BEIJING and NEW YORK, July 13,
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 July 10,
2020, the Company received a letter from the staff of the Listing
Qualifications Department of The Nasdaq Stock Market LLC (the
"Nasdaq Staff"). The letter notified the Company that since it had
not timely filed its interim financials on Form 6-K (the "Interim
Financials") with the SEC for the period ended December 31, 2019,
this delinquency is an additional basis for delisting the
Company's securities from the Nasdaq Stock Market ("Nasdaq")
pursuant to Listing Rule 5250(c)(1). The Company previously
received a delisting determination letter from the Nasdaq Staff on
May 22, 2020 that notified the
Company that since it had not timely filed its Annual Report on
Form 20-F (the "2019 20-F") with the SEC for the fiscal year ended
June 30, 2019, it was in
noncompliance with Listing Rule 5250(c)(1), and the Company's
common stock is subject to delisting from Nasdaq.
The Company appeared before a Nasdaq Hearings Panel ("the
Panel") on July 2, 2020 for failing
to timely file its 2019 20-F as required by the Nasdaq listing
rule. The Panel subsequently reviewed the entirety of information
provided by the Company and, on July 10,
2020, granted its request for continued listing on Nasdaq
subject to certain conditions, which includes the Company being
able to complete all delinquent periodic filings with the SEC in
accordance with Listing Rule 5250(c)(1) (which includes both the
2019 20-F and the Interim Financials) by October 1, 2020. Also, the
Company is required to provide the Panel with evidence that it
signed an engagement letter with a new auditor on or before July
17, 2020, and is required to provide an update as to the Company's
audit for the year ended June 30, 2019 by September 18, 2020.
The Company plans to engage a new auditor on or before the date
set by the Panel and will work assiduously to complete its
delinquent filings with the SEC to regain compliance with the
Nasdaq listing rule.
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.