UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2020.
Commission File Number 001-38172
CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC.
(Translation of registrant’s name into English)
93 Jianguo Road, No. 6 Building,
11th Floor
Chaoyang District, Beijing, People’s Republic of China 100020
Telephone: +86 010-5820389
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
On April 17, 2020, China Internet Nationwide Financial Services, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 and hereby incorporated by reference into this report on Form 6-K.
Exhibit List
Exhibit No. | Description | |
99.1 | Press release dated April 17, 2020, the Company Announces Receipt of Notice of Non-compliance with NASDAQ’s Listing Rule 5450(b)(1)(C) |
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, thereunto duly authorized.
Date: April 17, 2020 | CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC. | |
By: | /s/ Warren Wang | |
Name: | Warren Wang | |
Title: | Chief Executive Officer |
Exhibit 99.1
CIFS Receives Notice of Non-compliance with NASDAQ’s Listing Rule 5450(b)(1)(C)
Beijing, China April 17, 2020 - China Internet Nationwide Financial Services, Inc. (the “Company” or Nasdaq: CIFS) received a letter on April 16, 2020 from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) indicating the Company’s Market Value of Publicly Held Shares (MVPHS) did not meet the minimum value of $5,000,000 for the last 30 consecutive business days in contravention of the Nasdaq’s Listing Rules (the “Rules”). However, the Rules also provide the Company a compliance period of 180 calendar days in which to regain compliance. The following table summarizes the critical dates and information as related to this matter.
Period below $5,000,000 MVPHS |
Expiration of 180 calendar day compliance period |
Public Announcement Due Date |
Relevant Listing Rules | |||
March 2, 2020 to April 15, 2020 | October 13, 2020 | April 22, 2020 | 5450(b)(1)(C) – MVPHS 5810(c)(3)(D) – compliance period 5810(b) – public disclosure 5505 – Capital Market criteria |
The Company was informed that if at any time during this compliance period the Company’s MVPHS closes at $5,000,000 or more for a minimum of ten consecutive business days, the Nasdaq would provide the Company written confirmation of compliance and this matter would be closed. In the event the Company does not regain compliance with the Rules prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. Alternatively, the Company may consider applying to transfer the Company’s securities to The Nasdaq Capital Market (the “Capital Market”). In order to transfer, the Company must submit an on-line Transfer Application, pay the $5,000 application fee, and meet the Capital Market’s continued listing requirements.
The Company intends to actively monitor its closing bid price for its ordinary shares between now and October 31, 2020 and intends to take any reasonable actions to resolve the Company’s noncompliance with the Rules. No determination regarding the Company’s response has been made at this time. There can be no assurance that the Company will be able to regain compliance with the Rules or will otherwise be in compliance with other Nasdaq listing criteria.
Contact information
Jinchi XU
Chief Financial Officer xujinchi@cifsp.com