SHANGHAI, Sept. 28, 2019 /PRNewswire/ -- Golden Bull
Limited (NASDAQ: DNJR) ("Golden
Bull" or the "Company", an online finance marketplace, or
"peer-to-peer" lending company in China that provides borrowers access to
short-term loans announced today that the Company has received
a notification letter from The NASDAQ Stock Market LLC
("Nasdaq") on September 26,
2019, notifying the Company that it is not in compliance
with the Minimum Bid Price ("Bid Price") requirement.
On September 26, 2019, Nasdaq sent
the Company a notification letter stating that the minimum bid
price per share for the Company's ordinary shares has been below
$1.00 for a period of 30 consecutive
business days and the Company therefore no longer meets the Bid
Price requirements set forth in Nasdaq Listing Rule 5550(a)(2) (the
"Bid Price Deficiency").
The Bid Price Deficiency letter received has no immediate effect
on the listing of the Company's ordinary shares on Nasdaq. Under
the Nasdaq Listing Rules, the Company has until March 24, 2020 to regain compliance. If at any
time during such 180-day period the closing bid price of the
Company's ordinary shares is at least $1 for a minimum of 10 consecutive business days,
Nasdaq will provide the Company written confirmation of
compliance.
If the Company does not regain compliance by curing the Bid
Price Deficiency during such 180-day period, the Company may be
eligible for an additional 180 calendar days, provided that the
Company meets the continued listing requirement for market value of
publicly held shares and all other initial listing standards for
Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provide a
written notice of its intention to cure this deficiency during the
second compliance period, by effecting a reverse stock split, if
necessary.
The Company intends to promptly evaluate options available to
regain compliance. However, there can be no assurance that Company
will be able to regain compliance with the applicable Nasdaq
listing requirements.
About Golden Bull Limited
Headquartered in Shanghai, China, Golden Bull Limited (NASDAQ: DNJR)
operates an online finance marketplace, or a "peer-to-peer" lending
platform, that connects individual lenders with individual and
small business borrowers. The loans that we are currently arranging
generally range from 30 days to 360 days, and are secured by
borrowers' automobiles. Our business abides by the conventions of
The Online Financing Overdue Debt Collection Self-Discipline
Convention (Trial) (the "Convention"), which went into effect
on March 29, 2018. The Convention regulates the collection of
overdue online financing debts, and establishes the basic
principles of obeying laws and regulations, standardizing prudence,
protecting privacy, and strict self-discipline, from disciplinary
punishment, business management, personnel management, information
management, and outsourcing. For more information about the
Company, please visit: www.dianniu98.com.
Safe Harbor Statement
This press release
contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying
assumptions and other statements that are other than statements of
historical facts. When the Company uses words such as "may, "will,
"intend," "should," "believe," "expect," "anticipate," "project,"
"estimate" or similar expressions that do not relate solely to
historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of
future performance and involve risks and uncertainties that may
cause the actual results to differ materially from the Company's
expectations discussed in the forward-looking statements. These
statements are subject to uncertainties and risks including, but
not limited to, the following: the Company's goals and
strategies; the Company's future business development; product and
service demand and acceptance; changes in technology; economic
conditions; reputation and brand; the impact of competition and
pricing; government regulations; fluctuations in general economic
and business conditions in China and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the Securities and
Exchange Commission. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the U.S.
Securities and Exchange Commission, which are available for review
at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
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SOURCE Golden Bull Limited