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Wins Finance Holdings Inc. Receives Letter from Nasdaq as to Additional Delinquency and is Granted Additional Time to Complete all Delinquent Filings

2020-07-14 04:00 15212

BEIJING and NEW YORK, July 14, 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 on July 10, 2020, the Company received a letter from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (the "Nasdaq Staff"). The letter notified the Company that since it had not timely filed its interim financials on Form 6-K (the "Interim Financials") with the SEC for the period ended December 31, 2019, this delinquency is an additional basis for delisting the Company's securities from the Nasdaq Stock Market ("Nasdaq") pursuant to Listing Rule 5250(c)(1). The Company previously received a delisting determination letter from the Nasdaq Staff on May 22, 2020 that notified the Company that since it had not timely filed its Annual Report on Form 20-F (the "2019 20-F") with the SEC for the fiscal year ended June 30, 2019, it was in noncompliance with Listing Rule 5250(c)(1), and the Company's common stock is subject to delisting from Nasdaq.

The Company appeared before a Nasdaq Hearings Panel ("the Panel") on July 2, 2020 for failing to timely file its 2019 20-F as required by the Nasdaq listing rule. The Panel subsequently reviewed the entirety of information provided by the Company and, on July 10, 2020, granted its request for continued listing on Nasdaq subject to certain conditions, which includes the Company being able to complete all delinquent periodic filings with the SEC in accordance with Listing Rule 5250(c)(1) (which includes both the 2019 20-F and the Interim Financials) by October 1, 2020. Also, the Company is required to provide the Panel with evidence that it signed an engagement letter with a new auditor on or before July 17, 2020, and is required to provide an update as to the Company's audit for the year ended June 30, 2019 by September 18, 2020.

The Company plans to engage a new auditor on or before the date set by the Panel and will work assiduously to complete its delinquent filings with the SEC to regain compliance with the Nasdaq listing rule. 

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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Source: Wins Finance Holdings Inc.
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