NYSE to Suspend Trading in Cloopen Group Holding Limited (RAAS) and Commence Delisting Proceedings
The New York Stock Exchange ("NYSE" or the "Exchange") announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the American depositary shares (the "ADSs") of Cloopen Group Holding Limited (the "Company") ? ticker symbol RAAS ? from the NYSE. Trading in the Company's ADSs will be suspended immediately.
NYSE Regulation reached its decision that the Company's ADSs are not suitable for listing, because the Company is a late filer and has not filed with the Securities and Exchange Commission its annual reports on Form 20-F for the years ended December 31, 2021 and December 31, 2022 and current report on Form 6-K for the half year ended June 30, 2022 (collectively, the "Delayed Filings"). The Company informed the NYSE that it will not be able to complete its Delayed Filings by May 17, 2023, which is the maximum time allowed under Section 802.01E of the NYSE's Listed Company Manual.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision.
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