Nasdaq

Tian Ruixiang Holdings (TIRX), a China-based insurance broker, has announced that it has a written notification from the Nasdaq Stock Market on 31 May 2022.

TRIX's financial results for the fiscal year ended 31 October 2021 (FY2021) show that the company's revenue fell by 14.1% to $2.79m, primarily caused by a decrease in the commissions generated from individual accidental insurance and a decrease in risk management service revenue. To regain compliance, the Company's ordinary shares must have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. The price hit a 52-week high of $103.87 on 3 March 2021. On 13 April 2021, MarketRealist.com published an analysis, saying, "The stock fell despite no company-specific news or an analyst downgrade. In accordance with Nasdaq Listing Rules, the company has been provided 180 calendar days, or until 28 November 2022, to regain compliance with the minimum bid price requirement. (A variable interest entity (VIE) refers to a legal business structure in which an investor has a controlling interest despite not having a majority of voting rights.) It distributes a wide range of insurance products, which are categorised into two major groups: (1) property and casualty insurance, such as automobile insurance, commercial property insurance, liability insurance; and (2) life insurance, such as individual and group life insurance.