ZW Data Action Technologies Faces Delisting Notice
Ticker: CNET · Form: 8-K · Filed: May 20, 2024 · CIK: 1376321
| Field | Detail |
|---|---|
| Company | Zw Data Action Technologies INC. (CNET) |
| Form Type | 8-K |
| Filed Date | May 20, 2024 |
| Risk Level | high |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, regulatory
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 May 20, 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 value of the company's shares for investors.
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
- May 17, 2024 (date) — Earliest event reported
- May 20, 2024 (date) — Date of Report
- Nevada (jurisdiction) — State of Incorporation
FAQ
What is the primary reason for ZW Data Action Technologies Inc.'s 8-K filing?
The primary reason is a notice of delisting or failure to satisfy a continued listing rule or standard, as reported on May 17, 2024.
When was this 8-K report filed with the SEC?
The report was filed on May 20, 2024.
What was ZW Data Action Technologies Inc. previously known as?
The company was formerly known as ChinaNet Online Holdings, Inc.
In which state was ZW Data Action Technologies Inc. incorporated?
The company was incorporated in Nevada.
What is the business address of ZW Data Action Technologies Inc.?
The business address is NO.3 MIN ZHUANG ROAD, BUILDING 6, YU QUAN HUI GU TUSPARK, HAIDIAN DISTRICT, BEIJING, F4, 100195.
Filing Stats: 1,077 words · 4 min read · ~4 pages · Grade level 12.3 · Accepted 2024-05-20 16:05:17
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 CNET Nasdaq Capital Market Indicate b
Filing Documents
- f8k_052024.htm (8-K) — 19KB
- exh_991.htm (EX-99.1) — 5KB
- 0001171843-24-002969.txt ( ) — 224KB
- 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_052024_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. As previously disclosed on the Current Report on Form 8-K of ZW Data Action Technologies Inc. (the "Company") filed on April 19, 2024, the Company received a delinquency notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on April 17, 2024 (the "Initial Notice") due to the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") as a result of the Company's failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "Initial Delinquent Filing"). The Company received a delinquency notification letter (the "Notice") from the Nasdaq on May 17, 2024 due to the Company's non-compliance with the Rule as a result of the Company's failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the "Form 10-Q"). The Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC"). The Notice states that the Company has until June 17, 2024, or 60 days from the Initial Notice, to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to October 14, 2024, or 180 days from the due date of the Initial Delinquent Filing, for filing the Initial Delinquent Filing and Form 10-Q 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. Management of the Company has been working diligently to complete all of the required information for the Form 10-K and Form 10-Q. However, the Company requires additional time to prepare, review and finalize its financial statements. The Notice has no immediate impact on the listing of the Company's com
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. As required under Nasdaq Listing Rule 5810(b), the Company issued a press release on May 20, 2024, announcing that it had received the Notice. A copy of this 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 May 20, 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: May 20, 2024 By: /s/ Handong Cheng Handong Cheng Chief Executive Officer and Acting Chief Financial Officer