Yiren Digital Receives Notification from NYSE Regarding Delayed Form 20-F Filing
Yiren Digital Ltd. (NYSE: YRD) announced it has received a notice from NYSE Regulation regarding its failure to file the Annual Report on Form 20-F for the year ended December 31, 2021, by the due date of May 17, 2022. This delay is due to unfinalized financial statements, compounded by a recent change in its independent accounting firm. The NYSE will monitor this late filing for up to six months, after which delisting procedures may begin if compliance is not achieved. Yiren Digital aims to submit the required filings as soon as possible.
- Yiren Digital is actively working to address the filing delay and aims to submit the 2021 Form 20-F soon.
- Failure to file the 2021 Form 20-F on time may lead to delisting from NYSE.
- The company changed its independent accounting firm, which may indicate internal challenges.
BEIJING, May 20, 2022 /PRNewswire/ -- Yiren Digital Ltd. ("Yiren Digital" or the "Company") (NYSE: YRD), a leading digital personal financial management platform in China, today announced that it received a notice from NYSE Regulation indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Annual Report on Form 20-F for the year ended December 31, 2021 (the "2021 Form 20-F") with the Securities and Exchange Commission (the "SEC").
The Company was not able to file the 2021 Form 20-F by May 17, 2022, as extended from the original due date of May 2, 2022 pursuant to the Form 12b-25 submitted to the SEC on April 29, 2022. The delay is primarily because the financial statements of the Company for the fiscal year ended December 31, 2021 prepared in accordance with U.S. GAAP are not yet finalized and the Company recently changed its independent registered public accounting firm as disclosed in the Form 6-K furnished to the SEC on April 29, 2022. The Company is making all efforts to file the 2021 Form 20-F as soon as possible.
NYSE Regulation notified the Company that the NYSE will closely monitor the status of the Company's late filing and related public disclosures for up to a six-month period from the due date. If the Company fails to file its 2021 Form 20-F and any subsequent delayed filings within six months from the filing due date, the NYSE may, in its sole discretion, allow the Company's securities to trade for up to an additional six months depending on specific circumstances, as outlined in Section 802.01E of the NYSE Listed Company Manual. It is expected by the NYSE that the Company will submit an official request for NYSE's consideration at the appropriate time. If the NYSE determines that an additional six-month trading period is not appropriate, suspension and delisting procedures will commence pursuant to Section 804.00 of the NYSE Listed Company Manual. If the NYSE determines that an additional trading period of up to six months is appropriate and the Company fails to file its 2021 Form 20-F and any subsequent delayed filings by the end of that period, suspension and delisting procedures will generally commence. Regardless of the procedures described above, the NYSE may commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warrant.
About Yiren Digital
Yiren Digital Ltd. is a leading digital personal financial management platform in China. The Company provides customized asset allocation services and wealth management solutions to China's mass affluent population as well as utilizes online and offline channels to provide retail credit facilitation services to individual borrowers and small business owners.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital's control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
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SOURCE Yiren Digital
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