Puhui Wealth Investment Management Co., Ltd. Announces Receipt of Nasdaq Notification of Minimum Bid Price Deficiency

Puhui Wealth Investment Management Co., Ltd.

BEIJING, China, April 22, 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 individuals (“HNW”) and corporate clients, today announced that the company has received a notification letter (the “Notification Letter”) dated April 13, 2022 from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) regarding the failure to meet Nasdaq minimum bid price requirements. The notification letter informed the Company that the minimum closing bid price per share for its common stock was less than $1.00 for a period of 30 consecutive business days and that the Company had failed to meet the bid price requirement. minimum set forth in the Nasdaq 5550(a)(2) listing rule. This press release is issued pursuant to Nasdaq listing rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

The notification letter does not have an immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until October 10, 2022 (the “Compliance Period”), to comply again to the Nasdaq minimum bid price requirement. . If at any time during the Compliance Period the closing bid price per share of the Company’s common stock is at least $1.00 for at least 10 consecutive business days, the Nasdaq will provide the Company with a written confirmation of compliance and the case will be closed.

In the event that the Company does not regain compliance by October 10, 2022, the Company may be eligible for an additional period of 180 calendar days to regain compliance. To qualify, the Company will be required to meet the continuous listing requirement for publicly held stock market value and all other initial listing standards for Nasdaq Capital Markets, except the offer price requirement, and will be required to provide written notice of its intention to remedy the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. If the Company elects to implement a stock split, it must complete the stock split no later than ten business days prior to October 10, 2022, or the expiration of the second compliance period if granted.

On puhui Wealth Investment Management Co., Ltd.

Based in Beijing, the company, incorporated under the laws of the Cayman Islands as a holding company, is a provider of third-party wealth management services that focuses on the marketing of financial products and fund management for high net worth individuals and corporate clients in the People’s Republic of China (“PRC” or “China”), with the principal operating activities carried out through the variable interest entity Puhui Wealth Investment Management (Beijing) Co. Ltd (“Puhui Beijing”), or the VIE, and its subsidiaries in China. For more information about the company, please visit: www.puhuiwealth.com.

Forward-looking statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements other than statements of historical fact. Where the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate” or similar expressions that do not relate solely to historical matters, it makes forward-looking statements. Specifically, the Company’s statements regarding its continued growth, business prospects and other similar statements are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations described in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the Company’s objectives and strategies; the future business development of the Company; requesting and accepting products and services; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or relating to any of the foregoing and other risks contained in the Company’s filings with the Securities and Exchange Commission, including the latest annual report filed by the Company on Form 20-F and its subsequent filings. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Other factors are discussed in the Company’s filings with the United States Securities and Exchange Commission, which may be viewed at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof.

For more information, please contact Investor Relations:

Ascent Investor Relations LLC
Tina Xiao, President
Tel: +1 917-609-0333
Email: [email protected]