BEIJING and NEW YORK, June 19,
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 on June 18, 2020, it received a letter from the
staff of the Listing Qualifications Department of The Nasdaq Stock
Market LLC ("Nasdaq") stating the Company is no longer in
compliance with Nasdaq's audit committee requirement as set forth
in Listing Rule 5605 due to the resignation of Mr. Shihai Wang from the Company's board of
directors and audit committee on June 15,
2020. The letter also states that Nasdaq will provide the
Company a cure period in accordance with Listing Rule
5605(c)(4).
The Company is conducting a search for a new director who meets
the requirements of Nasdaq and is available for appointment to the
Company's board of directors and audit committee within the cure
period. The Company must also submit to Nasdaq documentation,
including biographies of any new directors, evidencing compliance
with the listing rule within the cure period.
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.