WeTrade Group Inc Received a Non-compliance Notice from NASDAQ

Rhea-AI Summary

On April 25, 2023, WeTrade Group Inc. (NASDAQ: WETG) announced it received a notice from Nasdaq regarding noncompliance due to a delayed filing of its 2022 annual report on Form 10-K, which was due April 17, 2023. The company has 60 days from April 20, 2023, to submit a compliance plan, potentially extending its deadline to October 16, 2023, if accepted by Nasdaq. Despite this issue, WeTrade's common stock will remain listed on The Nasdaq Capital Market, contingent upon meeting other listing requirements. The company is currently working on the compliance plan and finalizing its financial statements for the fiscal year ended December 31, 2022.

Positive

• Company continues to remain listed on The Nasdaq Capital Market despite the compliance notice.
• WeTrade is in the process of preparing a compliance plan and finalizing financial statements.

Negative

• Failed to timely file its 2022 annual report with the SEC.
• Received a notice of noncompliance from Nasdaq, indicating financial management issues.

BEIJING, April 25, 2023 /PRNewswire/ -- WeTrade Group Inc. ("WeTrade" or the "Company") (NASDAQ: WETG), a global diversified "software as a service" ("SaaS") technology service provider committed to providing technical support and digital transformation tools for enterprises across different industries, today announced that the Company received from Nasdaq a notice of noncompliance because the Company failed to timely file its 2022 annual report on form 10-K with the Securities Exchange Commission (the "SEC").

Under Nasdaq rules, the company has 60 calendar days from receipt of the Notice (April 20, 2023) or until June 20, 2023, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the form 10-K (April 17, 2023), or until October 16, 2023, to regain compliance.

The application has no immediate impact on the listing of the Company's common stock, which will continue to be listed and traded on The Nasdaq Capital Market, subject to the Company' s compliance with the other listing requirements of The Nasdaq Capital Market.

The Company is in the process of preparing the plan to regain compliance and finalizing the financial statements for the year ending December 31, 2022. The Company will submit the plan to regain compliance and the 2022 annual report at soon as possible.

About WeTrade Group Inc.

WeTrade Group Inc. is a global diversified "software as a service" ("SaaS") technology service provider which is committed to providing technical support and digital transformation tools for enterprises across different industries. The four business segments of WeTrade Group are YCloud, WTPay ,Y-Health and YG.

YCloud is a micro-business cloud intelligent system launched by WeTrade, serving global micro-business industry. YCloud strengthens users' marketing relationship and CPS commission profit management through leading technology and big data analysis. It also helps increase the payment scenarios to increase customers' revenue by multi-channel data statistics, AI fission and management as well as improved supply chain system.

Independently developed by the Company, WTPay supports multiple methods of online payment and eight mainstream digital wallets in over 100 countries to help customers quickly realize global collection and payment business.

Y-Health is the sector focusing on public health business, which engages in developing global business for biological health and medical enterprises. Currently, Y-Health mainly focuses on detection and prevention of epidemic, daily healthcare, traditional Chinese medicines, and others.

YG is the new energy business segment which mainly provides tools and technical support for the digital new energy industry in the Middle East and Central Asia.

For more information, please visit https://ir.wetg.group.

Forward-Looking Statements

This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. 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. The Company's encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

 

 

 

 

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SOURCE WeTrade Group INC

FAQ

What notice did WeTrade Group receive from Nasdaq?

WeTrade Group received a notice of noncompliance from Nasdaq due to the late filing of its 2022 annual report.

What is the deadline for WeTrade to regain compliance with Nasdaq?

WeTrade has until June 20, 2023, to submit a compliance plan, which could extend to October 16, 2023, if accepted.

Is WeTrade's stock still listed on Nasdaq?

Yes, WeTrade's common stock continues to be listed and traded on The Nasdaq Capital Market.

What is the reason for WeTrade's noncompliance notice?

The notice was issued because WeTrade failed to file its 2022 annual report on Form 10-K in a timely manner.

What actions is WeTrade taking regarding the Nasdaq notice?

WeTrade is preparing a plan to regain compliance and finalizing its financial statements.