Nisun Receives NASDAQ Notification Regarding Minimum Bid Requirements

Rhea-AI Summary

Nisun International Enterprise Development Group Co., Ltd (Nasdaq: NISN) announced on May 25, 2022, it received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The Company's Class A common shares closed below $1.00 for 30 consecutive business days. The notification, issued under Nasdaq Listing Rule 5810(b), does not impact trading. Nisun has a compliance period until November 21, 2022, to regain compliance by achieving a closing bid price of at least $1.00 for 10 consecutive business days. Failure to comply may allow for an additional 180-day grace period.

Positive

• The notification from Nasdaq does not have an immediate effect on the trading of NISN shares.

Negative

• The closing bid price of NISN shares has been below $1.00 for 30 consecutive business days, indicating potential financial instability.
• The company faces a compliance period until November 21, 2022, which adds pressure to regain minimum bid status.

SHANGHAI, May 27, 2022 /PRNewswire/ -- Nisun International Enterprise Development Group Co., Ltd ("Nisun" or the "Company") (Nasdaq: NISN), a provider of innovative comprehensive solutions through an integration of technology, industry and finance, today announced that on May 25, 2022, it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2). It resulted from the fact that the closing bid price of the Company's Class A common shares was below $1.00 per share for a period of 30 consecutive business days. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company's common shares, which will continue to trade uninterrupted on Nasdaq under the ticker "NISN".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until November 21, 2022 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's common shares is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance with the minimum bid price requirement by November 21, 2022, the Company may be eligible for an additional 180 calendar day grace period.

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 industry experience, Nisun is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries and controlled companies, 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 and 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 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. 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

ICR, LLC
Tel: +1 203 682 8233
Email: nisun@icrinc.com

 

 

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SOURCE Nisun International Enterprise Development Group Co., Ltd

FAQ

What does the Nasdaq notification mean for NISN?

The Nasdaq notification indicates Nisun is not in compliance with the minimum bid price requirement, having closed below $1.00 for 30 consecutive business days.

How long does Nisun have to comply with Nasdaq requirements?

Nisun has until November 21, 2022, to regain compliance by achieving a closing bid price of at least $1.00 for 10 consecutive business days.

What happens if Nisun does not regain compliance with Nasdaq?

If Nisun does not regain compliance by November 21, 2022, it may be eligible for an additional 180-day grace period to meet the minimum bid price requirement.

Is the listing of NISN shares affected by the Nasdaq notification?

No, the notification does not have an immediate effect on the listing of NISN shares, which will continue to trade uninterrupted.