TIAN RUIXIANG Holdings Ltd Regains Compliance with Nasdaq Minimum Bid Price Requirement and Receives an Extension on Compliance with Nasdaq Filing Requirement
TIAN RUIXIANG Holdings (Nasdaq: TIRX), a China-based insurance broker, has regained compliance with Nasdaq's minimum bid price requirement by maintaining a closing bid price of $1.00 per share for ten consecutive business days as of May 28, 2024. The company also received an extension until August 15, 2024, to comply with Nasdaq's filing requirements after a previous delay in filing its Annual Report on Form 20-F for the fiscal year ended October 31, 2023. If not filed by August 15, 2024, the company may face delisting. The extension does not impact TIAN RUIXIANG's business operations, SEC reporting, or contractual obligations.
- Regained compliance with Nasdaq's minimum bid price requirement.
- Granted an extension until August 15, 2024, to meet Nasdaq's filing requirements.
- Maintained a closing bid price of $1.00 per share for ten consecutive business days.
- Faced a deficiency notice from Nasdaq due to delayed filing of the Annual Report on Form 20-F.
- Potential risk of delisting if the Annual Report is not filed by August 15, 2024.
- Uncertainty regarding the ability to file the Annual Report on time as no assurance is provided.
BEIJING, June 03, 2024 (GLOBE NEWSWIRE) -- TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) (the "Company"), a China-based insurance broker conducting business through its variable interest entity in China, today announced that the Company received a written notification (the "Notification Letter") from the Nasdaq Stock Market LLC ("Nasdaq") on May 29, 2024, informing the Company that it has regained compliance with Nasdaq's minimum bid price requirement under Listing Rule 5550(a)(2). According to the Notification Letter, as of May 28, 2024, the Company has maintained a closing bid price of
In addition, the Company received a letter from Nasdaq on May 29, 2024 (the “Extension Notice”), granting the Company an extension until August 15, 2024 to regain compliance with Nasdaq's filing requirements set forth in Listing Rule 5250(c)(1). As previously reported, the Company received a deficiency notice from Nasdaq on March 20, 2024, due to the delay in filing its Annual Report on Form 20-F for the fiscal year ended October 31, 2023. To rectify this situation, the Company has been working diligently with its auditors and anticipates that it will file the Annual Report before August 15, 2024, however, there is no assurance that it will be able to do so. If the Company fails to file Form 20-F by August 15, 2024, the Company will be subject to delisting. The Extension Notice does not affect the Company's business operations, its U.S. Securities and Exchange Commission reporting requirements, or its contractual obligations.
About TIAN RUIXIANG Holdings Ltd
TIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker operating in China through its China-based variable interest entity. 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) other insurance, such as life insurance and health insurance. For more information, visit the company's website at http://ir.tianrx.com/.
Forward-Looking Statements
Certain statements 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 risk factors that may affect its future results in the Company's registration statement and in its other filings with the U.S. Securities and Exchange Commission.
For investor and media enquiries, please contact:
TIAN RUIXIANG Holdings Ltd
Investor Relations Department
Email: ir@tianrx.com
Wealth Financial Services LLC
Connie Kang
Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)
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