Freedom Holding Corp. Receives Nasdaq Notification of Noncompliance with Listing Rule 5250(c)(1)
17 June 2023 - 4:00AM
Business Wire
Freedom Holding Corp. (hereinafter referred to as the “Company”)
(Nasdaq: FRHC), a diversified multi-national financial services
firm, announced today that on June 15, 2023, the Company received a
letter (the “Non-Compliance Letter”) from the Listing
Qualifications Department of the Nasdaq Stock Market (“Nasdaq”)
stating that the Company was not in compliance with Nasdaq Listing
Rule 5250(c)(1) (the “Nasdaq Listing Rule”) as a result of its
failure to have timely filed its Annual Report on Form 10-K for the
fiscal year ended March 31, 2023 (the “Fiscal 2023 10-K”) with the
Securities and Exchange Commission (“SEC”).
The Non-Compliance Letter provides the Company with 60 calendar
days, or until August 14, 2023, to submit to Nasdaq a plan to
regain compliance in accordance with Nasdaq’s listing requirements.
If the Company’s plan is accepted, Nasdaq may grant the Company up
to 180 days, or until December 12, 2023, for the Company to regain
compliance. If Nasdaq does not accept the Company’s plan, the
Company will have the opportunity to appeal that decision to a
Nasdaq hearings panel under Nasdaq Listing Rule 5815(a). The
Non-Compliance Letter has no immediate effect on the listing of the
Company’s common stock on the Nasdaq Capital Market.
The Company has been working diligently to complete the
procedures relating to its year-end reporting process that are
necessary for completion of the audit of its financial statements
and expects to file the Fiscal 2023 10-K with the SEC as soon as
practicable within the 60-day period to regain compliance with the
Nasdaq Listing Rule.
Forward-Looking Statements
This press release contains “forward-looking” statements,
including with respect to the Company’s anticipated filing of the
Fiscal 2023 10-K. No assurance can be given that the Fiscal 2023
10-K will be filed within 60 days, or that Nasdaq will continue to
list the Company’s common stock. Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including, without limitation, those risks
and uncertainties described in our annual report on Form 10-K for
the fiscal year ended March 31, 2022, subsequent quarterly reports
on Form 10-Q, and our other reports and filings with SEC. Copies of
these documents are available on the SEC’s website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
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Deborah Kostroun (US) deborah@zitopartners.com Tel.: +1 201
403-8185 Ramina Fakhrutdinova (KZ) ramina.fakhrutdinova@ffin.kz
Tel.: +7 727 311 10 64, ext. 640
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