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China Finance Online Tumbles on De-Listing
Beijing-based China Finance Online Co. Limited (NASDAQ: JRJC) saw its shares go down in the standings on word one of the world's largest indexes is delisting the stock.
The company, a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced that it received a letter, from the NASDAQ Hearings Panel informing the Company that it has determined to delist the Company's ADSs from NASDAQ by filing a Form 25 (Notification of Delisting) with the Securities and Exchange Commission after applicable appeal periods have lapsed and will suspend trading in our ADSs effective at the open of business on January 21.
The Company was notified in May 2021 that it was not in compliance with the shareholders' equity requirement and received a delisting notice in August 2021. Following the hearing that took place last September. the Panel granted the Company's request to phase down to The Nasdaq Capital Market and an extension until January 14, 2022 to evidence compliance with the minimum $2.5 million stockholders' equity requirement,
Shares in JRJC declined $2.68, or 41.6%, to $3.76.
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