Dragon Victory International Limited Receives Nasdaq Staff Deficiency Letter
July 18 2019 - 4:30PM
Dragon Victory International Limited (Nasdaq: LYL) (the “Company”),
a company offering reward-based crowdfunding opportunities and
quality incubation services to entrepreneurs in China, announced
today that on July 16, 2019, it received a Nasdaq staff deficiency
letter (the “Nasdaq Letter”) notifying the Company that it was no
longer in compliance with the minimum bid price requirement as set
forth in Nasdaq Listing Rule 5550(a)(2).
Nasdaq Listing Rule 5550(a)(2) requires listed
securities to maintain a minimum bid price of $1.00 per share, and
Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet
the minimum bid price requirement exists if the deficiency
continues for a period of 30 consecutive business days. Based on
the closing bid price of the Company’s ordinary shares for the 30
consecutive business days prior to the date of the Nasdaq Letter,
the Company no longer meets the minimum bid price requirement. The
Nasdaq Letter has no immediate effect on the listing or trading of
the Company’s ordinary shares on the Nasdaq Capital Market and, at
this time, the ordinary shares will continue to trade on the Nasdaq
Capital Market under the symbol “LYL.”
The Nasdaq Letter provides that the Company has
180 calendar days, or until January 13, 2020, to regain compliance
with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the
Company’s ordinary shares must have a closing bid price of at least
$1.00 per share for a minimum of 10 consecutive business days. If
the Company does not regain compliance by January 13, 2020, an
additional 180 days may be granted to regain compliance, if the
Company meets the continued listing requirement for market value of
publicly held shares and all other initial listing standards for
the Nasdaq Capital Market, with the exception of the bid price
requirement and notifies Nasdaq in writing of its intention to cure
the deficiency during the second compliance period, by effecting a
reverse share split, if necessary. If the Company does not qualify
for the second compliance period or fails to regain compliance
during the second 180-day period, Nasdaq will notify the Company
that its ordinary shares will be subject to delisting, at which
point the Company will have an opportunity to appeal the delisting
determination to a Hearings Panel.
The Company intends to monitor the closing bid
price of its ordinary shares and may, if appropriate, consider
implementing available options, including, but not limited to,
implementing a reverse share split of its outstanding ordinary
shares, to regain compliance with the minimum bid price requirement
under the Nasdaq Listing Rules.
About Dragon Victory International
Limited
Incorporated in 2015 and headquartered in
Hangzhou, Dragon Victory International Limited offers reward-based
crowdfunding opportunities in China to entrepreneurs and funding
sources through a fast-growing reward-based crowdfunding platform
at www.5etou.cn. 5etou is designed to enable small- and
medium-sized companies, start-ups, and idea generators to raise
funding from participants through the Internet. The Company also
provides quality business incubation services and financial
services to entrepreneurs and business entities with funding needs
who utilize our crowdfunding platform. More information is
available at http://ir.dvintinc.com/.
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 encourages you to
review other factors that may affect its future results in the
Company’s registration statement and in its other filings with the
Securities and Exchange Commission.
For more information, please contact:
Fred GuDragon Victory International
LimitedEmail: gxh@dvintinc.com
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