BEIJING, URUMQI, China and
HANGZHOU, China, July 16, 2019 /PRNewswire/ -- China Lending
Corporation ("China Lending" or the "Company") (NASDAQ: CLDC), a
non-bank financial corporation servicing micro, small and medium
sized enterprises in China, today
announced that on July 11, 2019, the
Company received a delisting determination letter from Nasdaq
Listing Qualifications ("Nasdaq"), indicating that the Company's
securities would be subject to delisting from the Nasdaq Capital
Market based on its non-compliance with the continued listing
requirements, unless the Company timely requests a hearing before
the Nasdaq Hearings Panel (the "Panel").
As previously announced, on May 1,
2019, the Company received a notification letter from
Nasdaq notifying that the Company is no longer in
compliance with the Nasdaq Capital Market's continued listing
requirement of a minimum of $2,500,000 in stockholders' equity, as set forth
in Nasdaq Listing Rule 5550(b)(1). 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.
In according with Nasdaq Listing Rule 5810(c)(2)(A), the Company
submitted a draft plan to regain compliance and supplementary
supporting materials. However, after reviewing the submission,
Nasdaq has determined that the draft plan, together with the
supporting materials, is not sufficiently definitive to evidence
the Company's ability to achieve near term compliance with the
continued listing requirements or sustain such compliance over an
extended period of time.
The Company has requested a hearing before the Panel to appeal
the delisting determination. The hearing request has stayed the
delisting action of the Company's securities by Nasdaq pending the
Panel's final decision. There can be no assurance that the Panel
will grant the Company's request for continued listing.
The Company is doing everything within its control to regain
compliance with the Nasdaq listing rules. If the Panel upholds the
delisting determination following the hearing, the Company's
securities may be eligible for quotation on the OTC Bulletin Boards
or in the "pink sheets."
About China Lending Corporation
Founded in 2009, China Lending is a non-bank financial
corporation and provides comprehensive financial services to micro,
small and medium sized enterprises, and individuals. China Lending
has headquarters in Urumqi, the capital of Xinjiang Autonomous
Region, and Hangzhou, the capital
of Zhejiang province. 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 expectations and plans in
connection with its ability to appeal the delisting determination
and to regain and maintain compliance with the Nasdaq continued
listing requirements, 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:
Robin
Yang
ICR
Email: Robin.Yang@icrinc.com
Phone: +86 158-8929-2733
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SOURCE China Lending Corporation