HONG KONG, May 20, 2021 /PRNewswire/ -- SGOCO Group,
Ltd. ("SGOCO" or the "Company") (Nasdaq: SGOC), today
announced that it received a notification letter dated May 18, 2020 (the "Deficiency Letter") from the
Listing Qualifications Department of The Nasdaq Stock Market Inc.
(the "Nasdaq") notifying that the Company is no longer in
compliance with the Nasdaq Listing Rule 5250(c)(1) for continued
listing due to its failure to timely file its annual report on Form
20-F for the year ended December 31,
2020 (the "Annual Report") with the U.S. Securities and
Exchange Commission.
Under the Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company has
until July 16, 2021 (that is, 60
calendar days from the date of the Deficiency Letter) to submit to
Nasdaq a plan (the "Compliance Plan") to regain compliance with the
Nasdaq Listing Rules. The Company intends to submit the Compliance
Plan as soon as practicable.
Under the Nasdaq Listing Rule 5810(c)(2)(F)(ii), if Nasdaq
accepts the Compliance Plan, Nasdaq can grant the Company an
exception until November 15, 2021
(that is, up to 180 calendar days from the extended due date of the
Annual Report) to regain compliance. The Company's independent
registered public accounting firm will require additional time to
conduct an audit of the Company's financial statements for the year
ended December 31, 2020. The Company
intends to file the Annual Report as soon as practicable.
The Deficiency Letter has no immediate impact on the listing of
the Company's ordinary shares on the Nasdaq Capital Market.
This announcement is made in compliance with the Nasdaq Listing
Rule 5810(b), which requires prompt disclosure of receipt of a
notification of deficiency.
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is a conglomerate group of various businesses
with its headquarters based in Hong Kong. The group is
principally engaged in (a) money lending business in Hong Kong providing mortgage loans to high
quality target borrowers (b) property investment to generate
additional rental income and (c) the development, operation and
management of an online financial marketplace that provides
one-stop financial technology solutions including API services by
leveraging artificial intelligence, big data and blockchain, and
cloud computing (SaaS). The group's vision is to operate as a
conglomerate to build synergy within its own sustainable ecosystem
thereby creating value to its shareholders. For more information
about SGOCO, please visit our investor relations website:
http://www.sgocogroup.com
Safe Harbor and Informational Statement
This announcement contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein and those preceded by or
that include the words "believe," "expect," "anticipate," "future,"
"will," "intend," "plan," "estimate" or similar expressions, are
"forward-looking statements". Forward-looking statements in this
release include, without limitation, the effectiveness of the
Company's multiple-brand, multiple channel strategy and the
transitioning of its product development and sales focus and to a
"light-asset" model, Although the Company's management believes
that such forward-looking statements are reasonable, it cannot
guarantee that such expectations are, or will be, correct. These
forward looking statements involve a number of risks and
uncertainties, which could cause the Company's future results to
differ materially from those anticipated. These forward-looking
statements can change as a result of many possible events or
factors not all of which are known to the Company, which may
include, without limitation, our ability to have effective internal
control over financial reporting; our success in designing and
distributing products under brands licensed from others; management
of sales trend and client mix; possibility of securing loans and
other financing without efficient fixed assets as collaterals;
changes in government policy in China; China's overall economic conditions and local
market economic conditions; our ability to expand through strategic
acquisitions and establishment of new locations; compliance with
government regulations; legislation or regulatory environments;
geopolitical events, and other events and/or risks outlined in
SGOCO's filings with the U.S. Securities and Exchange Commission,
including its annual report on Form 20-F and other filings. All
information provided in this press release and in the attachments
is as of the date of the issuance, and SGOCO does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
Contact:
Tony Zhong
Vice President of Finance
HK Office: +852 2153 3957
Email: ir@giantconnection.com
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SOURCE SGOCO Group, Ltd.