STOCK TITAN

TD Holdings, Inc. Receives NASDAQ Notice on Late Filing of its Form 10-Q

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

TD Holdings, Inc. (Nasdaq: GLG) announced it received a NASDAQ notice on May 18, 2021, regarding its non-compliance with filing requirements due to the late submission of its 10-Q for Q1 2021. The deadline was May 17, 2021. This notice does not affect the company's current stock trading status. The company has until June 4, 2021, to submit a compliance plan detailing an investigation into prior financial statements deemed unreliable. If accepted, they may have until September 27, 2021, to restore compliance.

Positive
  • The company has until June 4, 2021, to submit a compliance plan to regain NASDAQ listing compliance.
  • The notice does not immediately impact the trading of the company's shares.
Negative
  • The company failed to file its Form 10-Q by the required date, indicating potential operational or management issues.
  • There are concerns regarding the reliability of previously reported financial statements from 2020.

SHENZHEN, China, May 21, 2021 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that it has received a notice from the NASDAQ Stock Market on May 18, 2021 notifying the Company that, because its Form 10-Q for the period ended March 31, 2021 (the "2021 10-Q") was not filed with the Securities and Exchange Commission by the required due date of May 17, 2021, the Company is therefore not in compliance with the periodic filing requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1).

This Notice received has no immediate effect on the listing or trading of the Company's shares. As previously disclosed on the Company's Form 8-K and 8-K/A filed on March 29 and March 31, 2021, respectively, the Company's audit committee, after consultation with the Company's management concluded, that the Company's audited financial statements at and for the periods ended March 31, 2020, June 30, 2020, and September 30, 2020 contained in the Company's Quarterly Reports on Form 10-Q should no longer be relied upon. Nasdaq has provided the Company until June 4, 2021 to submit a plan to regain compliance. The compliance plan is required to provide a summary of the independent investigation into the reasons that led to the Company's conclusion that the previously filed financials should no longer be relied upon. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to September 27, 2021, to regain compliance.

The Company expects and intends to submit to NASDAQ the compliance plan by June 4, 2021.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About TD Holdings, Inc.

TD Holdings, Inc. is a service provider currently engaging in commodity trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal product from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations, the demand for the Company's products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Investor Relations:

Dong Cao             
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com

Phone: +86 13502048965

Cision View original content:http://www.prnewswire.com/news-releases/td-holdings-inc-receives-nasdaq-notice-on-late-filing-of-its-form-10-q-301295687.html

SOURCE TD Holdings, Inc.

FAQ

What did TD Holdings, Inc. announce on May 21, 2021, regarding NASDAQ?

TD Holdings, Inc. announced it received a NASDAQ notice for non-compliance due to a late filing of its Form 10-Q.

What is the deadline for TD Holdings to submit a compliance plan to NASDAQ?

TD Holdings must submit a compliance plan by June 4, 2021.

What impact does the late filing have on TD Holdings' stock trading?

The late filing notice does not have an immediate effect on the trading of TD Holdings' shares.

What concerns were raised regarding TD Holdings' financial statements?

Concerns were raised about the reliability of the previously filed financial statements for the periods ended March 31, June 30, and September 30, 2020.

What is the potential timeline for TD Holdings to regain NASDAQ compliance?

If the compliance plan is accepted, TD Holdings could have until September 27, 2021, to achieve compliance.

BAIYU Holdings, Inc.

NASDAQ:GLG

GLG Rankings

GLG Latest News

GLG Stock Data

221.06k
2.41M
52.9%
0.34%
0.8%
Other Industrial Metals & Mining
Basic Materials
Link
China
Shenzhen