BEIJING, Jan. 20, 2022 /PRNewswire/ -- China Finance
Online Co. Limited ("China Finance Online", or the "Company", "we",
"us" or "our") (NASDAQ: JRJC), a leading web-based financial
services company that provides Chinese individual investors with
fintech-powered online access to securities trading services,
wealth management products, securities investment advisory
services, as well as financial database and analytics services to
institutional customers, today announced that it received a
letter, dated January 19, 2022, from
the Nasdaq Hearings Panel (the "Panel") informing the Company that
it has determined to delist the Company's ADSs from Nasdaq by
filing a Form 25 (Notification of Delisting) with the Securities
and Exchange Commission after applicable appeal periods have lapsed
and will suspend trading in our ADSs effective at the open of
business on January 21, 2022.
As previously announced, the Company was notified in
May 2021 that it was not in
compliance with the shareholders' equity requirement of Listing
Rule 5450(b)(1)(A) and received a delisting notice in August
2021. Following the hearing that took place in September 2021, the Panel granted the Company's
request to phase down to The Nasdaq Capital Market and an extension
until January 14, 2022 to evidence compliance with the
minimum $2.5 million stockholders' equity requirement, or
the alternative compliance standards as set forth in Nasdaq Listing
Rule 5550(b)(1).
About China Finance Online
China Finance Online Co. Limited is a leading web-based
financial services company that provides Chinese individual
investors with fintech-powered online access to securities trading
services, wealth management products, securities investment
advisory services, as well as financial database and analytics
services to institutional customers. The Company's prominent
flagship portal site, www.jrj.com, is ranked among the top
financial websites in China. In addition to the web-based
securities trading platform, the Company offers basic financial
software, information services and securities investment advisory
services to retail investors in China. Through its
subsidiary, Shenzhen Genius Information Technology Co. Ltd., the
Company provides financial database and analytics to institutional
customers including domestic financial, research, academic and
regulatory institutions. China Finance Online also provides
brokerage services in Hong
Kong.
Safe Harbor Statement
This press release contains forward-looking statements which
constitute "forward-looking" statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and
as defined in the U.S. Private Securities Litigation Reform Act of
1995. The statements contained herein reflect management's
current views with respect to future events and financial
performance. These forward-looking statements are subject to
certain risks and uncertainties that could cause the actual results
to differ materially from those in the forward-looking statements,
all of which are difficult to predict and many of which are beyond
the control of the Company. These forward-looking statements
can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Among other things, this
release contains the following forward-looking statements
regarding:
- liquidity and sources of funding, including our ability to
continue operating as a going concern;
- our prospect and our ability to attract new users;
- our prospect on building a comprehensive wealth management
ecosystem through providing a fully-integrated online communication
and securities-trading platform;
- our prospect on stabilization in cash attrition and improvement
of our financial position;
- our initiatives to address customers' demand for intuitive
online investment platforms and alternative investment
opportunities; and
- the market prospect of the business of securities-trading,
securities investment advisory and wealth management.
Such statements involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements, which risk factors and uncertainties
include, amongst others, substantial doubt about ability to
continue as a going concern, the outbreak of COVID-19 or other
health epidemics in China or
globally, changing customer needs, regulatory environment and
market conditions that we are subject to; the uneven condition of
the world and Chinese economies that could lead to volatility in
the equity markets and affect our operating results in the coming
quarters; the impact of the changing conditions of the mainland
Chinese stock market, Hong Kong
stock market and global financial markets on our future
performance; the unpredictability of our strategic transformation
and growth of new businesses; the prospect of our margin-related
business and the degree to which our implementation of margin
account screening and ongoing monitoring will yield successful
outcomes; the degree to which our strategic collaborations with
partners will yield successful outcomes; the prospects for
China's high-net-worth and
middle-class households; the prospects of equipping our customer
specialists with new technology, tools and financial knowledge;
wavering investor confidence that could impact our business; and
possible non-cash goodwill, intangible assets and investment
impairments may adversely affect our net income. Furthermore,
we have recurring losses from operation and inability to generate
sufficient cash flow to meet our obligation and sustain our
operations and face uncertainty as to the operation impact of the
COVID-19 outbreak, that raise substantial doubt about our ability
to continue as a going concern and continue as a listed company on
Nasdaq. Further information regarding these and other risks is
included in the Company's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F under
"Forward-Looking Information" and "Risk Factors". The Company
does not undertake any obligation to update any forward-looking
statement as a result of new information, future events or
otherwise, except as required under applicable law.
For more information, please contact:
China Finance Online
+86-10-8336-3100
ir@jrj.com
Kevin Theiss
Awaken Advisors
(212) 521-4050
kevin@awakenlab.com
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SOURCE China Finance Online Co., Ltd.
