Golden Bull Regains Nasdaq Compliance, Completes USD 2.6 Mln Financing
Golden Bull, 5/15/20
China's Golden Bull (Nasdaq: DNJR), which previously announced a pivot from P2P online lending to car rental and bitcoin mining businesses, announced today that it received a written notification from the Nasdaq Stock Market Listing Qualifications Staff indicating that the company had regained compliance with the USD 1.00 minimum closing bid price requirement for continued listing on the Nasdaq Stock Market and the matter is now closed. The closing bid price of the company's common stock has been at USD 1.00 per share or greater for at least 20 consecutive business days.
On May 8, 2020, the company completed the sale of 6,500,000 shares of common stock at USD 0.40 per share for gross proceeds of USD 2,600,000. The offering was made pursuant to a Securities Purchase Agreement ("SPA") dated as of October 30, 2019, a copy of which form was filed as an exhibit to the Company's Form 6-K filed on October 31, 2019. The offering was halted during the period of time of the Nasdaq trading suspension, as well as the effects of COVID-19 in China. The sale was made to eight unaffiliated investors. Each investor signed a SPA which contained non-U.S. Person Representations pursuant to Regulation S under the Securities Act of 1933, as amended (the "Act"). There were no underwriters or placement agents involved in the transaction. Exemption from registration is claimed under Rule 903 of Regulation S under the Act based upon the representations and warranties in the SPA.
Keywords: financing Internet P2P online lending Golden Bull DNJR funding financial services
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