Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

Gridsum Receives NASDAQ Notice Regarding Non-Compliance With Minimum Market Value of Publicly Held Shares Requirement

Gridsum Holding Inc., a leading provider of cloud-based big-data analytics and artificial intelligence solutions in China, announced that on May 1, 2020, it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, indicating that for the last thirty consecutive business days, the Company’s Market Value of Publicly Held Shares had been below the minimum value of $15,000,000 required for continued listing on The Nasdaq Global Select Market under Nasdaq Listing Rule 5450(b)(3)(C).

The Nasdaq Letter has no immediate impact on the listing of the Company’s American depositary shares, each representing one Class B ordinary share of the Company, on The Nasdaq Global Select Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company has been granted a 180-calendar day grace period to regain compliance with the MVPHS requirement. The continued listing standard will be met if the Company’s MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days during such compliance period.

Recommended AI News: CBTS Announces Managed Database Services Solution

The Nasdaq Letter further indicated that Nasdaq filed an immediately effective rule change with the U.S. Securities and Exchange Commission on April 16, 2020. Pursuant to the rule change, Nasdaq tolled the compliance period for bid price and MVPHS requirements through June 30, 2020. As a result, the 180-day compliance period will be reinstated on July 1, 2020, and expire on December 28, 2020. Accordingly, if at any time during the tolling period or the 180-day compliance period the Company’s MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days, the Company will regain compliance with Nasdaq Listing Rule 5450(b)(3)(C), and Nasdaq will provide the Company with written confirmation of compliance.

Related Posts
1 of 40,773

Recommended AI News: Resecurity Expands Its Global Presence By Appointing Rajan Pant to Lead SAARC Security

If the Company does not regain compliance with 5450(b)(3)(C) by December 28, 2020, the Company will receive written notification that its securities are subject to delisting. Alternatively, the Company may consider applying to transfer the Company’s securities to The Nasdaq Capital Market, provided that the Company meets the continued listing requirements of The Nasdaq Capital Market.

The Company intends to monitor its MVPHS and consider available options if its MVPHS is not at a level likely to result in the Company regaining compliance with Nasdaq Listing Rule 5450(b)(3)(C) by December 28, 2020. However, there can be no assurance that the Company will be able to regain compliance with the MVPHS requirement, or that it will otherwise be in compliance with other Nasdaq listing criteria.

Recommended AI News: Innovation Announces Executive Leadership Team Changes

Comments are closed, but trackbacks and pingbacks are open.