ATIF Holdings Limited Receives Nasdaq Notice of Deficiency Regarding Minimum Bid Price Requirement
July 28 2021 - 6:00AM
ATIF Holdings Limited (Nasdaq: ATIF, the "Company"), a holding
group providing business and financial consulting in Asia and North
America, today announced that on July 26, 2021, 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 June 11, 2021 to July 23, 2021, 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 January 24, 2022, 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 January 24, 2022, 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 January 24, 2022, and
to evaluate its available options to regain compliance within the
compliance period.
The Company intends to resolve the deficiency
and regain compliance with the Listing Rules.
About ATIF Holdings LimitedATIF
Holdings Limited ("ATIF") is a holding group with business
consulting, asset management and investment business with business
centers located Los Angeles, California, and in Hong Kong and
Shenzhen, China. ATIF mainly provides IPO Advisory Services to
small and medium-sized enterprises in Asia and North America. ATIF
has advised several enterprises in China in their plans to become
publicly listed in the U.S. ATIF was awarded the "Top 10 Best
Listed Companies 2019" from the "Golden Bauhinia Award", the
highest award in Hong Kong's financial and securities industry. For
more information, please visit https://ir.atifchina.com/.
Forward-Looking Statements
Certain 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
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.
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