Wins Finance Holdings “is a diversified investment and asset management company headquartered in New York and listed on NASDAQ.”
Wins Finance Holdings “is a diversified investment and asset management company headquartered in New York and was listed on NASDAQ.”
But not anymore. Here’s the press release:
BEIJING and NEW YORK, Aug. 9, 2017 /PRNewswire/ — Wins Finance Holdings Inc. (“Wins Finance” or the “Company”) (NASDAQ: WINS), a diversified investment and asset management company that provides integrated financing solutions to small and medium enterprises (“SMEs”) in China, today announced that on August 4, 2017, the Company received a delisting determination letter from the Staff of the Listing Qualifications Department (the “Listing Qualifications Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) relating to the delisting of the Company’s securities.
The Listing Qualifications Staff has determined to delist the Company’s securities due to a violation of (i) Listing Rule 5101, due to public interest concerns relating to alleged misrepresentations made to Nasdaq relating to the 300 round lot shareholder requirement in rule 5505(a), (ii) Listing Rule 5250, due to the making of alleged misrepresentations by the Company relating to the 300 round lot shareholder requirement in rule 5505(a), (iii) Listing Rule 5505(a), due to an alleged failure to meet the 300 round lot shareholder requirement at the time of its initial listing, and (iv) Listing Rule 5550(a), due to an alleged failure of the Company to currently meet the 300 round lot shareholder requirement.
This has been one helluva year for “Wins” and indeed, there for a while WINS lived up to its name and ticker symbol.
Like D.J. Khaled, all they did, was “win, win, win” as the shares rose more than 4,500% from their Nasdaq debut.
When asked to explain exactly what the fuck was going on amid a furious rally in February, the company couldn’t come up with a convincing excuse, which led Bloomberg to effectively call bullshit in an article publish in March.
The shares promptly tanked.
But WINS wasn’t done “winning.”
As you can see in the chart above, they got back to their winning ways again in June when the stock soared an absurd 184% intraday before Nasdaq finally halted it.
“We really don’t know what’s going on,” David Rudnick, an investor relations representative for Wins in New York, told Bloomberg at the time.
He continued: “It’s not my job to respond to Nasdaq. I don’t know who would know.”
Well, the delisting notice excerpted above seems to have put a permanent “halt” on all this “winning” for WINS.
They’re going to appeal it, but for now, they’ll have to take the loss…