Secoo Announces Receipt of Minimum Bid Price Notice from Nasdaq
04 Août 2023 - 12:00PM
Secoo Holding Limited (“Secoo” or the “Company”) (NASDAQ: SECO),
Asia’s leading online integrated upscale products and services
platform, today announced that it has received a written
notification from the staff of the Listing Qualifications
Department of the Nasdaq Stock Market LLC (“Nasdaq”) dated August
1, 2023, indicating that because the closing bid price of the
Company’s American Depositary Shares (“ADSs”) for the last 30
consecutive business days was below US$1.00 per share, the Company
no longer meets the Nasdaq minimum bid price requirement, set forth
in Nasdaq Listing Rule 5550(a)(2).
Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company
is provided with a compliance period of 180 calendar days, or until
January 29, 2024, to regain compliance under the Nasdaq Listing
Rules. If at any time during the 180-day compliance period, the
closing bid price of the Company’s ADSs is at lease US$1.00 per
sharefor a minimum of ten consecutive business days, Nasdaq will
provide the Company written confirmation of compliance and that
matter will be closed.
In the event the Company does not regain compliance by January
29, 2024, the Company may be eligible for an additional compliance
period of 180 calendar days period to regain compliance. To
qualify, the Company will be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for the Nasdaq Capital Market, with the
exception of the bid price requirement, and will need to provide
written notice of its intention to cure the deficiency during the
second compliance period, including by effecting a reverse stock
split, if necessary. If the Company meets these requirements,
Nasdaq will inform the Company that it has been granted an
additional 180 calendar days. However, if the Company will not be
able to cure the minimum bid price deficiency, or if the Company is
otherwise not eligible for an additional compliance period, Nasdaq
will provide notice that its ADSs will be subject to delisting. In
that event, the Company may appeal the delisting determination to a
Hearings Panel.
The Nasdaq notification letter will have no effect on the
Company’s business operations, and the Company will take all
reasonable measures to regain compliance.
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s leading online
integrated upscale products and services platform. Secoo provides
customers a wide selection of authentic upscale products and
lifestyle services on the Company’s integrated online and offline
shopping platform which consists of the Secoo.com website, mobile
applications and offline experience centers, offering over 420,000
SKUs, covering over 3,800 global and domestic brands. Supported by
the Company’s proprietary database of upscale products,
authentication procedures and brand cooperation, Secoo is able to
ensure the authenticity and quality of every product offered on its
platform.
For more information, please visit http://ir.secoo.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include but are not
limited to Secoo management quotes and the Company’s financial
outlook. These forward-looking statements can be identified by
terminology such as “will,” “estimate,” “project,” “predict,”
“believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,”
“goal” and similar statements. Secoo Holding Limited may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, 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. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements. These forward-looking statements include, but are not
limited to, statements about: the Company’s goals and strategies;
its future business development, financial condition and results of
operations; its ability to attract and retain new customers and to
increase revenues generated from repeat customers; its expectations
regarding demand for and market acceptance of its products and
services; trends and competition in China’s e-commerce market;
changes in its revenues and certain cost or expense items; the
expected growth of the Chinese e-commerce market; Chinese
governmental policies relating to the Company’s industry and
general economic conditions in China. For additional information on
these and other important factors that could adversely affect the
Company’s business, financial condition, results of operations and
prospects, please see its filings with the U.S. Securities and
Exchange Commission.
Secoo Holding Limited does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of this press release, and
Secoo Holding Limited undertakes no duty to update such
information, except as required under applicable law.
For investor and media inquiries, please contact:
In China:Secoo Holding LimitedJingbo MaTel: +86 10
6588-0135E-mail: ir@secoo.com
The Piacente Group, Inc.Jenny CaiTel: +86 (10) 6508-0677E-mail:
Secoo@tpg-ir.com
In the United States:The Piacente Group, Inc. Brandi
PiacenteTel: +1-212-481-2050E-mail: Secoo@tpg-ir.com
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