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On January 20, 2022, China Finance Online Co. Limited (JRJC) announced it received a notice from the Nasdaq Hearings Panel regarding its impending delisting from Nasdaq, effective January 21, 2022. This follows a previous notification in May 2021 about non-compliance with the shareholders' equity requirement, leading to an initial delisting notice in August 2021. Despite a granted extension, the Company could not meet the $2.5 million stockholders' equity requirement by the deadline.
China Finance Online Co. Limited (NASDAQ: JRJC) announced a private placement of 110 million ordinary shares, totaling $13.2 million at $6.00 per ADS. Investors will also receive a warrant for an additional 110 million shares at $7.60 per ADS, exercisable over 5 years. The transactions are subject to customary closing conditions, including shareholder approval. The shares have not been registered under U.S. laws, and a 180-day lock-up agreement is in place for investors. The company aims to file a registration statement for the shares issued.
China Finance Online (Nasdaq: JRJC) announced the appointment of Bin Zhang as an independent director, effective November 29, 2021. Zhang, CEO of Wumei Group, brings extensive retail experience and will serve on the Audit, Compensation, and Corporate Governance Committees. Frank J. Mitsch was elected as the new Chairman of the Audit Committee. The board's expansion aims to enhance the company's technology-driven wealth management services and overall governance, reflecting confidence in Zhang’s expertise to drive future growth.
China Finance Online (NASDAQ: JRJC) reported a net revenue of $14.8 million for the first half of 2021, down from $19.6 million in H1 2020. The net loss was $5.1 million, compared to a loss of $3.4 million in the first half of 2020. Notably, subscription services for institutional customers grew by 28.6% year-over-year. The company implemented restructuring to cut costs and aims for breakeven in H2 2021. A recent private placement raised $1.17 million for working capital. However, revenue declines across financial services and advisory sectors were significant.
China Finance Online Co. Limited (JRJC) announced it has been granted an extension by the Nasdaq Hearings Panel to comply with the minimum stockholders' equity requirement of $2.5 million by January 14, 2022. The company received a previous delisting notice in August 2021 due to non-compliance and presented a remedial plan at a September hearing. This decision will not affect the current trading of the company's American Depositary Shares (ADSs). The company aims to regain compliance while addressing strategic growth and liquidity challenges amid ongoing market uncertainties.
China Finance Online Co. Limited (NASDAQ: JRJC) announced a successful capital raise of $1,174,020 through private placements in August and September 2021. This includes issuing 3,940,050 ordinary shares at $400,320 and 7,615,150 ordinary shares at $773,700 to directors and accredited investors, respectively. The share price matches the closing ADS price of $4.98 on September 10, 2021. The transactions are subject to regulatory conditions and have not been registered under the Securities Act. The company continues to face uncertainties affecting its financial performance.
On August 16, 2021, China Finance Online Co. Limited (NASDAQ: JRJC) announced a private placement agreement for issuing 5,743,000 ordinary shares, equivalent to 114,860 ADSs, raising $773,700. This price reflects a 20% discount to the closing ADS price of $8.42 on August 6, 2021. The deal includes warrants enabling the investor to purchase an additional 114,860 ADSs at specified exercise prices over five years. The agreement is subject to customary closing conditions and may not be sold in the U.S. without proper registration.
China Finance Online Co. Limited (JRJC) announced on August 11, 2021, that it received a delisting notice from Nasdaq due to failure to meet the minimum $10 million stockholders' equity requirement. As of December 31, 2020, the company's equity was approximately $4.6 million. Nasdaq cited the company's inability to provide a satisfactory plan for regaining compliance. The company intends to request a hearing by August 18, 2021, to avoid delisting. However, there is no guarantee that the request will be granted, potentially affecting the liquidity of its securities.
China Finance Online Co., Limited (NASDAQ: JRJC) announced an investigation involving Chairman Zhiwei Zhao by the Beijing Municipal Public Security Bureau. The Company is cooperating with authorities but lacks specific details on the inquiry. Additionally, the Bureau has requested documents from Beijing Zhengjin Wealth Management, a subsidiary, regarding its commodities brokerage services. Notably, the company suspended this business in 2017. The outcome of these investigations could have significant implications for the Company, its executives, and financial performance.
On June 29, 2021, China Finance Online (JRJC) disclosed receipt of a deficiency notice from Nasdaq. The company reported that its shareholders' equity fell to approximately $4.6 million, below the $10 million minimum requirement for continued listing. The notice does not immediately affect trading but mandates that the company submits a compliance plan by July 9, 2021. If accepted, Nasdaq may grant up to 180 days to demonstrate compliance. Failure to comply may lead to delisting. The company has announced plans to address the compliance issue.
