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

BEIJING, China, Nov. 21, 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 (“HNW”) individuals and corporate clients, today announced that the Company had received a staff determination letter (the “Letter”) on November 16, 2022 from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company of its noncompliance with the Nasdaq Listing Rule 5250 (c)(1) for continued listing due to its failure to file its Form 20-F for the fiscal year ended June 30, 2022, which serves as an additional basis for delisting the Company’s securities from The Nasdaq Stock Market in addition to the Company’s noncompliance with the Nasdaq’s minimum bid price requirement under the Nasdaq Listing Rule 5550(a)(2) (the “5550 Rule”) as previously disclosed on a Form 6-K filed by the Company on April 22, 2022 and October 17, 2022, respectively.