XIAMEN,
China, Feb. 18, 2025 /PRNewswire/ -- Lichen
China Limited (Nasdaq: LICN) ("Lichen China" or
the "Company"), a dedicated financial and taxation service provider
in China today announced that it has received a
letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying that
the Company is not in compliance with Nasdaq Listing Rule
5810(c)(3)(A)(iii) (the "Low Priced Stocks Rule"), as the Company's
securities had a closing bid price of $0.10 or less for
eleven consecutive trading days from January 28, 2025
through February 11, 2025. The letter indicated that, as a
result, the Nasdaq staff has determined to delist the Company's
ordinary shares from The Nasdaq Capital Market (the "Delisting
Determination").
As previously reported, on January 23,
2025, Nasdaq notified the Company that the bid price of its
listed securities had closed at less than $1.00 per share over the previous 30 consecutive
business days and, as a result, did not comply with Listing Rule
5550(a)(2). The Company was provided 180 calendar days, or until
July 22, 2025, to regain compliance
with this rule. The Delisting Determination ended the
aforementioned compliance period before its expiration because the
Company's stock prices have triggered the Low Priced Stocks Rule.
The Company was provided until February 19, 2025 to request an
appeal of the Delisting Determination to the hearing panel.
The Company intends to request such hearing to appeal the
Delisting Determination before that date, which will stay the
suspension of its securities from the date of the request, during
which time such securities will continue to be listed on The Nasdaq
Capital Market.
If the Company fails to request an appeal of the Delisting
Determination by February 19, 2025, trading of the Company's
ordinary shares will be suspended at the opening of business on
February 21, 2025, and a Form 25-NSE
will be filed with the Securities and Exchange Commission, which
will remove the Company's securities from listing and registration
on The Nasdaq Stock Market.
The Company is considering all potential options available to it
to regain compliance with the aforementioned rules, including
seeking shareholders' approval for a reverse stock split.
About Lichen China Limited
Lichen China Limited focuses on providing financial and taxation
solution services, education support services, and software and
maintenance services under its "Lichen" brand. In recognition of
the Company's expertise and experience in the financial and
taxation solution services industry for over 18 years, the Company
has built up its reputation as a dedicated financial and taxation
solution services provider of professional and high-quality
services in China. For more information, please visit the
Company's website: https://ir.lichenzx.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's registration statement and in its other filings with the
U.S. Securities and Exchange Commission.
For more information, please contact:
Tian Sun
Phone: +86-0592-5586999
Email: ir@lichenzx.com
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SOURCE Lichen China Limited
