Puhui Wealth Investment Management Co., Ltd. Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency
April 22 2022 - 4:01PM
Puhui Wealth Investment Management Co., Ltd. (NASDAQ: PHCF)
(“Puhui” or the “Company”), a China-based third-party wealth
management service provider with a focus on wealth management
services for high net worth (“HNW”) individuals and corporate
clients, today announced that the Company had received a
notification letter (the “Notification Letter”) dated April 13,
2022 from the Listing Qualifications Department of The Nasdaq Stock
Market LLC (“Nasdaq”) regarding a failure to meet Nasdaq’s minimum
bid price requirements. The Notification Letter informed the
Company that the minimum closing bid price per share for its
ordinary shares was below $1.00 for a period of 30 consecutive
business days and that the Company did not meet the minimum bid
price requirement set forth in Nasdaq Listing Rule 5550(a)(2). This
press release is issued pursuant to Nasdaq Listing Rule 5810(b),
which requires prompt disclosure of receipt of a deficiency
notification.
The Notification Letter has no immediate effect
on the listing or trading of the Company’s ordinary shares on the
Nasdaq Capital Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company has a compliance period of 180 calendar days, or until
October 10, 2022 (the “Compliance Period”), to regain compliance
with Nasdaq’s minimum bid price requirement. If at any time during
the Compliance Period, the closing bid price per share of the
Company’s ordinary shares is at least $1.00 for a minimum of 10
consecutive business days, Nasdaq will provide the Company a
written confirmation of compliance and the matter will be
closed.
In the event the Company does not regain
compliance by October 10, 2022, the Company may be eligible for an
additional 180 calendar day period to regain compliance. To
qualify, the Company will be required to meet 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 will need to provide
written notice of its intention to cure the deficiency during the
second compliance period, including by effecting a reverse stock
split, if necessary. If the Company chooses to implement a reverse
stock split, it must complete the split no later than ten business
days prior to October 10, 2022, or the expiration of the second
compliance period if granted.
About Puhui
Wealth Investment Management Co., Ltd.
Headquartered in Beijing, the Company,
incorporated under the laws of Cayman Islands as a holding company,
is a third-party wealth management service provider focusing on
marketing financial products to, and managing funds for, HNW
individuals and corporate clients in the People’s Republic of China
(“PRC” or “China”), with the main operating activities conducted
through the variable interest entity Puhui Wealth Investment
Management (Beijing) Co. Ltd (“Puhui Beijing”), or the VIE, and its
subsidiaries in China. More information about the Company can
be found at: www.puhuiwealth.com.
Forward-Looking Statements
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as “may”, “will”, “intend”, “should”, “believe”,
“expect”, “anticipate”, “project”, “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Specifically, the Company’s
statements regarding its continued growth, business outlook, and
other similar statements are forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that may cause the actual
results to differ materially from the Company’s expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company’s goals and strategies; the Company’s
future business development; product and service demand and
acceptance; changes in technology; economic conditions; reputation
and brand; the impact of competition and pricing; government
regulations; fluctuations in general economic and business
conditions in China and assumptions underlying or related to any of
the foregoing and other risks contained in reports filed by the
Company with the Securities and Exchange Commission, including the
Company’s most recently filed Annual Report on Form 20-F and its
subsequent filings. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company’s filings with the U.S. Securities and Exchange
Commission, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact Investor
Relations:
Ascent Investor Relations LLCTina Xiao, PresidentTel: +1
917-609-0333Email: tina.xiao@ascent-ir.com
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