BEIJING,
URUMQI, China and HANGZHOU, China, Sept. 6, 2019 /PRNewswire/ -- China Lending
Corporation ("China Lending" or the "Company") (NASDAQ: CLDC) today
was notified by The Nasdaq Stock Market ("Nasdaq") that the Nasdaq
Hearings Panel denied the Company's recent appeal and determined to
delist the Company's common shares from Nasdaq. The decision to
delist the Company's common shares was reached as a result of the
Company's inability to regain compliance with the continued listing
requirement of a minimum of $2.5
million in stockholders' equity, as set forth in Nasdaq
Listing Rule 5550(b)(1). Accordingly, it is expected that the
trading of the Company's common shares on Nasdaq will cease at the
opening of business on September 6,
2019. Subsequently, Nasdaq will file a Form 25-NSE with the
Securities and Exchange Commission to effect the removal of the
Company's securities from listing and registration on the Nasdaq
Capital Market.
The Company anticipates that its securities will be quoted on
the OTC Pink Open Market (the "Pink Sheets"), a centralized
electronic quotation service for over-the-counter securities,
following the Nasdaq delisting; the trading symbol for the
Company's securities will remain unchanged. Such quotation will
continue so long as market makers demonstrate an interest in
trading in the Company's common shares; however, the Company can
give no assurance that trading in its common shares will continue
on the Pink Sheets or any other securities exchange or quotation
medium. Further, trading of the Company's common shares on the
Pink Sheets may be restricted depending on the jurisdiction in
which potential purchasers or sellers of shares reside.
The Company will remain a reporting company under the Securities
Exchange Act of 1934 and continue to be subject to the public
reporting requirements of the Securities and Exchange
Commission.
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 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 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