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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 Limited (NYSE: RAAS) announced compliance with NYSE listing standards for minimum share price as of September 1, 2022. The company was previously notified on May 31, 2022, that its average closing price had fallen below $1.00 per American depositary share (ADS) over a 30-day period. Following the NYSE's calculation, Cloopen's ADS price was confirmed to be above the $1.00 requirement, ensuring continued trading on the exchange. This compliance is crucial for maintaining investor confidence and shareholder value.
Cloopen Group Holding Limited (NYSE: RAAS) announced the substantial completion of its independent internal investigation into employee misconduct and transaction irregularities. The Special Committee found that reported revenues were inflated by approximately RMB11.6 million and RMB17.8 million in Q2 and Q3 of fiscal year 2021, respectively. Costs also saw inflation. The Company is expected to fall short of its previously announced revenue guidance for Q4 2021. Significant remedial measures, including employee terminations and enhanced internal controls, are being implemented.
Cloopen Group Holding Limited (NYSE: RAAS) announced the appointment of Yu Certified Public Accountant, P.C. as its new independent registered public accounting firm, effective July 18, 2022. This decision follows a thorough evaluation process approved by the Board of Directors and the audit committee. Yu CPA replaces KPMG Huazhen LLP and is expected to facilitate a smooth transition. Cloopen specializes in cloud-based communications solutions in China, aiming to enhance enterprise communication and operational productivity.
Cloopen Group Holding Limited (NYSE: RAAS) announced on June 29, 2022, that it received a non-compliance letter from the NYSE due to its American depositary shares trading below the $1.00 compliance standard. The notification, dated May 31, 2022, requires the company to raise its average share price above $1.00 by November 30, 2022, or face delisting. Cloopen is considering its options while monitoring market conditions to address this issue.
Cloopen Group Holding Limited (NYSE: RAAS) announced it received a notification from the NYSE regarding non-compliance with listing standards due to the delayed filing of its 2021 Annual Report. The report, covering the period ending December 31, 2021, is pending an internal investigation and audit completion, with no current filing date. The NYSE will monitor the late filing for six months, and if unresolved, could lead to suspension and delisting. Until compliance is regained, Cloopen's trading symbol will show an "LF" indicator for late filing.
Cloopen Group Holding Limited (NYSE: RAAS) announced on May 18, 2022, the resignation of independent directors Ching Chiu and Yunhao Liu, effective immediately, for personal reasons. Their departures did not involve any disagreements with the company. The board appoints Adam J. Zhao as a new independent director, who will also chair the audit committee, and Tim Yimin Liu as a successor independent director. Both appointees have extensive backgrounds in finance and law, with Mr. Zhao holding previous CFO roles and Mr. Liu serving as a partner at Global Law Office.
Cloopen Group Holding Limited (NYSE: RAAS) announced the establishment of an independent special committee to investigate employee misconduct and transaction irregularities highlighted by its external auditor, KPMG. The committee, comprising three independent board members, will oversee an internal investigation and may engage independent advisors. KPMG's audit raised concerns regarding document fabrication and irregular customer transactions, potentially impacting revenues by 5%-10% for Q2 and 15%-20% for Q3 of 2021. KPMG has since resigned, citing material weaknesses in the company's accounting practices.
Telstra Ventures released its report, “Tech's Great Migration: Insights to Emerging Tech Hubs Across the U.S.,” analyzing 40,000 startups funded between 2020-2021. Key findings highlight a significant surge in VC investments, particularly in the Blockchain sector (up 182%).
Cloopen Group Holding Limited (NYSE: RAAS) will host a virtual investor conference on January 18, 2022, at 9:00 AM Beijing time (January 17, 8:00 PM EST). The conference, led by CFO Steven Li, will cover the company's latest developments, market opportunities, and growth plans, with a live Q&A segment. Interested attendees can register here. Cloopen provides cloud-based communications solutions in China, enhancing enterprise communication and productivity through various innovative tools.
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