Business
ATIF Holdings Limited Announces Receipt of Nasdaq Notice of Deficiency For Failure to Hold an Annual Meeting of Shareholders
SHENZHEN, China, Aug. 7, 2020 /PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF, the "Company"), a company providing business consulting services and
About this update from Atif Holdings Limited
[{"type":"text","content":"SHENZHEN, China, Aug. 7, 2020 /PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF, the \"Company\"), a company providing business consulting services and multimedia services in Asia, today announced that it received a written notice (the \"Notice\") from the Listing Qualifications Department of The Nasdaq Stock Market (\"Nasdaq\") indicating that the Company is not in compliance with the Nasdaq Listing Rules (the \"Rules\") as a result of not having held an annual meeting of stockholders within 12 months of the end of the Company's fiscal year on July 31, 2020. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities on the Nasdaq Capital Market.\nThe Notice states that, under the Rules, the Company has 45 calendar days to submit a plan to regain compliance with the Rules. The Company intends to submit a plan to regain compliance with the Rules within the required timeframe. If Nasdaq accepts the Company's plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the Company's fiscal year end, or until January 31, 2021, to regain compliance. The Notice further states that in determining whether to accept the Company's plan, Nasdaq will consider such things as the likelihood that the annual meeting can be held within the 180-day period, the Company's past compliance history, the reasons for the delayed meeting, other corporate events that may occur during the review period, the Company's overall financial condition and its public disclosures. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel. The Company is planning to hold its annual shareholders meeting on November 3, 2020.\nAbout ATIF Holdings Limited\nHeadquartered in Shenzhen, China, ATIF Holdings Limited (\"ATIF\") is a company providing business consulting services to small and medium-sized enterprises in Asia, including going public consulting services, international business planning and consulting services, and financial media services. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. Through its majority-owned subsidiary, Leaping Group Co., Ltd., ATIF also provides multimedia services and is engaged in three m...