Leidi.com Rakuten reported on May 20th
New York Stock Exchange days ago, staff of the New York Stock Exchange regulatory department decided to initiate the delisting procedure for Touchbao American depositary stocks. Currently, each ADS of Thubao represents 650 Class A common shares, and the ADS will be suspended after-hours trading on May 19.
The NYSE Regulatory Bureau made a decision to delist ADS in accordance with Article 802.01B of the NYSE Listed Companies Manual, because Touchbao is below the NYSE's minimum requirement that listed companies maintain a global average market value of at least US$15 million for 30 consecutive trading days.
Tunbao has the right to request the exchange board committee to review the decision. NYSE will apply to SEC to delist ADC after completing all applicable procedures.
According to reports, companies will transfer to OTC after delisting. Chubao is a listed company in the United States and needs to follow the compliance rules of listed companies, but the maintenance cost will be reduced and the burden on the company will be reduced.
Chubao believes that OTC will be more suitable for the business development status after the group's comprehensive transformation at this stage, and can concentrate on developing the transformed business well. "At present, the group's business operations are normal and the business operations are in good condition."
Chubao was listed on the New York Stock Exchange in September 2018, raising about US$50 million at that time. Less than 4 years later, Chubao's current share price is US$0.911, and its market value has fallen to US$6.44 million.
In just a few years, Chinese stock has also fallen from glory to dust, which makes people sigh.
financial report shows that Thubao Technology net revenue in the fourth quarter of 2021 was US$53.02 million, down 48% from US$102.4 million in the same period last year and 2% from US$54.4 million in the previous quarter.
Thubao Technology's net loss in the fourth quarter of 2021 was US$300,000, compared with a net loss of US$18.8 million in the same period last year and a net loss of US$400,000 in the previous quarter.
does not follow US General Accounting Standards. Chubao Technology's adjusted net profit in the fourth quarter of 2021 was US$500,000, while a net loss of US$17.3 million in the same period last year and a net profit of US$400,000 in the previous quarter.
As of December 31, 2021, the total amount of cash, cash equivalents and restricted cash held by Chubao Technology was US$18.4 million, compared with US$36.2 million as of September 30, 2021.
From the current perspective, the market value of Chubao is lower than Chubao's cash and cash equivalent .
————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-