HONG
KONG, June 14, 2024 /PRNewswire/ -- CLPS
Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS) today
announced that it received a written notice from The Nasdaq Stock
Market LLC ("Nasdaq") dated June 10,
2024, indicating that the Company's closing bid price for
its common shares fell below $1.00
per share for 30 consecutive trading days, which is not in
compliance with Nasdaq Listing Rule 5450(a)(1). The Nasdaq
notification does not affect CLPS's current listing or trading of
the Company's securities on the Nasdaq Global Market.
Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been granted a 180-calendar day compliance period, until
December 9, 2024, to regain compliance with the minimum bid price
requirement. To regain compliance, CLPS's common shares must have a
closing bid price of at least $1.00 per share for a minimum of 10
consecutive business days. If the Company achieves this within the
compliance period, Nasdaq will provide written confirmation of
compliance and the matter will be closed.
In the event that the Company does not regain compliance by
December 9, 2024, it may be eligible
for an additional 180-day compliance period by transferring to the
Nasdaq Capital Market from the Nasdaq Global Market, provided it
meets the necessary listing requirements, and notifying Nasdaq of
its intent to cure the deficiency by effecting a reverse stock
split if necessary.
The Nasdaq notification letter will have no effect on the
Company's business operations, and CLPS is committed to taking all
reasonable measures to regain compliance with Nasdaq's minimum bid
price requirement.
About CLPS Incorporation
Headquartered in Hong Kong,
CLPS Incorporation is a global leading information technology
("IT") consulting and solutions service provider focused on
delivering services primarily to global institutions on the
banking, wealth management, e-commerce, and automotive sectors. The
Company serves as an IT service provider to a growing network of
clients in the global financial service industry, including large
financial institutions in the U.S., Europe, Australia, Asia, and their PRC-based IT centers. The
Company maintains 20 delivery and/or research & development
centers to serve different customers in various geographic
locations. Mainland China centers
are located in Shanghai,
Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining 10 global centers are
located in Hong Kong SAR, USA,
Japan, Singapore, Australia, Malaysia, India, Philippines, Vietnam, and Canada. For further information regarding the
Company, please
visit: https://ir.clpsglobal.com/, or follow CLPS
on Facebook, Instagram, LinkedIn,
X (formerly Twitter), and YouTube.
Forward-Looking Statements
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to the
Company's beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance. Known and unknown risks, uncertainties and other
factors, which may be beyond the Company's control, may cause the
actual results and performance of the Company to be materially
different from such forward-looking statements. All such statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, including, without limitation, those risks
and uncertainties related to the Company's expectations of the
Company's future growth, performance and results of operations, the
Company's ability to capitalize on various commercial, M&A,
technology and other related opportunities and initiatives, as well
as the risks and uncertainties described in the Company's most
recently filed SEC reports and filings. Such reports are available
upon request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
Contact:
CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com
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SOURCE CLPS