Business Context and Reporting Period
This Form 6-K filing by Wowo Limited (also referenced as Chaince Digital Holdings Inc. in metadata) covers the month of January 2016. The registrant is a foreign private issuer headquartered in Beijing, People's Republic of China, and files annual reports on Form 20-F.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a notification of a regulatory compliance issue rather than a financial statement.
Material Changes
The primary material event is the receipt of a notification letter from The Nasdaq Stock Market LLC on January 6, 2016. The Company is not in compliance with Nasdaq Listing Rule 5250(c)(2) due to the failure to file an interim balance sheet and income statement for the quarter ended June 30, 2015.
Outlook, Risks, and Contingencies
- Compliance Deadline: The Company must submit a plan to regain compliance within 60 calendar days of the notice, by March 6, 2016.
- Extension Possibility: If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from December 31, 2015, allowing until June 28, 2016, to regain compliance.
- Management Action: Management states it is working diligently on a plan to regain compliance and intends to meet the afforded time periods.
- Risk: Failure to regain compliance could result in delisting from the Nasdaq Stock Market.
Key Facts for Investor Verification
- Verify the status of the missing interim financial statements for the period ended June 30, 2015.
- Monitor the submission of the compliance plan to Nasdaq by the March 6, 2016 deadline.
- Confirm whether Nasdaq accepts the plan and grants the potential extension to June 28, 2016.
- Review the press release dated January 11, 2016 (Exhibit 99.1) for additional details on the Company's response.