SHANGHAI - Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN), a supply chain solutions provider, announced Monday that it has been notified by Nasdaq of non-compliance due to a delay in filing its annual report for the fiscal year ended December 31, 2023.
The notice, which the company received on May 17, 2024, indicates that Nisun did not meet the Nasdaq Listing Rule 5250(c)(1) requirement for the timely submission of periodic financial reports to the Securities and Exchange Commission.
Despite this setback, the trading of Nisun's Class A common shares on Nasdaq remains unaffected for the time being. The company has been given 60 days to submit a compliance plan to Nasdaq. If accepted, Nasdaq may grant Nisun up to 180 days from the original due date of the Form 20-F, extending the deadline to November 11, 2024, to file the required report and regain compliance.
Nisun has expressed its full commitment to addressing the compliance issue and is working to file its annual report as soon as possible. The company specializes in technology-driven supply chain management and financial solutions, aiming to facilitate digital transformation and enhance the integration of industry and finance.
The information contained in this news is based on a press release statement from Nisun International Enterprise Development Group Co., Ltd. The company has cautioned that the press release may contain forward-looking statements, and actual results could differ materially from those anticipated due to various factors, including risks and uncertainties related to its business operations and market conditions.
InvestingPro Insights
As Nisun International Enterprise Development Group Co., Ltd (NISN) navigates through its recent compliance hiccup with Nasdaq, investors may find solace in some of the company's financial metrics and market performance.
With a market capitalization of $24.11 million, NISN holds an attractive Price/Earnings (P/E) ratio of 1.74 and an even more appealing adjusted P/E ratio of 2.03 for the last twelve months as of Q2 2023. These figures suggest a potentially undervalued stock, especially considering a Price/Book ratio of 0.16, which is significantly lower than the industry average, indicating that the stock may be trading below its asset value.
In terms of recent performance, NISN has shown a robust one-month price total return of 38.84%, with an even more impressive three-month return of 59.83%. This momentum is further highlighted by a six-month price total return of 156.7%, showcasing a significant uptick in investor confidence and stock valuation.
One of the InvestingPro Tips notes that the management of NISN has been aggressively buying back shares, a move that often signals leadership's confidence in the company's future prospects and can lead to increased shareholder value. Another tip points out that NISN maintains a stronger cash position than debt on its balance sheet, indicating a solid financial footing that could help the company weather market uncertainties and invest in growth opportunities.
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