Former junket operator LiNiu Technology could face Nasdaq delisting

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LiNiu Technology Group, formerly known as junket operator Iao Kun Group Holdings Company, has 180 days in which to ‘regain compliance’ in order to maintain its listing on the Nasdaq Stock Market, according to a company release. The company notes that on July 7 it received notice from the stock market stating ‘that LiNiu is not in compliance with the audit committee requirements set forth’ in its listing rules due to the ‘resignation of So Hin Lung from the board’ in mid-June leaving the company’s audit committee with ‘only two members’.
The company has been granted ‘a 180 day period in which to regain compliance’ and currently ‘intends to appoint a third independent director with accounting or related financial management expertise to the Board and Audit Committee as soon as practicable,’ notes the release.
A company that ‘does not meet the listing standards . . . [is] . . . subject to delisting from, or denial of initial listing on the Nasdaq Stock Market’, according to the listing rules of the American Stock Exchange.
The group rebranded from Iao Kun Group Holding Company on April 26, changing its ticker on the stock exchange to ‘LINU’ after purchasing and launching an electronic B2C (business to client), C2C (client to client) and O2O (online to offline) ‘trading platform focused on the Chinese agricultural industry’.