500.com might face New York Stock Exchange suspension over failure to submit 2019 annual report

NYSE has been asking for the report since 31st December 2019

China’s largest lottery website 500.com (HQ in Shenzhen, Guangdong Province) is facing crisis of NYSE suspension due to failure to submit the 2019 annual report as of December 31, 2019.

On November 22, 2013, 500.com Lottery was successfully listed on the New York Stock Exchange (NYSE) under the ticker symbol ‘WBAI’. The core business of 500.com lottery is internet sports lottery sales.

NYSE may initiate suspension if annual report is not submitted.

On June 15 this year, 500.com lottery had submitted an application to the US Securities and Exchange Commission (SEC), postponing the submission of the 2019 annual report. According to the application, the company should have submitted its 2019 annual report by no longer than June 30, 2020. But to this day, 500.com lottery still failed to do so.

Today the company affirmed that they will submit their 2019 annual report after meeting the following three conditions: 1) Completing the previously announced internal investigation; 2) Finalising the annual financial statements as of December 31, 2019; 3) 500.com Lottery and The independent registered accounting firm Friedman LLP completed the evaluation of the internal control of the company’s financial report as of December 31, 2019.

The company also said today that it is not yet possible to determine the exact date of submission of the 2019 annual report. In addition, if the report cannot be submitted within the grace period, the NYSE may initiate suspension in the near future.

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