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May 8, 2014
06:25 EDTCCCRChina Commercial Credit 1.75M share Secondary priced at $4.00
China Commercial Credit announced the pricing of its secondary offering of 1.75M common shares and warrants to purchase an additional 875,000 common shares at a price of $4.00 per share and accompanying warrant. Axiom acted as sole book running manager for the offering.
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September 12, 2014
15:19 EDTCCCRChina Commercial Credit review finds $1.1M transferred without authorization
China Commercial Credit disclosed that based on the CFO’s review of the books and records of the company that it has made a preliminary determination that following the close of the fiscal quarter ended June 30, approximately $1.1M was transferred from the bank account of Wujiang Luxiang Information Technology Consulting, the company’s wholly-owned indirect subsidiary, without authorization to the personal account of a former executive officer of the company, who was still an executive officer at the time of the transfer. The funds were supposed to be used for the purpose of increasing the registered capital account of the company’s operating affiliate controlled by WFOE. The company has sought return of the funds but to date has not recovered them. The company’s Board of Directors is exploring all means, including legal avenues, to recover the funds and has formed a Special Committee to undertake an internal review of the circumstances surrounding the transfer and has delegated and designated the necessary power, authority and resources to the Special Committee to expeditiously conduct such review, including utilizing legal counsel and other third-party experts to assist with the review. On September 11, NASDAQ announced that trading was halted in the company’s common stock for “additional information requested” from the company and that trading will remain halted until the company has fully satisfied NASDAQ’s request.
September 11, 2014
14:58 EDTCCCRChina Commercial Credit halted, additional information requested
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