NEW YORK - Baijiayun Group Ltd, an AI video solution provider known for its SaaS/PaaS offerings since 2017, received a Nasdaq Notification Letter today citing the company's failure to file its annual report for Class A ordinary shares on time. The notification triggers a compliance concern, compelling Baijiayun to submit a Compliance Plan by January 16, 2024. If the company fails to address this issue, it risks losing its compliance status, though it may receive an extension until April 29, 2024.
The enterprise, which delivers Video Cloud and Software services along with Video AI and System Solutions tailored to diverse business needs across various industries, has acknowledged the situation. In their public statement, Baijiayun made forward-looking statements within the framework of the U.S. Private Securities Litigation Reform Act of 1995 but also cautioned that these projections are subject to numerous unpredictable factors that could influence future results.
Ms. Fangfei Liu, the Chief Financial Officer of Baijiayun Group Ltd, is handling inquiries related to this compliance issue. The company has expressed its intent to rectify the filing delay either by submitting the overdue annual report or by presenting a comprehensive Compliance Plan within two months from today's notification date. Baijiayun's commitment to promptly resolving these compliance concerns underscores its dedication to maintaining its standing on Nasdaq and ensuring transparency with its stakeholders.
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