Golden Bull Completes USD 17.2 Mln Financing, Delayed in Filing Annual Report
Golden Bull, 7/07/20
Golden Bull (Nasdaq: DNJR), which formerly operated an online peer-to-peer (P2P) lending platform in China that provided borrowers access to short-term loans, announced today it has completed its USD 17.2 mln financing and is delayed in filing its Annual Report on Form 20-F for the year ended December 31, 2019.
On July 6, 2020, Golden Bull completed the sale of 21,500,000 shares of common stock at USD 0.80 per share, for gross proceeds of USD 17,200,000. The offering was made pursuant to a Securities Purchase Agreement ("SPA") dated as of May 27, 2020, a copy of which form was filed as an exhibit to the Company's Form 6-K filed on May 28, 2020. The sale was made to 25 unaffiliated investors. Each investor signed a SPA which contained non-U.S. Person Representations pursuant to Regulation S under the Securities Act of 1933, as amended (the "Act"). There were no underwriters or placement agents involved in the transaction. Exemption from registration is claimed under Rule 903 of Regulation S under the Act based upon the representations and warranties in the SPA.
On July 1, 2020, the company was in receipt of a notice of delinquency letter from Nasdaq Regulation. The letter states that the company has not yet filed its Form 20-F for the year ended December 31, 2019 (the "Filing") and is no longer in compliance with Listing Rule 5250 c (1). The company has 60 calendar days to submit a plan to regain compliance. The company was prepared to file on a timely basis by June 30, 2020 and expects to do so in the very near future. The delay was solely a result of the delays in obtaining and compiling information to be included in its Form 20-F, primarily as a result of the effects of Covid-19 in China where the company's operations are located, which delay could not be eliminated by the company without unreasonable effort and expense.
Keywords: financing Internet P2P Golden Bull DNJR funding online lending
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