MOGU Announces Receipt of NYSE Non-Compliance Letter Regarding ADS Trading Price
20 Novembre 2021 - 12:00AM
Business Wire
MOGU Inc. (“MOGU” or the “Company”) (NYSE: MOGU),
a leading KOL-driven online fashion and lifestyle destination in
China, today announced that it has received a letter from the New
York Stock Exchange (the “NYSE”) dated November 10, 2021,
notifying the Company that it is below the compliance criteria in
connection with the performance of its trading price in relation to
the Company’s American depositary shares (the “ADSs”).
Pursuant to NYSE Rule 802.01C, a company will consider to be
below compliance criteria if the average closing price of a
security as reported on the consolidated tape is less than US$1.00
over a consecutive 30 trading-day period. Once notified, the
company must bring its share price and average share price back
above US$1.00 by six months following receipt of the notification.
The company can regain compliance at any time during the six-month
cure period if on the last trading day of any calendar month during
the cure period the company has a closing share price of at least
US$1.00 and an average closing share price of at least US$1.00 over
the 30 trading-day period ending on the last trading day of that
month. In the event that at the expiration of the six-month cure
period, both a US$1.00 closing share price on the last trading day
of the cure period and a US$1.00 average closing share price over
the 30 trading-day period ending on the last trading day of the
cure period are not attained, the NYSE will commence suspension and
delisting procedures.
To address this issue, the Company intends to continuously
monitor the market conditions of its ADSs and is in the process of
implementing various measures to improve its financial position and
results of operations, which the Company expects to countervail the
short-term adverse effects on its trading price and cure the
deficiency in due time.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will”, “expects”, “anticipates”, “aims”, “future”, “intends”,
“plans”, “believes”, “estimates”, “confident”, “potential”,
“continue” or other similar expressions. Among other things, the
business outlook and quotations from management in this
announcement, as well as MOGU’s strategic and operational plans,
contain forward-looking statements. MOGU may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including but not limited to statements about MOGU’s beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: MOGU’s growth strategies; the risk that
COVID-19 or other health risks in China or globally could adversely
affect its operations or financial results; its future business
development, results of operations and financial condition; its
ability to understand buyer needs and provide products and services
to attract and retain buyers; its ability to maintain and enhance
the recognition and reputation of its brand; its ability to rely on
merchants and third-party logistics service providers to provide
delivery services to buyers; its ability to maintain and improve
quality control policies and measures; its ability to establish and
maintain relationships with merchants; trends and competition in
China’s e-commerce market; changes in its revenues and certain cost
or expense items; the expected growth of China’s e-commerce market;
PRC governmental policies and regulations relating to MOGU’s
industry, and general economic and business conditions globally and
in China and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in MOGU’s filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and MOGU undertakes no obligation to update any
forward-looking statement, except as required under the applicable
law.
About MOGU Inc.
MOGU Inc. (NYSE: MOGU) is a leading KOL-driven online
fashion and lifestyle destination in China. MOGU provides people
with a more accessible and enjoyable shopping experience for
everyday fashion, particularly as they increasingly live their
lives online. By connecting merchants, KOLs and users together,
MOGU’s platform serves as a valuable marketing channel for
merchants, a powerful incubator for KOLs, and a vibrant and dynamic
community for people to discover and share the latest fashion
trends with others, where users can enjoy a truly comprehensive
online shopping experience.
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version on businesswire.com: https://www.businesswire.com/news/home/20211119005431/en/
For investor and media inquiries, please contact: MOGU
Inc. Ms. Qi Feng Phone: +86-571-8530-8201 Email:
ir@mogu.com Christensen In China Mr. Eric Yuan Phone:
+86-10-5900-1548 E-mail: eyuan@christensenir.com In the United
States Ms. Linda Bergkamp Phone: +1-480-614-3004 Email:
lbergkamp@christensenir.com
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