BEIJING and URUMQI, China,
Jan. 8, 2019 /PRNewswire/ -- China
Lending Corporation ("China Lending" or the "Company") (Nasdaq:
CLDC), a non-bank direct lending corporation servicing micro, small
and medium sized enterprises (MSME), currently underserved by
commercial banks in China, today
announced that on January 3, 2019 the Company
received a notification letter from the Nasdaq Stock Market
("Nasdaq") stating that, because the Company has not yet held
an annual meeting of shareholders within twelve months of the
Company's fiscal year ended December 31,
2017, the Company is no longer in compliance with Nasdaq
Listing Rules 5620(a) and 5810(c)(2)(G). The Nasdaq
notification letter has no immediate effect on the listing of the
Company's shares.
Nasdaq Listing Rule 5620(a) requires listed companies
to hold an annual meeting of shareholders no later than one
year after the end of its fiscal year. Under Nasdaq Listing Rule
5810(c)(2)(G), the Company has until February 19, 2019, which is 45
calendar days from the date of the notification letter to submit
Nasdaq a plan to regain compliance with the Nasdaq Listing Rules
(the "Compliance Plan"). The Company intends to submit the
Compliance Plan as soon as practicable. If Nasdaq accepts the
Compliance Plan, then Nasdaq may grant an exception of up to 180
calendar days from the fiscal year end, or until July 2, 2019 to
regain compliance. If Nasdaq does not accept the Company's
plan, then the Company will have the opportunity to appeal that
decision to a Nasdaq hearings panel.
The Company intends to resolve the deficiency and regain
compliance with the Nasdaq Listing Rules.
About China Lending Corporation
Founded in 2009, China Lending is a non-bank direct lending
corporation and provides services to micro, small and medium sized
enterprises, farmers, and individuals, who are currently
underserved by commercial banks in China. Headquartered in Urumqi, the capital of
Xinjiang Autonomous Region, with a registered capital of
$94.7 million (RMB 600 million) as of June 30, 2018 China Lending is one of the largest
direct lending companies in the region in terms of registered
capital. For more information, please visit:
www.chinalending.com.
Forward-Looking Statements
This press release may include forward-looking statements
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that China Lending
expects or anticipates will or may occur in the future are
forward-looking statements and are identified with, but not limited
to, words such as "may," "believe" and "expect." These statements
are based on certain assumptions and analyses made by China Lending
in light of its experience and its perception of historical trends,
current conditions and expected future developments as well as
other factors it believes are appropriate in the circumstances.
Actual results may differ materially from those expressed herein
due to many factors such as, but not limited to, (1) the ability to
maintain the listing of the Company's securities on the NASDAQ
Capital Market; (2) the outcome of any legal proceedings that may
be instituted against the Company; (3) changes in applicable laws
or regulations; (4) the possibility that the Company may be
adversely affected by other economic, business, and/or competitive
factors; and (5) other risks and uncertainties indicated from time
to time in the Annual Report and other filings with the SEC,
available at www.sec.gov.
These forward-looking statements are based on information
available as of the date of this press release and involve a number
of judgments, risks and uncertainties. Accordingly, forward-looking
statements should not be relied upon as representing our views as
of any subsequent date and the Company undertakes no obligation to
update any forward-looking statements contained herein to reflect
events or circumstances which arise after the date of this press
release, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
law.
For investors and media inquiries please contact:
At the Company:
Katrina Wu
Email: wuxiaoqing@chinalending.com
Phone: +86-991-316-9617
Investor Relations:
Tony Tian, CFA
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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SOURCE China Lending Corporation