ChinaCache Receives NASDAQ Notification Letter
23 May 2019 - 11:00PM
ChinaCache International Holdings Ltd. (“ChinaCache” or the
“Company”) (Nasdaq GS: CCIH), a leading total solutions provider of
Internet content and application delivery services in China, today
announced that on May 20, 2019 it received a notification letter
(the “Notification Letter”) from The Nasdaq Stock Market, Inc. (the
“NASDAQ”) indicating that the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1) because it did not timely file its
annual report on Form 20-F for the fiscal year ended December 31,
2018 (“2018 Form 20-F”) with the Securities and Exchange Commission
(the “SEC”).
The Notification Letter also contains questions
(the “Questions”) relating to the Company’s disclosure of certain
recent events (“Recent Disclosure”), including (i) Grant Thornton
China’s resignation as the Company’s independent auditor, (ii) the
Company’s engagement with Michael T. Studer CPA P.C. as independent
auditor to the Company and (iii) allegations of enterprise bribery
against the Company as well as Mr. Song Wang, the Company’s
Chairman and former Chief Executive Officer.
The Notification Letter states that in light of
the Company’s Recent Disclosure, the staff of NASDAQ has determined
to apply more stringent criteria and shorten the time period for
the Company to submit its plan to regain compliance (the “Plan”).
The Notification Letter further states that the Company must submit
the Plan and its response to the Questions no later than May 31,
2019. The Company is working diligently to prepare the Plan and
responses to the Questions and confirms it will be submitting the
required Plan to Nasdaq within this timetable.
Mr. Fuya Zheng has tendered his resignation as a
director to the Company's board for personal reasons. His
resignation was effective as of May 21, 2019. The Company would
like to express its gratitude for services provided by Mr.
Zheng.
About ChinaCache International Holdings
Ltd.
ChinaCache International Holdings Ltd. is a
leading total solutions provider of Internet content and
application delivery services in China. Through its distinctive
3-tier Internet ecosystem, ChinaCache also offers Internet data
center management, Internet Exchange operations and cloud hosting
services. ChinaCache's network is interconnected with the
incumbent carriers as well as other local Internet & broadband
service providers in China. With two decades of experience in
developing customized solutions for China's complex Internet
infrastructure, ChinaCache has helped enterprises, SME clients,
government agencies and other organizations enhance the reliability
and scalability of their online services and applications. To
learn more about ChinaCache and how it has improved end-user
experience, please visit ir.chinacache.com.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
ChinaCache may also make written or oral forward-looking statements
in its reports filed or furnished to the U.S. Securities and
Exchange Commission, in its annual reports to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statements, including but not limited to the following: the
Company's goals and strategies, expansion plans, the expected
growth of the content and application delivery services market, the
Company's expectations regarding keeping and strengthening its
relationships with its customers, and the general economic and
business conditions in the regions where the Company provides its
solutions and services. Further information regarding these and
other risks is included in the Company's filings with the U.S.
Securities and Exchange Commission. All information provided in
this press release is as of the date of this press release, and
ChinaCache undertakes no duty to update such information, except as
required under applicable law.
Investor Relations DepartmentChinaCache
International HoldingsTel: +86 10 6408-5686Email:
ir@chinacache.com
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