shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance.
If the Company does not regain compliance by curing the Bid Price Deficiency during such 180-day period, the Company may be eligible for an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provide a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
The Company intends to promptly evaluate options available to regain compliance. However, there can be no assurance that Company will be able to regain compliance with the applicable Nasdaq listing requirements.
About Golden Bull Limited
Headquartered in Shanghai, China, Golden Bull Limited (NASDAQ: DNJR) operates an online finance marketplace, or a "peer-to-peer" lending platform, that connects individual lenders with individual and small business borrowers. The loans that we are currently arranging generally range from 30 days to 360 days, and are secured by borrowers' automobiles. Our business abides by the conventions of The Online Financing Overdue Debt Collection Self-Discipline Convention (Trial) (the "Convention"), which went into effect on March 29, 2018. The Convention regulates the collection of overdue online financing debts, and establishes the basic principles of obeying laws and regulations, standardizing prudence, protecting privacy, and strict self-discipline, from disciplinary punishment, business management, personnel management, information management, and outsourcing. For more information about the Company, please visit: www.dianniu98.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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