SHARING ECONOMY INTERNATIONAL INC. (NASDAQ: SEII) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01
On November 26, 2018, Sharing Economy International Inc. (the “Company”) received a staff determination notice from The Nasdaq Stock Market (“Nasdaq”) informing the Company that as a result of its failure to comply with Nasdaq’s shareholder approval requirements set forth in Listing Rule 5635(c) (the “Rule”), the staff had determined to deny the Company’s request for continued listed based on a plan of compliance submitted on October 26, 2018. In the determination notice, the staff expressed its concern that the plan of compliance did not represent a definitive plan evidencing the Company’s ability to comply with the Rule due to (i) a portion of the shares issued in violation of the Rule having been sold in the market (and accordingly no longer subject to remediation) and (ii) the lack of signed commitments from other holders of shares issued in violation of the Rule to participate in a proposed exchange offer intended to remediate such issuances by virtue of a subsequent special meeting of stockholders to be held to approve them. Nasdaq further informed the Company that, in accordance with Listing Rule 5101, unless the Company requests an appeal of the staff’s determination, the Company’s common stock will be suspended from trading on the Nasdaq Capital Market at the opening of business on December 5, 2018.
The Company does not intend to appeal this determination, accordingly the Company’s common stock will be delisted from Nasdaq effective at the open of trading on December 5, 2018. The Company expects that its common stock will continue trading on the OTC Markets under the symbol “SEII” beginning on December 5, 2018.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number | Description |
| 99.1 | Press Release dated November 30, 2018 |
SHARING ECONOMY INTERNATIONAL INC. ExhibitEX-99.1 2 f8k112618ex99-1_sharingeco.htm PRESS RELEASE DATED NOVEMBER 30,…To view the full exhibit click here