BEIJING,
URUMQI, China and HANGZHOU, China, Aug. 20, 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 it received a notification letter from Nasdaq
Listing Qualifications advising the Company that based upon the
closing bid price for the Company's common shares for the past 30
consecutive business days, the Company no longer met the minimum
$1.00 per share Nasdaq continued
listing requirement set forth in Nasdaq Listing Rule 5555(a)(2).
The notification also stated that the Company would be provided 180
calendar days, or until February 11,
2020, to regain compliance with the foregoing listing
requirement. To do so, the bid price of the Company's common stock
must close at or above $1.00 per
share for a minimum of 10 consecutive business days prior to that
date.
If the Company does not regain compliance by the compliance
deadline, the Company may be eligible for additional time to regain
compliance. To qualify, the Company will be required to meet the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to remedy
the deficiency during the second compliance period, by effecting a
reverse stock split, if necessary. If the Company meets these
requirements, the Nasdaq staff will inform the Company that it has
been granted an additional 180 calendar days. However, if it
appears to the Nasdaq staff that the Company will not be able to
remedy the deficiency, or if the Company is otherwise not eligible,
the staff will provide notice that its securities will be subject
to delisting. The Company cannot provide any assurance that its
common shares will trade at levels necessary to regain and maintain
compliance with the above-referenced bid price rule before the
compliance deadline. The Company intends to continue to monitor the
bid price for its common stock. If the Company's common shares do
not trade at a level that is likely to regain compliance with the
Nasdaq requirements, the Company's Board of Directors will consider
alternative options that may be available to achieve
compliance.
About China Lending Corporation
Founded in 2009, China
Lending is a non-bank financial corporation and provides 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 relate to, among others, the
consummation of the proposed transaction, and 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, including
statements relating to the Company's ability to regain compliance
with the Nasdaq listing requirements. Such statements are
based upon management's current expectations, 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. 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:
Jack Wang
ICR Inc.
Email: ICR-TMT@icrinc.com
Phone: +1 646-224-6936
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SOURCE China Lending Corporation