TIAN RUIXIANG Holdings Ltd Receives Notice from Nasdaq Related to Delayed Filing of Annual Report on Form 20-F
TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) announced that it received a notice from Nasdaq on April 21, 2021, for failing to timely file its Annual Report on Form 20-F for the fiscal year ended October 31, 2020. This failure puts the Company out of compliance with Nasdaq Listing Rule 5250(c)(1), but there will be no immediate impact on its security listing. The Company must submit a compliance plan by May 5, 2021, to potentially regain compliance by August 27, 2021. TIAN RUIXIANG is known for distributing various insurance products in China.
- The company has not faced immediate delisting and can continue trading.
- TIAN RUIXIANG is actively working on filing its Form 20-F.
- Non-compliance with Nasdaq Listing Rule 5250(c)(1) due to the delayed filing.
- Potential risks if the compliance plan is not accepted by Nasdaq.
BEIJING, April 21, 2021 /RPNewswire/ -- TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) (the "Company"), a China-based insurance broker, announced today that on April 21, 2021, it received a notice (the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq"), indicating that, as a result of not having timely filed its Annual Report on Form 20-F (the "Form 20-F") for the fiscal year ended October 31, 2020, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission.
The Notice has no immediate impact on the listing of the Company's securities, which will continue to trade on Nasdaq, subject to the Company's compliance with other continued listing requirements of Nasdaq. Nasdaq requires the Company to submit a plan no later than May 5, 2021 to regain compliance. If Nasdaq accepts the plan, Nasdaq can grant the Company an exception of up to 180 calendar days from the due date of the Form 20-F, or until August 27, 2021, to regain compliance. The Company is working diligently and plans to file the Form 20-F as soon as practically possible.
About TIAN RUIXIANG Holdings Ltd
TIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker operating in China. It distributes a wide range of insurance products, which are categorized into two major groups: (1) property and casualty insurance, such as automobile insurance, commercial property insurance, liability insurance; and (2) life insurance, such as individual and group life insurances. For more information, visit the company's website at http://ir.tianrx.com/.
Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC.
For more information, please contact:
Sherry Zheng
Weitian Group LLC
Phone: 718-213-7386
Email: shunyu.zheng@weitian-ir.com
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SOURCE TIAN RUIXIANG Holdings Ltd
FAQ
What notice did TIRX receive from Nasdaq on April 21, 2021?
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