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Cloopen Group Holding Limited (OTC: RAASY) is a leading multi-capability cloud-based communications solution provider in China. The company offers a comprehensive suite of cloud-based communication solutions, including communications platform as a service (CPaaS), cloud-based contact centers (cloud-based CC), and cloud-based unified communications and collaborations (cloud-based UC&C). Cloopen's mission is to enhance the daily communication experience and boost operational productivity for enterprises.
Recently, Cloopen announced significant changes in its board of directors. On November 30, 2023, directors Mr. Changxun Sun, Mr. Yipeng Li, Mr. Xiegang Xiong, Mr. Kui Zhou, and Mr. Qingsheng Zheng resigned for personal reasons. Despite their resignation from the board, Mr. Sun, Mr. Li, and Mr. Xiong will continue to serve as CEO, CFO, and Chief Product Officer & CTO, respectively. Mr. Cheng Luo has been appointed as the new chairman of the board, replacing Mr. Sun. Joining Mr. Luo, the board now includes new directors Mr. Pengfei Yuan, Mr. Ye Yuan, Mr. Lei Du, Mr. Yuanqi Wang, Mr. Ming Zhao, and Mr. Zi Yang, along with three independent directors, Mr. Adam J. Zhao, Mr. Ziguang Gao, and Mr. Tim Yimin Liu.
Another milestone was reached on February 7, 2024, when Cloopen settled with the U.S. Securities and Exchange Commission (SEC) regarding past employee misconduct and transaction irregularities. The SEC acknowledged Cloopen's prompt self-reporting and substantial cooperation during the investigation. Cloopen undertook significant remedial measures, including terminating or disciplining individuals involved in the misconduct, reorganizing relevant departments, and strengthening accounting controls.
Earlier, on February 27, 2024, Cloopen filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC. This report includes audited financial statements and can be accessed on the SEC's website and Cloopen's investor relations website.
Cloopen aims to drive the transformation of the enterprise communications industry through innovative marketing and operational tactics and SaaS-based tools. Their commitment to improving daily communications and boosting enterprise productivity positions them as a significant player in the cloud-based communication solutions landscape.
Cloopen Group Holding (OTC: RAASY) has filed its annual report on Form 20-F for the fiscal year ended December 31, 2022, with the U.S. Securities and Exchange Commission (SEC) on August 27, 2024. This important financial document, which includes Cloopen's audited financial statements, is now accessible to investors and the public through the SEC's website and the company's investor relations portal.
The timely filing of this report demonstrates Cloopen's commitment to transparency and compliance with U.S. securities regulations. Investors can now review the company's financial performance and position for the 2022 fiscal year, providing valuable insights into Cloopen's operations and potential future prospects.
Cloopen Group Holding Limited (NYSE: RAAS) announced on April 3, 2023 that it has regained compliance with the NYSE's minimum share price requirement. This follows a notification from the NYSE on October 5, 2022, indicating non-compliance due to the average closing price of its American depositary shares (ADSs) falling below US$1.00. To address this, Cloopen adjusted the ADS Ratio from 1:2 to 1:6, effective on March 15, 2023. The 30-day average closing price of ADSs exceeded US$1.00 by March 31, 2023, ensuring the ADSs will continue trading on the NYSE, contingent upon ongoing compliance.
Cloopen Group Holding Limited (NYSE: RAAS) announced a change in the ratio of its American depositary shares (ADSs) to Class A ordinary shares from 1 ADS for 2 shares to 1 ADS for 6 shares. This adjustment equates to a 1-for-3 reverse ADS split, effective on March 15, 2023. No action is required from ADS holders as the change will be executed on the depositary's books. The price of the ADS is expected to rise proportionally, although Cloopen cannot guarantee that it will be three times the previous price. The company, based in China, provides cloud-based communication solutions.
Cloopen Group Holding Limited (NYSE: RAAS) has appointed HKCM CPA & Co as its new independent registered public accounting firm, effective February 3, 2023. This decision follows the tenure of Yu Certified Public Accountant, P.C., which lasted from July 18, 2022 to the recent change. The transition is supported by the company's board and audit committee, ensuring a seamless changeover. There were no disagreements or reportable events between Cloopen and its former auditor during their engagement. Cloopen, based in China, provides cloud-based communications solutions aimed at enhancing enterprise productivity.
Cloopen Group Holding Limited (NYSE: RAAS) announced it received a letter from NYSE Regulation granting an extension until May 17, 2023 to file its 2021 Annual Report. This extension is contingent upon the Company meeting ongoing milestones set with the NYSE. Failure to comply with these requirements may lead to an accelerated suspension or delisting from the NYSE. The Company has been in ongoing talks with the NYSE regarding this late filing issue.
Cloopen Group Holding Limited (NYSE: RAAS) received a non-compliance letter from the NYSE on October 5, 2022, due to the trading price of its American depositary shares falling below $1.00 for a consecutive 30-day period. The cure period to regain compliance ends on April 5, 2023. To avoid delisting, Cloopen must ensure both a closing price of $1.00 on the last trading day and an average closing price of $1.00 over the preceding 30 trading days. The company is evaluating its options in response to this situation.
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