BEIJING, March 26, 2020 /PRNewswire/ -- Golden Bull
Limited (NASDAQ: DNJR) ("Golden
Bull" or the "Company"), Received Nasdaq Notification Letter
Regarding Second Bid Price Compliance Period. The Company is
eligible for an additional 180 calendar day period, or until
September 21, 2020, to regain
compliance.
On September 26, 2019, the Company
was notified that, based on the previous 30 consecutive
business days, the Company's listed security no longer met the
minimum $1 bid price per share
requirement. Therefore, in accordance with Nasdaq Listing Rules
(the "Rules"), the Company was provided 180 calendar days, or
until March 24, 2020, to regain
compliance. The listed security had not regained compliance with
the minimum $1 bid price per
share requirement. However, Nasdaq has determined that the
Company was eligible for an additional 180 calendar day
period, or until September 21, 2020,
to regain compliance. The determination was based on the
Company meeting the continued listing requirement for market value
of publicly held shares and all other applicable requirements
for initial listing on the Capital Market with the exception
of the bid price requirement, and the Company's written notice of
its intention to cure the deficiency during the second
compliance period by effecting a reverse stock split,
if necessary. If at any time during this additional time
period the closing bid price of the Company's security is at
least $1 per share for a minimum of
10 consecutive business days, Nasdaq will provide written
confirmation of compliance and this matter will be
closed.
If compliance cannot be demonstrated by September 21, 2020, Nasdaq will provide
written notification that the Company's securities will be
delisted. At that time, the Company may appeal Nasdaq's
determination to a Hearings Panel (the "Panel"). If the
Company appeals it will be asked to provide a plan to regain
compliance to the Panel, and that historically Panels have
generally viewed a near-term reverse stock split as the only
definitive plan acceptable to resolve a bid price
deficiency.
In addition, an indicator will continue to be broadcast over
Nasdaq's market data dissemination network noting the
Company's non-compliance. The indicator will be displayed with
quotation information related to the Company's securities on
Nasdaq.com, NasdaqTrader.com and by other third-party
providers of market data information. Also, a list of all
non-compliant Nasdaq companies and the reason(s) for such
non-compliance is posted on Nasdaq website
at listingcenter.nasdaq.com. The Company will continue to be
included in this list.
The Company intends to promptly evaluate options available to
regain compliance, including, but not limited to, a reverse stock
split if necessary. However, there can be no assurance that Company
will be able to regain compliance with the applicable Nasdaq
listing requirements.
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SOURCE Golden Bull Limited