Puhui Wealth Investment Management Co., Ltd. Announces

BEIJING, China, Oct. 17, 2022 (GLOBE NEWSWIRE) — Puhui Wealth Investment Management Co., Ltd. (Nasdaq: PHCF) (“Puhui” or the “Company”), a China-based third-party wealth management service provider with a focus on wealth management services for high net worth (“HNW”) individuals and corporate clients, today announced that the Company had received a staff determination letter (the “Letter”) on October 11, 2022 from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company of the determination of the Nasdaq staff (the “Staff”) that because the Company had not regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”) and was not eligible for a second 180 day period, unless the Company requests an appeal of this determination, the Company’s ordinary shares would be scheduled for delisting from The Nasdaq Capital Market and would be suspended at the opening of business on October 20, 2022. 

The Company intends to appeal the Staff’s determination before a Hearings Panel (the “Panel”) in due course. Such a request will stay the suspension of the Company’s ordinary shares and the filing of the Form 25-NSE pending the Panel’s decision. During the period before the hearing, the Company’s ordinary shares will continue to trade on Nasdaq. Separately, the Company plans to effectuate a share consolidation to regain compliance.

At the hearing, the Company intends to present its plan to regain compliance with the Rule to the Panel. However, there can be no assurance that the Company will obtain an extension period from the Panel to regain compliance, or, if the Panel grants such an extension period, that the Company will be able to evidence compliance with the Rule before the extension period expires.

About Puhui Wealth Investment Management Co., Ltd.

Headquartered in Beijing, the Company, incorporated under the laws…