Nisun International Faces Nasdaq Deficiency Notice
May 22, 2024, 9:49 pm
Location: United States, District of Columbia, Washington
Employees: 1001-5000
Founded date: 1934
Total raised: $392.5M
Nisun International Enterprise Development Group Co., Ltd, a technology-driven integrated supply chain solutions provider, recently found itself in a challenging position after receiving a notice of non-compliance from Nasdaq Stock Market LLC. The notice, dated May 17, 2024, highlighted the company's failure to timely file its annual report on Form 20-F for the year ended December 31, 2023, thereby putting it in violation of Nasdaq Listing Rule 5250(c)(1), which mandates the timely submission of periodic financial reports to the Securities and Exchange Commission.
Despite this setback, the notice does not immediately impact the listing or trading of Nisun International's Class A common shares on Nasdaq. However, Nasdaq's listing rules stipulate that the company has a 60-day window to present a plan to regain compliance. If Nasdaq accepts the plan, Nisun International could be granted up to 180 calendar days from the Form 20-F's due date, or until November 11, 2024, to rectify the situation.
In response to the deficiency notice, Nisun International has expressed its unwavering commitment to regaining compliance and meeting all of Nasdaq's listing requirements. The company is diligently working towards filing its Annual Report on Form 20-F at the earliest opportunity to address the issue promptly.
Nisun International, known for its focus on transforming the corporate finance industry, leverages its extensive industry experience to provide professional supply chain solutions to both Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun offers users specialized solutions for technology supply chain management, technology asset routing, and the digital transformation of tech and finance institutions, thereby enabling industry growth and enhancement.
Furthermore, Nisun International continues to deepen its industry segmentation through the integration of industrial and financial sectors, fostering an ecosystem of openness and empowerment. The company has developed a comprehensive platform that encompasses supply chain, banking, securities, trust, insurance, funds, and state-owned enterprises, with a specific emphasis on industry-finance linkages to serve the upstream and downstream of the industrial supply chain and support supply-side sub-sector reform.
In light of the forward-looking statements provided by Nisun International, caution is advised as actual results may differ from historical data or projections due to various factors. These factors include risks and uncertainties associated with fundraising, business maintenance and growth, operational variability, brand enhancement, product and service development, successful integration of acquired entities, market competition, government regulations, economic conditions, talent retention, and intellectual property protection.
Investors are encouraged to thoroughly review all factors that could impact Nisun International's future results, as outlined in the company's registration statement and other filings with the Securities and Exchange Commission. Nisun International maintains a commitment to transparency and compliance, with an obligation to update or revise forward-looking statements only as required by applicable law.
For further information, interested parties can contact Nisun International Enterprise Development Group Co., Ltd's Investor Relations team at +86 (21) 2357-0055 or via email at ir@cnisun.com. Alternatively, inquiries can be directed to Ascent Investor Relations LLC, represented by Tina Xiao, at +1 646-932-7242 or investors@ascent-ir.com.
Despite this setback, the notice does not immediately impact the listing or trading of Nisun International's Class A common shares on Nasdaq. However, Nasdaq's listing rules stipulate that the company has a 60-day window to present a plan to regain compliance. If Nasdaq accepts the plan, Nisun International could be granted up to 180 calendar days from the Form 20-F's due date, or until November 11, 2024, to rectify the situation.
In response to the deficiency notice, Nisun International has expressed its unwavering commitment to regaining compliance and meeting all of Nasdaq's listing requirements. The company is diligently working towards filing its Annual Report on Form 20-F at the earliest opportunity to address the issue promptly.
Nisun International, known for its focus on transforming the corporate finance industry, leverages its extensive industry experience to provide professional supply chain solutions to both Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun offers users specialized solutions for technology supply chain management, technology asset routing, and the digital transformation of tech and finance institutions, thereby enabling industry growth and enhancement.
Furthermore, Nisun International continues to deepen its industry segmentation through the integration of industrial and financial sectors, fostering an ecosystem of openness and empowerment. The company has developed a comprehensive platform that encompasses supply chain, banking, securities, trust, insurance, funds, and state-owned enterprises, with a specific emphasis on industry-finance linkages to serve the upstream and downstream of the industrial supply chain and support supply-side sub-sector reform.
In light of the forward-looking statements provided by Nisun International, caution is advised as actual results may differ from historical data or projections due to various factors. These factors include risks and uncertainties associated with fundraising, business maintenance and growth, operational variability, brand enhancement, product and service development, successful integration of acquired entities, market competition, government regulations, economic conditions, talent retention, and intellectual property protection.
Investors are encouraged to thoroughly review all factors that could impact Nisun International's future results, as outlined in the company's registration statement and other filings with the Securities and Exchange Commission. Nisun International maintains a commitment to transparency and compliance, with an obligation to update or revise forward-looking statements only as required by applicable law.
For further information, interested parties can contact Nisun International Enterprise Development Group Co., Ltd's Investor Relations team at +86 (21) 2357-0055 or via email at ir@cnisun.com. Alternatively, inquiries can be directed to Ascent Investor Relations LLC, represented by Tina Xiao, at +1 646-932-7242 or investors@ascent-ir.com.