Nisun International Receives Notification of Deficiency from Nasdaq Related to Not Timely Filing of Annual Report on Form 20-F
Nisun International received a deficiency notice from Nasdaq on May 17, 2024, due to the company's failure to timely file its annual report on Form 20-F for the fiscal year ending December 31, 2023. This non-compliance with Nasdaq Listing Rule 5250(c)(1) requires timely financial reporting to the SEC. Although the notice does not currently affect the listing or trading of Nisun's Class A common shares, the company has 60 days to submit a compliance plan to Nasdaq. If accepted, Nisun may have until November 11, 2024, to regain compliance. The company is committed to resolving the issue promptly.
The notice of deficiency has no immediate impact on the trading or listing of Nisun's Class A common shares on Nasdaq.
Nisun has 60 days to submit a plan to regain compliance, offering flexibility and time to address the issue.
If the compliance plan is accepted, the company could have until November 11, 2024, to file the necessary reports and regain compliance.
The company is actively working to rectify the situation and meet Nasdaq's listing requirements.
Nisun did not file its annual report on Form 20-F for the year ending December 31, 2023, on time, resulting in non-compliance with Nasdaq Listing Rule 5250(c)(1).
The failure to comply with timely financial reporting requirements may affect investor confidence and market perception.
There is a risk that if the compliance plan is not accepted or the deadlines are not met, Nisun could face delisting from Nasdaq.
Under Nasdaq's listing rules, the Company has 60 calendar days to submit a plan to regain compliance. If the plan is accepted by Nasdaq, the Company can be granted up to 180 calendar days from the Form 20-F's due date, or until November 11, 2024, to regain compliance.
The Company is fully committed to regaining compliance and satisfying all of Nasdaq's listing requirements and working to file its Annual Report on Form 20-F as soon as practicable.
About Nisun International Enterprise Development Group Co., Ltd
Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its rich industry experience, Nisun is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun continues to deepen the field of industry segmentation through industrial and financial integration, by cultivating/creating an ecosystem of openness and empowerment. Nisun has built a linked platform that incorporates supply chain, banking, securities, trust, insurance, funds, state-owned enterprises, among other businesses. Focusing on industry-finance linkages, Nisun aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com/.
Cautionary Note Regarding Forward-Looking Statements
This press release contains information about Nisun's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun encourages you to review other factors that may affect its future results in Nisun's registration statement and in its other filings with the Securities and Exchange Commission. Nisun assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law.
Contacts
Nisun International Enterprise Development Group Co., Ltd
Investor Relations
Tel: +86 (21) 2357-0055
Email: ir@cnisun.com
Ascent Investor Relations LLC
Tina Xiao
Tel: +1 646-932-7242
Email: investors@ascent-ir.com
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SOURCE Nisun International Enterprise Development Group Co., Ltd
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