Wins Finance receives delisting determination letter from Nasdaq
Wins Finance announced that on August 4, the company received a delisting determination letter from the Staff of the Listing Qualifications Department of The Nasdaq Stock Market relating to the delisting of the company's securities. The Listing Qualifications Staff has determined to delist the Company's securities due to a violation of (i) Listing Rule 5101, due to public interest concerns relating to alleged misrepresentations made to Nasdaq relating to the 300 round lot shareholder requirement in rule 5505(a), (ii) Listing Rule 5250, due to the making of alleged misrepresentations by the Company relating to the 300 round lot shareholder requirement in rule 5505(a), (iii) Listing Rule 5505(a), due to an alleged failure to meet the 300 round lot shareholder requirement at the time of its initial listing, and (iv) Listing Rule 5550(a), due to an alleged failure of the Company to currently meet the 300 round lot shareholder requirement. The delisting determination letter noted that the Company may appeal the Listing Qualifications Staff's determination. However, if the Company does not appeal this determination, a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on The Nasdaq Stock Market. The Company intends to request a hearing before the Nasdaq Hearings Panel to appeal the Listing Qualification Staff's determination as set forth in the Listing Rule 5800 Series.