BEIJING, China, April 22, 2022 (Globe NEWSWIRE) — Puhui Wealth Investment decision Administration Co., Ltd. (NASDAQ: PHCF) (“Puhui” or the “Company”), a China-centered 3rd-celebration wealth administration company company with a concentration on prosperity administration services for large web truly worth (“HNW”) individuals and company purchasers, nowadays introduced that the Company had received a notification letter (the “Notification Letter”) dated April 13, 2022 from the Listing Qualifications Division of The Nasdaq Inventory Market LLC (“Nasdaq”) pertaining to a failure to meet up with Nasdaq’s minimal bid value specifications. The Notification Letter knowledgeable the Firm that the bare minimum closing bid cost per share for its everyday shares was below $1.00 for a interval of 30 consecutive enterprise times and that the Organization did not satisfy the least bid rate prerequisite established forth in Nasdaq Listing Rule 5550(a)(2). This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which involves prompt disclosure of receipt of a deficiency notification.
The Notification Letter has no rapid influence on the listing or buying and selling of the Company’s common shares on the Nasdaq Cash Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of time of 180 calendar days, or right until October 10, 2022 (the “Compliance Period”), to regain compliance with Nasdaq’s bare minimum bid selling price requirement. If at any time for the duration of the Compliance Time period, the closing bid selling price per share of the Company’s normal shares is at minimum $1.00 for a minimal of 10 consecutive business times, Nasdaq will present the Business a penned confirmation of compliance and the make any difference will be closed.
In the celebration the Business does not regain compliance by Oct 10, 2022, the Firm may well be qualified for an extra 180 calendar day period to get back compliance. To qualify, the Enterprise will be essential to satisfy the continued listing requirement for industry price of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price tag requirement, and will need to give written see of its intention to get rid of the deficiency in the course of the second compliance time period, including by effecting a reverse stock split, if vital. If the Firm chooses to implement a reverse stock break up, it must comprehensive the split no afterwards than 10 business days prior to October 10, 2022, or the expiration of the 2nd compliance period if granted.
About Puhui Prosperity Financial investment Administration Co., Ltd.
Headquartered in Beijing, the Company, integrated underneath the legal guidelines of Cayman Islands as a keeping firm, is a third-party wealth management assistance supplier concentrating on marketing and advertising fiscal merchandise to, and running resources for, HNW men and women and corporate customers in the People’s Republic of China (“PRC” or “China”), with the primary operating activities executed via the variable fascination entity Puhui Wealth Investment Management (Beijing) Co. Ltd (“Puhui Beijing”), or the VIE, and its subsidiaries in China. Much more information about the Corporation can be discovered at: www.puhuiwealth.com.
This press launch incorporates ahead-hunting statements as outlined by the Non-public Securities Litigation Reform Act of 1995. Ahead-on the lookout statements include statements regarding options, objectives, objectives, strategies, foreseeable future gatherings or performance, and underlying assumptions and other statements that are other than statements of historical details. When the Organization employs words these types of as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or identical expressions that do not relate only to historic matters, it is making ahead-on the lookout statements. Specifically, the Company’s statements about its continued expansion, business enterprise outlook, and other similar statements are ahead-searching statements. Ahead-searching statements are not assures of long run performance and entail dangers and uncertainties that may lead to the true final results to vary materially from the Company’s expectations mentioned in the forward-searching statements. These statements are topic to uncertainties and risks including, but not constrained to, the next: the Company’s aims and procedures the Company’s foreseeable future company enhancement products and services need and acceptance alterations in technological innovation economic disorders standing and brand the impression of levels of competition and pricing government polices fluctuations in common financial and small business disorders in China and assumptions underlying or similar to any of the foregoing and other dangers contained in experiences submitted by the Enterprise with the Securities and Trade Commission, which include the Company’s most just lately filed Once-a-year Report on Variety 20-F and its subsequent filings. For these good reasons, between other folks, buyers are cautioned not to spot undue reliance on any ahead-on the lookout statements in this push launch. Further things are discussed in the Company’s filings with the U.S. Securities and Trade Commission, which are available for critique at www.sec.gov. The Enterprise undertakes no obligation to publicly revise these ahead-hunting statements to reflect events or instances that arise immediately after the day hereof.
For a lot more data, remember to make contact with Investor Relations:
Ascent Investor Relations LLC
Tina Xiao, President
Tel: +1 917-609-0333
Email: [email protected]