Dunxin Financial Holdings Limited Announces NYSE American Notice of Delisting
Rhea-AI Summary
Dunxin Financial Holdings (NYSE American: DXF) announced on September 23, 2024, that it received a notice of delisting from NYSE American on September 17, 2024. The Exchange suspended trading of Dunxin's ADS and initiated delisting proceedings due to the low selling price of the company's ADS, citing Section 1003(f)(v) of the NYSE American Company Guide.
Dunxin plans to appeal the decision to the Exchange's Listing Qualifications Panel, although success is not guaranteed. The company's ADS began trading under the symbol DXFFY on the OTC Pink market on September 18, 2024.
CEO Longwen (Stanley) He stated that following a successful business restructuring, the company's operational management and financial health are strong, with new ventures already contributing to revenue. Management remains confident in future growth and is committed to cooperating with the Exchange during the appeal process.
Positive
- Successful business restructuring completed
- New ventures already contributing to revenue
- Management reports robust operational management and financial health
Negative
- NYSE American suspended trading of Dunxin's ADS
- Delisting proceedings initiated by NYSE American
- Company's ADS moved to OTC Pink market
- Low selling price of company's ADS cited as reason for delisting
Insights
This delisting notice from NYSE American is a significant setback for Dunxin Financial Holdings. The company's ADS has been suspended and moved to the OTC Pink market, which typically indicates reduced liquidity and potentially lower investor confidence. The primary reason cited is the low selling price of the company's ADS, suggesting prolonged underperformance.
While the CEO claims robust operational management and financial health post-restructuring, the delisting raises questions about the company's market perception and ability to meet exchange requirements. The appeal process adds uncertainty and even if successful, regaining compliance could be challenging. Investors should be cautious, as OTC-listed stocks often face increased volatility and reduced analyst coverage.
The transition to OTC markets may impact Dunxin's ability to raise capital and maintain institutional investor interest. However, if the company can demonstrate strong financial performance and successfully appeal the delisting, there might be potential for recovery. Investors should closely monitor the appeal outcome and any forthcoming financial reports to assess Dunxin's true operational and financial status.
The Company's ADS has begun trading under the trading symbol "DXFFY" on the OTC Pink operated on the OTC Markets system effective with the open of the markets on September 18, 2024.
Dunxin's CEO Longwen (Stanley) He commented, "Following a successful business restructuring, our operational management and financial health are robust, and the new ventures are already contributing to our revenue. Management remains confident in the company's future growth and is fully committed to cooperating with the Exchange during the appeal process."
About Dunxin Financial Holdings Limited
Dunxin Financial Holdings Limited is a company engaged in real estate operation management and investment and a digital technology security business in
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.
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SOURCE Dunxin Financial Holding Limited
FAQ
Why is Dunxin Financial Holdings (DXF) being delisted from NYSE American?
What is Dunxin Financial Holdings 's (DXF) new trading symbol on the OTC market?
Is Dunxin Financial Holdings (DXF) appealing the NYSE American delisting decision?
When did Dunxin Financial Holdings (DXF) receive the delisting notice from NYSE American?
