DataSea Inc. Faces Delisting Concerns
Ticker: DTSS · Form: 8-K · Filed: May 24, 2024 · CIK: 1631282
| Field | Detail |
|---|---|
| Company | Datasea INC. (DTSS) |
| Form Type | 8-K |
| Filed Date | May 24, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $1,181,331, $2,500,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, corporate-action
TL;DR
DATASEA INC. might be getting delisted, check exchange status.
AI Summary
DataSea Inc. filed an 8-K on May 24, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates a potential transfer of listing, with the earliest event reported on May 23, 2024. The company was formerly known as Rose Rock Inc. and changed its name on January 21, 2015.
Why It Matters
This filing signals potential issues with DataSea Inc.'s compliance with stock exchange listing requirements, which could impact its stock's tradability and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards indicates significant financial or operational distress, posing a substantial risk to investors.
Key Players & Entities
- DATASEA INC. (company) — Registrant
- Rose Rock Inc. (company) — Former Company Name
- May 24, 2024 (date) — Filing Date
- May 23, 2024 (date) — Earliest Event Date
- January 21, 2015 (date) — Name Change Date
FAQ
What specific listing rule or standard has DataSea Inc. failed to satisfy?
The filing does not specify the exact rule or standard that DataSea Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the reason for the potential transfer of listing mentioned in the filing?
The filing states 'Transfer of Listing' as an item information, but does not provide the specific reasons or details for this potential transfer.
When was DataSea Inc. incorporated, and in which state?
DataSea Inc. was incorporated in Nevada.
What was DataSea Inc.'s former name, and when did the name change occur?
DataSea Inc.'s former name was Rose Rock Inc., and the name change occurred on January 21, 2015.
What is the principal business address of DataSea Inc.?
The principal business address of DataSea Inc. is 20th Floor, Tower B, Guorui Plaza 1 Ronghua South Road, Technological Development Zone, Beijing, People's Republic of China, 100176.
Filing Stats: 665 words · 3 min read · ~2 pages · Grade level 14.5 · Accepted 2024-05-24 16:30:16
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value DTSS The Nasdaq Stock Mar
- $1,181,331 — stockholders' equity of the Company of $1,181,331 as reported in the Company's Quarterly
- $2,500,000 — mum stockholders' equity requirement of $2,500,000 and (ii) the Company did not meet the a
Filing Documents
- ea0206846-8k_datasea.htm (8-K) — 25KB
- 0001213900-24-046670.txt ( ) — 196KB
- dtss-20240523.xsd (EX-101.SCH) — 3KB
- dtss-20240523_lab.xml (EX-101.LAB) — 33KB
- dtss-20240523_pre.xml (EX-101.PRE) — 22KB
- ea0206846-8k_datasea_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy a Continued
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing On May 23, 2024, Datasea Inc. (the "Company") received a letter from The Nasdaq Stock Market LLC ("Nasdaq") indicating that it is not in compliance with Nasdaq Listing Rule 5550(b)(1), because (i) the stockholders' equity of the Company of $1,181,331 as reported in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 as filed with the Securities and Exchange Commission was below the minimum stockholders' equity requirement of $2,500,000 and (ii) the Company did not meet the alternatives standards of market value of listed securities or net income from continuing operations for compliance with Nasdaq Listing Rule 5550(b)(1). Nasdaq's letter has no immediate impact on the listing of the Company's common stock, which will continue to be listed and traded on the Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. Nasdaq's letter provides the Company with 45 calendar days, or until July 8, 2024, to submit a plan to regain compliance. If the plan is accepted, the Company can be granted up to 180 calendar days from May 23, 2024 to evidence compliance. In the event the plan is not accepted by Nasdaq or, in the event the plan is accepted and the extension granted but the Company fails to regain compliance within the plan period, the Company would have the right to a hearing before a panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. The Company intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and remain listed on Nasdaq. The Company is currently evaluating its available options to resolve the deficiency and regain compliance with the Nasdaq Listing Rule 5550(b)(1) and intends to submit a compliance plan by the deadline set by Nasdaq. 1
SIGNATURES
SIGNATURES 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. DATASEA INC. May 24, 2024 By: /s/ Zhixin Liu Name: Zhixin Liu Title: Chief Executive Officer 2