BEIJING - TIAN RUIXIANG Holdings Ltd (NASDAQ:TIRX), a China-based insurance brokerage, announced Monday that it has received a notice of non-compliance from Nasdaq. The notice, dated March 20, 2024, was issued because the company failed to file its annual report for the fiscal year ended October 31, 2023, on time, breaching Nasdaq's Listing Rule 5250(c)(1).
While this development does not immediately affect the trading of TIRX's Class A ordinary shares on the Nasdaq Capital Market, TIAN RUIXIANG must submit a compliance plan within 60 days, by May 20, 2024. If Nasdaq accepts the plan, the company may be given until September 10, 2024, to file its overdue annual report and regain compliance.
TIAN RUIXIANG operates as an insurance broker in China, offering various products including property and casualty insurance, such as automobile and commercial property insurance, as well as life and health insurance. The company's business is conducted through a variable interest entity based in China.
The notice from Nasdaq is a procedural step following the company's delay in filing the required SEC documentation. The company has not provided any further details regarding the reasons for the delay or the specific measures it intends to take to address the issue.
The information in this article is based on a press release statement from TIAN RUIXIANG Holdings Ltd. Investors are encouraged to consider the company's situation and monitor any further announcements or filings with the U.S. Securities and Exchange Commission for updates on the company's compliance status and future prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.