Welcome to our dedicated page for RAAS news (Ticker: RAAS), a resource for investors and traders seeking the latest updates and insights on RAAS stock.
Cloopen Group Holding Limited (historically NYSE: RAAS and now quoted over-the-counter as RAASY) is a China-based, cloud-focused communications solution provider. The company’s news flow reflects both its role in the cloud communications and SaaS sector and its evolving status as a U.S.-reporting issuer.
News releases from Cloopen emphasize its business as a multi-capability cloud-based communications solution provider offering communications platform as a service (CPaaS), cloud-based contact centers (cloud-based CC), and cloud-based unified communications and collaborations (cloud-based UC&C). Updates often restate the company’s mission to enhance enterprise communication experiences and operational productivity through SaaS-based tools and related tactics.
Investors following RAAS/RAASY can expect several recurring categories of news. Cloopen has issued multiple announcements about annual reports on Form 20-F filed with the U.S. Securities and Exchange Commission for fiscal years 2021, 2022, 2023, and 2024, each containing audited financial statements. These filings and related press releases provide insight into the company’s financial reporting and compliance status.
Regulatory and listing developments are another major theme. Cloopen has reported on NYSE listing compliance, including an ADS ratio change that had the effect of a reverse ADS split, subsequent confirmation of compliance with the NYSE minimum share price requirement, and later a NYSE notice commencing delisting proceedings and suspension of trading due to delayed SEC filings. The company has also described the transition of its ADSs to eligibility for trading on the over-the-counter market.
Additional news items cover corporate governance and regulatory matters, such as a settlement with the SEC related to employee misconduct and transaction irregularities, board composition changes with new and departing directors, and a preliminary non-binding proposal for a potential going private transaction submitted by a buyer group including the company’s founder and an investment fund.
By monitoring this news stream, readers can track Cloopen’s disclosures on its cloud communications business, SEC reporting, listing status, governance changes, and any proposed corporate transactions affecting RAAS/RAASY securities.
Cloopen Group Holding Limited (NYSE: RAAS) announced a change in the ratio of its American depositary shares (ADSs) to Class A ordinary shares from 1 ADS for 2 shares to 1 ADS for 6 shares. This adjustment equates to a 1-for-3 reverse ADS split, effective on March 15, 2023. No action is required from ADS holders as the change will be executed on the depositary's books. The price of the ADS is expected to rise proportionally, although Cloopen cannot guarantee that it will be three times the previous price. The company, based in China, provides cloud-based communication solutions.
Cloopen Group Holding Limited (NYSE: RAAS) has appointed HKCM CPA & Co as its new independent registered public accounting firm, effective February 3, 2023. This decision follows the tenure of Yu Certified Public Accountant, P.C., which lasted from July 18, 2022 to the recent change. The transition is supported by the company's board and audit committee, ensuring a seamless changeover. There were no disagreements or reportable events between Cloopen and its former auditor during their engagement. Cloopen, based in China, provides cloud-based communications solutions aimed at enhancing enterprise productivity.
Cloopen Group Holding Limited (NYSE: RAAS) announced it received a letter from NYSE Regulation granting an extension until May 17, 2023 to file its 2021 Annual Report. This extension is contingent upon the Company meeting ongoing milestones set with the NYSE. Failure to comply with these requirements may lead to an accelerated suspension or delisting from the NYSE. The Company has been in ongoing talks with the NYSE regarding this late filing issue.
Cloopen Group Holding Limited (NYSE: RAAS) received a non-compliance letter from the NYSE on October 5, 2022, due to the trading price of its American depositary shares falling below $1.00 for a consecutive 30-day period. The cure period to regain compliance ends on April 5, 2023. To avoid delisting, Cloopen must ensure both a closing price of $1.00 on the last trading day and an average closing price of $1.00 over the preceding 30 trading days. The company is evaluating its options in response to this situation.
Cloopen Group Holding Limited (NYSE: RAAS) announced compliance with NYSE listing standards for minimum share price as of September 1, 2022. The company was previously notified on May 31, 2022, that its average closing price had fallen below $1.00 per American depositary share (ADS) over a 30-day period. Following the NYSE's calculation, Cloopen's ADS price was confirmed to be above the $1.00 requirement, ensuring continued trading on the exchange. This compliance is crucial for maintaining investor confidence and shareholder value.
Cloopen Group Holding Limited (NYSE: RAAS) announced the substantial completion of its independent internal investigation into employee misconduct and transaction irregularities. The Special Committee found that reported revenues were inflated by approximately RMB11.6 million and RMB17.8 million in Q2 and Q3 of fiscal year 2021, respectively. Costs also saw inflation. The Company is expected to fall short of its previously announced revenue guidance for Q4 2021. Significant remedial measures, including employee terminations and enhanced internal controls, are being implemented.
Cloopen Group Holding Limited (NYSE: RAAS) announced the appointment of Yu Certified Public Accountant, P.C. as its new independent registered public accounting firm, effective July 18, 2022. This decision follows a thorough evaluation process approved by the Board of Directors and the audit committee. Yu CPA replaces KPMG Huazhen LLP and is expected to facilitate a smooth transition. Cloopen specializes in cloud-based communications solutions in China, aiming to enhance enterprise communication and operational productivity.
Cloopen Group Holding Limited (NYSE: RAAS) announced on June 29, 2022, that it received a non-compliance letter from the NYSE due to its American depositary shares trading below the $1.00 compliance standard. The notification, dated May 31, 2022, requires the company to raise its average share price above $1.00 by November 30, 2022, or face delisting. Cloopen is considering its options while monitoring market conditions to address this issue.
Cloopen Group Holding Limited (NYSE: RAAS) announced it received a notification from the NYSE regarding non-compliance with listing standards due to the delayed filing of its 2021 Annual Report. The report, covering the period ending December 31, 2021, is pending an internal investigation and audit completion, with no current filing date. The NYSE will monitor the late filing for six months, and if unresolved, could lead to suspension and delisting. Until compliance is regained, Cloopen's trading symbol will show an "LF" indicator for late filing.
Cloopen Group Holding Limited (NYSE: RAAS) announced on May 18, 2022, the resignation of independent directors Ching Chiu and Yunhao Liu, effective immediately, for personal reasons. Their departures did not involve any disagreements with the company. The board appoints Adam J. Zhao as a new independent director, who will also chair the audit committee, and Tim Yimin Liu as a successor independent director. Both appointees have extensive backgrounds in finance and law, with Mr. Zhao holding previous CFO roles and Mr. Liu serving as a partner at Global Law Office.