BEIJING, June 6, 2022
/PRNewswire/ -- TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX)
(the "Company"), a China-based insurance broker conducting
business through its variable interest entity in China, announced today that the Company
received a written notification (the "Notification") from the
Nasdaq Stock Market LLC ("Nasdaq") on May
31, 2022, notifying the Company that it is not in compliance
with the minimum bid price requirement set forth in Nasdaq Listing
Rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and 5810(c)(3)(A) provides
that it is a failure to meet the minimum bid price requirement 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 from April 18, 2022 to May 27,
2022, the Company no longer meets the minimum bid price
requirement.
The Notification does not impact the Company's listing on the
Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until November 28, 2022, 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
US$1.00 for a minimum of 10 consecutive business days. In the event
the Company does not regain compliance by November 28, 2022, the
Company may be eligible for additional time period of 180 calendar
days to regain compliance if it meets certain requirements, or will
be subject to delisting its ordinary shares from the Nasdaq Capital
Market.
The Company's business operations are not affected by the
receipt of the Notification Letter. 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 Nasdaq Listing Rules.
About TIAN RUIXIANG Holdings Ltd
TIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker
operating in China through its
China-based variable interest
entity. It distributes a wide range of insurance products, which
are categorized into two major groups: (1) property and casualty
insurance, such as automobile insurance, commercial property
insurance, liability insurance; and (2) life insurance, such as
individual and group life insurance. Additionally, the Company also
provides risk management services to institutional customers. For
more information, visit the company's website
at http://ir.tianrx.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review risk factors that may affect its future results in the
Company's registration statement and in its other filings with the
SEC.
For investor and media enquiries, please
contact:
TIAN RUIXIANG Holdings Ltd
Investor Relations
Department
Email: ir@tianrx.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE TIAN RUIXIANG Holdings Ltd
