BEIJING, May 2, 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 currently underserved by commercial banks
in China, today announced that on
May 1, 2019 (the "Notification
Date"), the Company received a notification letter from Nasdaq
Listing Qualifications ("Nasdaq") notifying that the Company is no
longer in compliance with the Nasdaq Capital Market's continued
listing requirement of a minimum of US$2,500,000
in stockholders' equity, as set forth in Nasdaq Listing Rule
5550(b)(1) (the "Nasdaq Listing Rules"). The Nasdaq Listing Rules
requires listed companies to maintain stockholders' equity of at
least US$2.5
million. In the Company's Form 20-F for the period ended
December 31, 2018, the Company
reported a negative stockholders' equity of approximately US$36 million,
which is below the minimum stockholders' equity required for
continued listing pursuant to the Nasdaq Listing Rules. Nasdaq also
determined that the Company does not meet the alternatives of
market value of listed securities or net income from continuing
operations for continued listing.
The Nasdaq notification letter does not result in the immediate
delisting of the Company's ordinary shares. The Company has 45
calendar days from the Notification Date, or until June 17, 2019, to submit a plan to Nasdaq to
regain compliance with the minimum stockholders' equity standard.
If the plan is accepted by Nasdaq, the Company may be granted a
compliance period of up to 180 calendar days from the Notification
Date to evidence compliance. The Company's management is looking
into various options available to regain compliance and maintain
its continued listing on The NASDAQ Capital Market.
The Company, by filing this press release, discloses its receipt
of the notification from Nasdaq in accordance with Nasdaq Listing
Rule 5810(b).
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. 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.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of 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 include,
without limitation, the Company's business plans and development,
which can be identified by terminology such as "may," "will,"
"expect," "anticipate," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. Such statements are based upon management's
current expectations and current market and operating conditions
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond the Company's control, which
may cause the Company's actual results, performance or achievements
to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
IR Contact:
At the Company:
Katrina Wu
Email: wuxiaoqing@chinalending.com
Phone: +86-991-316-9617
Investor Relations:
Tony
Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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SOURCE China Lending Corporation