Benzinga | Oct 21, 2020 09:03AM EDT

Wins Finance Holdings Inc. Announces Nasdaq Delisting Determination

BEIJING and NEW YORK, October 21, 2020 /PRNewswire/ -- Wins Finance Holdings Inc. ("Wins Finance" or the "Company") (NASDAQ:WINS), a diversified investment and asset management company that provides integrated financing solutions to small and medium enterprises ("SMEs") in China, today announced that on October 19, 2020, the Company received a letter from the Nasdaq Hearing Panel (the "Panel") of the Nasdaq Stock Exchange LLC ("Nasdaq). The letter notified the Company that since its new auditor submitted a qualified opinion on its financial statements filed on Form 20-F due to the freezing of a substantial portion of its assets by a public security bureau in China, this rendered the Form 20-F incomplete. Accordingly, the Panel has determined to delist the Company's shares from Nasdaq effective at the open of business on October 21, 2020. The Company plans to request that the Nasdaq Listing and Hearing Review Council review this decision within 15 days of the notice.

The Company's ordinary shares may become quoted on the OTC Pink Open Market upon application by a market maker. The Company cannot provide assurance with respect to when, or if, a market maker will submit such an application or when quotations will be available.