Senmiao technology limited receives non-compliance notice from nasdaq

On september 30, 2019, senmiao technology limited (the “company”) received a deficiency notice from the nasdaq stock market (“nasdaq”) informing the company that its common stock, par value $0.0001 per share (the “common stock”), fails to comply with the $1 minimum bid price required for continued listing on the nasdaq capital market under nasdaq listing rule 5550(a)(2) based upon the closing bid price of the common stock for the 30 consecutive business days prior to the date of the notice from nasdaq. nasdaq’s notice has no immediate effect on the listing of the common stock on the nasdaq capital market. pursuant to nasdaq listing rule 5810(c)(3)(a), the company has been provided an initial compliance period of 180 calendar days, or until march 30, 2020, to regain compliance with the minimum bid price requirement. to regain compliance, the closing bid price of the common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days prior to march 30, 2020. if the company is unable to regain compliance by march 30, 2020, the company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the bid price requirement. to qualify, the company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the nasdaq capital market, with the exception of the bid price requirement, and will need to provide written notice to nasdaq of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. if the company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, nasdaq will notify the company of its determination to delist the common stock, at which point the company would have an opportunity to appeal the delisting determination to a hearings panel.
AIHS Ratings Summary
AIHS Quant Ranking