ATIF Holdings Limited Receives Nasdaq Notice of Deficiency Regarding Minimum Bid Price Requirement and Notice of Delinquency...
December 18 2020 - 5:00PM
ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company
providing business consulting services and multimedia services in
Asia and North America, today announced that on December 16, 2020,
it received a written notice (the “Notice”) from the Listing
Qualifications Department of The Nasdaq Stock Market (“Nasdaq”)
indicating that the Company is not in compliance with the minimum
bid price requirement of US$1.00 per share under the Nasdaq Listing
Rules (the “Listing Rules”). Based on the closing bid price of the
Company’s listed securities for the last 30 consecutive business
days from November 3, 2020 to December 15, 2020, the Company no
longer meets the minimum bid price requirement set forth in Listing
Rule 5550(a)(2). The Notice is only a notification of deficiency,
not of imminent delisting, and has no current effect on the listing
or trading of the Company’s securities on the Nasdaq Capital
Market.
The Notice states that under Listing Rule
5810(c)(3)(A), the Company is provided with a compliance period of
180 calendar days, or until June 14, 2021, to regain compliance
with the Listing Rules. To regain compliance with the Listing
Rules, the Company’s listed securities must be at least US$1.00 for
a minimum of ten consecutive business days. In the event the
Company does not regain compliance by June 14, 2021, the Company
may be eligible for additional time to regain compliance or may
face delisting.
The Company intends to monitor the closing bid
price of its ordinary shares between now and June 14, 2021, and to
evaluate its available options to regain compliance within the
compliance period.
In addition, on December 17, 2020, the Company
received a notification letter from the Nasdaq stating that,
because the Company has not yet filed its Annual Report on Form
20-F for the year ended July 31, 2020 (the “Form 20-F”), the
Company is no longer in compliance with Listing Rule 5250(c)(1).
Listing Rule 5250(c)(1) requires listed companies to timely file
all required periodic financial reports with the Securities and
Exchange Commission. The Nasdaq letter has no immediate effect on
the listing of the Company’s ordinary shares.
Nasdaq’s notification letter states that the
Company has until February 16, 2021 to submit to Nasdaq a plan to
regain compliance with the Listing Rules. If Nasdaq accepts the
Company’s plan, then Nasdaq may grant the Company up to 180 days
from the prescribed due date for filing the Form 20-F 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 Listing Rules.
About ATIF Holdings
LimitedHeadquartered in Shenzhen, China, ATIF
Holdings Limited (“ATIF”) is a company providing business
consulting services to small and medium-sized enterprises
in Asia and North America, including going public consulting
services, international business planning and consulting services,
and financial media services. ATIF operates an internet-based
financial consulting service platform IPOEX.com, which provides
prestige membership services including online capital market
information, pre-IPO education and matchmaking services between
SMEs and financing institutions. ATIF has advised several
enterprises in China in their plans to become publicly
listed in the U.S. Through its majority-owned
subsidiary, Leaping Group Co., Ltd., ATIF also
provides multimedia services and is engaged in three major
businesses, including multi-channel advertising, event planning and
execution, film and TV program production and movie theater
operations. ATIF operates the largest pre-movie
advertising network in Heilongjiang
Province and Liaoning
Province of China and also provides advertising
services in elevators and supermarkets. ATIF is often
hired to plan both online and offline advertising campaigns and to
produce related advertising material. In
addition, ATIF invests in films and TV programs and
distributes them in movie theaters or through online platforms. For
more information, please visit https://ir.atifchina.com/.
Forward-Looking
StatementsCertain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantee of
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside the Company’s control,
that could cause actual results or outcomes to differ materially
from those discussed in the forward-looking statements. Important
factors, among others, are: future financial and operating results,
including revenues, income, expenditures, cash balances and other
financial items; ability to manage growth and expansion; current
and future economic and political conditions; ability to
compete in an industry with low barriers to entry; ability to
continue to operate through our VIE structure; ability to obtain
additional financing in the future to fund capital expenditures;
ability to attract new clients and further enhance brand
recognition; ability to hire and retain qualified management
personnel and key employees; trends and competition in the
financial consulting services industry; a pandemic or epidemic; and
other factors listed in the Company’s annual report on Form 20-F
and other documents filed with the 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 the Company cautions you that actual results
may differ materially from the anticipated results expressed or
implied by the forward-looking statements we make. You should
not rely upon forward-looking statements as predictions of
future events. Forward-looking statements represent our
management’s beliefs and assumptions only as of the date such
statements are made. These forward-looking statements are made as
of the date of this news release.
Media contact: Anna Huang, +86-139-2726-7157, anna@atifchina.com.
ATIF (NASDAQ:ATIF)
Historical Stock Chart
From Jun 2024 to Jul 2024
ATIF (NASDAQ:ATIF)
Historical Stock Chart
From Jul 2023 to Jul 2024