BEIJING and NEW YORK, June 15,
2020 /PRNewswire/ -- Wins Finance Holdings Inc. ("Wins
Finance" or the "Company") (NASDAQ: WINS), a diversified investment
and asset management company that provides integrated financing
solutions to small and medium enterprises ("SMEs") in China, today announced that it has been
granted an extended stay as to the suspension of the Company's
ordinary shares from trading on the Nasdaq Capital Market pending
the Company's scheduled hearing before the Nasdaq Hearings Panel
(the "Panel") on July 2, 2020 and the
issuance of a final Panel decision.
On May 29, 2020, the Company
submitted a request for a hearing before the Panel under Listing
Rule 5815(a) to present its plan to regain compliance with Listing
Rule 5250(c)(1). This request automatically stayed the delisting of
the Company's securities until June 15,
2020. The Panel notified the Company that it has extended
the stay until it fully reviews the facts of the matter and makes a
final determination regarding the Company's listing status
following the July 2, 2020
hearing.
The Company received a delisting determination letter
on May 22, 2020 from the staff of the Listing Qualifications
Department of Nasdaq which notified the Company that because it had
not filed its Annual Report on Form 20-F for the fiscal year ended
June 30, 2019 (the "2019 20-F") by
May 13, 2020, the deadline by which
the Company was to file the 2019 20-F in order to regain compliance
with Listing Rule 5250(c)(1), the Company's common stock is subject
to delisting from The Nasdaq Capital Market.
As disclosed previously, the Company is working assiduously to
complete its delayed SEC filings of its financial statements and to
regain compliance with the NASDAQ rules as soon as possible.
About Wins Finance
Wins Finance is a diversified investment and asset management
company listed on Nasdaq. The Company is focused on identifying
value accretive investment opportunities and assets in China and the United
States that can be enhanced through the strategic
involvement of its established management team and its familiarity
with the Chinese investment community to help generate long-term
value for shareholders. Wins Finance is well positioned to leverage
its expertise and existing operations in China to build a comprehensive platform for
the provision of lending and other financing solutions to the
under-served small and medium enterprise segment. For more
information, please visit www.winsholdings.com.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and 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 can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. All statements other than
statements of historical fact in this press release are
forward-looking statements and involve certain risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These forward-looking
statements are based on management's current expectations,
assumptions, estimates and projections about the Company and the
industry in which the Company operates, but involve a number of
unknown risks and uncertainties. Further information regarding
these and other risks are described in the Company's Annual Report
on Form 20-F for the year ended June 30,
2018 and in the Company's other filings with the U.S.
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 actual results may
differ materially from the anticipated results. You are urged to
consider these factors carefully in evaluating the forward-looking
statements contained herein and are cautioned not to place undue
reliance on such forward-looking statements, which are qualified in
their entirety by these cautionary statements.
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SOURCE Wins Finance Holdings Inc.