ZW Data Action Technologies Faces Delisting Notice

TL;DR

ZW Data Action Tech got a delisting warning - stock might be toast.

AI Summary

ZW Data Action Technologies Inc. filed an 8-K on April 19, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The company, formerly known as ChinaNet Online Holdings, Inc., is based in Beijing and incorporated in Nevada.

Why It Matters

This filing indicates potential delisting from a stock exchange, which could significantly impact the liquidity and valuation of the company's shares.

Risk Assessment

Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a severe risk to investors.

Key Players & Entities

• ZW Data Action Technologies Inc. (company) — Registrant
• ChinaNet Online Holdings, Inc. (company) — Former company name
• April 17, 2024 (date) — Earliest event date
• April 19, 2024 (date) — Filing date
• Nevada (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 CNET Nasdaq Capital Market Indicate b

Filing Documents

• f8k_041824.htm (8-K) — 18KB
• exh_991.htm (EX-99.1) — 5KB
• 0001171843-24-002106.txt ( ) — 222KB
• gnw-20190101.xsd (EX-101.SCH) — 3KB
• gnw-20190101_def.xml (EX-101.DEF) — 25KB
• gnw-20190101_lab.xml (EX-101.LAB) — 33KB
• gnw-20190101_pre.xml (EX-101.PRE) — 22KB
• f8k_041824_htm.xml (XML) — 3KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 17, 2024, ZW Data Action Technologies Inc. (the "Company") received a notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that due to the Company's failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "2023 Form 10-K"), with the Securities and Exchange Commission (the "SEC"), the Company is not in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5250(c)(1) (the "Rule"), which requires the timely filing of all required periodic reports with the SEC. The Notice has no immediate effect on the listing of the Company's common stock on Nasdaq. Under the Nasdaq rules, the Company has 60 calendar days, or until June 17, 2024, to file the 2023 Form 10-K or to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If the Company submits a plan to Nasdaq and Nasdaq accepts the plan, Nasdaq can grant an exception of up to 180 calendar days from the filing's due date, or until October 14, 2024, to regain compliance. If the Company fails to timely regain compliance with Nasdaq Listing Rule 5250(c)(1), the Company's common stock will be subject to delisting from Nasdaq. The Company continues to work diligently to complete the 2023 Form 10-K and currently intends to file the 2023 Form 10-K by no later than May 31, 2024.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On April 19, 2024, the Company issued a press release to comply with the requirements of Nasdaq Listing Rule 5810(b) announcing that the Company had received the Notice. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in that filing.

Forward Looking Statements

Forward Looking Statements Certain information contained in this report consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict. Words such as "will," "would," "may," "intends," "potential," and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that the Company will regain compliance with the Rule during any compliance period or in the future, or otherwise meet Nasdaq compliance standards, that the Company will be eligible for a second compliance period, or that Nasdaq will grant the Company any relief from delisting as necessary or that the Company can ultimately meet applicable Nasdaq requirements for any such relief. The forward-looking statements contained in this report speak only as of the date of this report and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this report, unless required by law.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release dated April 19, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ZW Data Action Technologies Inc. Date: April 19, 2024 By: /s/ Cheng Handong Cheng Handong Chief Executive Officer and Acting Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR