BEIJING, July 7, 2020
/PRNewswire/ -- Golden Bull Limited (NASDAQ: DNJR) announced today
it has completed its $17.2 Million
Financing and is delayed in filing its Annual Report on Form 20-F
for the year ended December 31,
2019.
On July 6, 2020, Golden Bull
Limited ( the "Company") completed the sale of 21,500,000 shares of
common stock at $0.80 per share, for
gross proceeds of $17,200,000. The
offering was made pursuant to a Securities Purchase Agreement
("SPA") dated as of May 27, 2020, a
copy of which form was filed as an exhibit to the Company's Form
6-K filed on May 28, 2020. The sale
was made to twenty-five (25) unaffiliated investors. Each investor
signed a SPA which contained non-U.S. Person Representations
pursuant to Regulation S under the Securities Act of 1933, as
amended (the "Act"). There were no underwriters or placement agents
involved in the transaction. Exemption from registration is claimed
under Rule 903 of Regulation S under the Act based upon the
representations and warranties in the SPA.
On July 1, 2020, the Company was
in receipt of a notice of delinquency letter from Nasdaq
Regulation. The letter states that the Company has not yet filed
its Form 20-F for the year ended December
31, 2019 (the "Filing") and is no longer in compliance with
Listing Rule 5250 c(1) .The Company has 60 calendar days to
submit a plan to regain compliance. The Company was prepared to
file on a timely basis by June 30,
2020 and expects to do so in the very near future. The delay
was solely a result of the delays in obtaining and compiling
information to be included in its Form 20-F, primarily as a result
of the effects of Covid-19 in China where the Company's operations are
located, which delay could not be eliminated by the Company without
unreasonable effort and expense.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of Golden Bull Limited and its
subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that
are filed with the Securities and Exchange Commission and available
on its website at http://www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
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SOURCE Golden Bull Limited