Ruixing received the notice of stock delisting from starker again. This time, it failed to submit the annual report

category:Internet
 Ruixing received the notice of stock delisting from starker again. This time, it failed to submit the annual report


On April 2, this year, Ruixing said that the companys investigation showed that coo and some of its subordinate employees had engaged in some improper behaviors since the second quarter of 2019, with sales related to forgery transactions of about 2.2 billion yuan. The share price of the day plummeted by more than 75%. On April 7, the company stopped trading.

On May 15, Ruixing announced that due to financial fraud, the company plans to hold a hearing on the delisting notice from Nasdaq Stock Exchange. Before the hearing results are published, Ruixing will continue to be listed on NASDAQ. The hearing is usually scheduled to be held 30 to 45 days after the hearing request date.

Not long after that, Lu Zhengyao, chairman of Ruixing coffee, issued a statement saying that Nasdaq asked the company to delist before the final investigation result, which was unexpected, and he was deeply disappointed and regretted. In the statement, Lu Zhengyao apologized to investors, all Ruixing employees and customers for the adverse impact of the incident.

On June 14, the first financial report said that the on-site inspection of Ruixing coffee financial fraud by the Ministry of Finance had been completed, and the relevant report was waiting for a higher level of approval. Other media reported that Lu Zhengyao, the major shareholder and actual controller of Ruixing coffee, and Qian Zhiya, the CEO, were involved in fraud.

On June 16, Ruixing coffee submitted regulatory filings to the securities and Exchange Commission, saying it would delay the submission of its 2019 annual report. The reason is that the new crown epidemic and internal investigation are pending.

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