LiNiu Technology Group (“LINU” or the “Company”) (NASDAQ: LINU), which launched its electronic trading platform focused on the Chinese agricultural industry in April 2017 through Guangzhou LiNiu Network Technology Co., Ltd. (“Guangzhou LiNiu”), today announced that on May 2, 2018, it received a written notice (the “Notice”) from the Listing Qualifications department of The Nasdaq Stock Market (“Nasdaq”) indicating that LINU is not in compliance with the requirement to file its Form 20-F (the “Filing”) with the Securities and Exchange Commission for the period ending December 31, 2017, as set forth in Nasdaq Listing Rule 5250(c)(1).
In addition, LINU today announced that it has provided formal notice to the Nasdaq Stock Market of its intention to voluntarily delist its Ordinary Shares from the Nasdaq Stock Market. The ticker symbol for the Ordinary Shares is LINU.
The Company believes that the benefits of the Company’s status as a listed company are outweighed by the costs of such listing. The Company intends to file a Form 25 with the Securities and Exchange Commission on or about May 14, 2018 with the delisting becoming effective 10 days after such filing. Accordingly, the Company anticipates that the last day of trading on NASDAQ of its Ordinary Shares will be on May 14, 2018. The Company believes that its Ordinary Shares will be eligible for quotation on the over the counter market following its delisting from the Nasdaq Stock Market.
About LiNiu Technology Group
LiNiu Technology Group (NASDAQ: LINU) recently launched the LiNiu Network, a Business to Customer (“B2C”), Customer to Customer (“C2C”) and Online to Offline (“O2O”) electronic trading platform focused on the Chinese agricultural industry. The Company also currently participates in the promotion of VIP gaming at the Altira Macau. For more information on the LiNiu Network, please visit www.liniuyang.com.
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Factors that could cause actual results to differ materially from management's current expectations include but not limited to those risks and uncertainties relating to future business development; ability to maintain the reputation and brand; privacy and regulatory concerns; competition; security breaches; the continued growth of the e-commerce market in China; and fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. Investors and potential investors should consult all of the information set forth herein and should also refer to the risk factors set forth in the Company’s Annual Report on Form 20-F filed in April 2017, and other reports filed or to be filed from time-to-time with the Securities and Exchange Commission.
Wang Shun Yang, +852 2111 9220