Form 8-K - Current report
02 Novembre 2023 - 9:05PM
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2023-11-02
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 2, 2023 (November 1, 2023)
ZW Data Action Technologies Inc.
(Exact Name of Registrant as Specified in Charter)
Nevada |
|
001-34647 |
|
20-4672080 |
(State or Other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
Room 1811, Xinghuo Keji Plaza, No. 2 Fufeng Road,
Fengtai District, Beijing, CN 100070 |
(Address of Principal Executive Offices and Zip Code)
|
Registrant’s telephone number, including area code:
+86 (10) 6084-6616
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ |
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405
of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of
this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of
the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 |
|
CNET |
|
NASDAQ Capital Market |
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer
of Listing.
On November 1, 2023, ZW Data Action Technologies Inc., a Nevada corporation
(the “Company”) received a notice in the form of a letter (“Deficiency Letter”) from the Nasdaq Listing Qualifications
Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company was not in compliance
with Nasdaq Listing Rule 5550(a)(2) because the bid price for the Company’s common stock had closed below $1.00 per share for the
previous 30 consecutive business days (the “Minimum Bid Price Requirement”).
The Nasdaq Deficiency Letter has no immediate effect
on the listing of the Company’s common stock, and its common stock will continue to trade on The Nasdaq Capital Market under the
symbol “CNET” at this time.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been
given 180 calendar days, or until April 29, 2024, to regain compliance with the Minimum Bid Price Requirement. If at any time before April
29, 2024, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business
days, the Staff will provide written confirmation that the Company has achieved compliance.
In the event the Company does not regain compliance, the Company may be eligible
for additional time. 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 of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock
split, if necessary. If the Company meets these requirements, the Staff will inform the Company that it has been granted an additional
180 calendar days. However, if it appears to Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise
not eligible, the Staff will provide notice that its securities will be subject to delisting.
If the Company does not regain compliance by April 29, 2024, the Nasdaq Staff
will provide written notice to the Company that its securities are subject to delisting. At that time, the Company may appeal any such
delisting determination to a Nasdaq hearings panel.
The Company intends to actively monitor the closing bid price for the Company’s
common stock between now and April 29, 2024 and may, if appropriate, evaluate available options to resolve the deficiency and regain compliance
with the Minimum Bid Price Requirement. While the Company is exercising diligent efforts to maintain the listing of its common stock on
Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards.
The Company, by filing this Form 8-K, discloses its
receipt of the Nasdaq Deficiency Letter regarding the Minimum Bid Price Requirement in accordance with Nasdaq Listing Rule 5810(b).
Forward Looking Statements
Certain information contained in this report consists
of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties
and assumptions that are difficult to predict. Words such as “will,” “would,” “may,” “intends,”
“potential,” and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does
not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions
or events could differ materially from those contained in such statements. For example, there can be no assurance that the Company will
regain compliance with the Minimum Bid Price Requirement during any compliance period or in the future, or otherwise meet Nasdaq compliance
standards, that the Company will be eligible for a second compliance period, or that Nasdaq will grant the Company any relief from delisting
as necessary or that the Company can ultimately meet applicable Nasdaq requirements for any such relief. The forward-looking statements
contained in this report speak only as of the date of this report and the Company undertakes no obligation to publicly update any forward-looking
statements to reflect changes in information, events or circumstances after the date of this report, unless required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
ZW DATA ACTION TECHNOLOGIES INC. |
|
|
Dated: November 2, 2023 |
|
|
|
|
By: /s/ Handong Cheng |
|
Name: Handong Cheng |
|
Title: Chief Executive Officer and Acting Chief Financial Officer |
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Document Period End Date |
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Entity File Number |
001-34647
|
Entity Registrant Name |
ZW Data Action Technologies Inc.
|
Entity Central Index Key |
0001376321
|
Entity Tax Identification Number |
20-4672080
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
Room 1811, Xinghuo Keji Plaza
|
Entity Address, Address Line Two |
No. 2 Fufeng Road,
|
Entity Address, Address Line Three |
Fengtai District
|
Entity Address, City or Town |
Beijing
|
Entity Address, Country |
CN
|
Entity Address, Postal Zip Code |
100070
|
City Area Code |
(10)
|
Local Phone Number |
6084-6616
|
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Title of 12(b) Security |
Common Stock, par value $0.001
|
Trading Symbol |
CNET
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Security Exchange Name |
NASDAQ
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Entity Emerging Growth Company |
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