GUANGZHOU, China, July 18,
2022 /PRNewswire/ -- Onion Global Limited ("Onion
Global", the "Group" or the "Company") (NYSE: OG), a
next-generation lifestyle brand platform that incubates, markets,
and distributes the world's fresh, fashionable, and future brands
to young people in China and
across Asia, today announced that,
it has received a letter from the New York Stock Exchange (the
"NYSE") dated July 1, 2022, notifying
the Company that it is below compliance criteria in connection with
the performance of trading price of Onion Global's American
depositary shares (the "ADSs").
Pursuant to applicable NYSE continued listing standards, a
company is considered "below criteria" by the NYSE if average
closing price of its security is less than $1.00 over a consecutive 30 trading-day period. A
review of the current financial condition of the Company by the
NYSE shows that as of June 30, 2022,
the 30 trading-day average closing share price of the security was
$0.93. Accordingly, the Company is
now subject to the procedures as outlined in Sections 801 and 802
of the NYSE Listed Company Manual. Since this is the only criteria
that the Company has triggered, the procedures outlined in Paras.
802.02 and 802.03 of the NYSE Listed Company Manual do not apply.
The Company must bring its share price and average share price back
above $1.00 by six months following
receipt of the notification.
The price condition will be deemed cured if the price promptly
exceeds $1.00 per share, and the
price remains above the level for at least the following 30 trading
days. In the event that at the expiration of the six–month cure
period, both a $1.00 share price and
a $1.00 average share price over the
preceding 30 trading days are not attained, the NYSE will commence
suspension and delisting procedures.
The Company intends to monitor the market conditions of its
listed securities and will consider various measures to resolve the
non-compliance and avoid any potential delisting. These measures
include but are not limited to improving business performance,
expanding source of revenue, controlling expenditure, developing
user base and focusing on growth strategies to boost investor
sentiment.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, the Company's forecasts, general
observation of the industry, and business outlook, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties and a number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement. In some cases, forward-looking
statements can be identified by terminology such as "may," "will,"
"expects," "anticipates," "target," "aim," "future," "intends,"
"plans," "believes," "potential," "estimates" "continue," "is/are
likely to," or other similar statements. Further information
regarding these and other risks is included in Onion Global'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 Onion Global does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
About Onion Global Limited
Onion Global Limited (NYSE: OG) is a next-generation lifestyle
brand platform that incubates, markets, and distributes the world's
fresh, fashionable, and future brands, which we refer to as "3F
brands," to young people in China and across Asia.
The Company's mission is to be the dream factory of lifestyle
brands for young people. The Company's platform offers an
integrated solution to develop, market, and distribute new and
inspiring branded products, thereby reshaping the lifestyle
shopping and consumer culture in China. Onion Global Limited
has been listed on New York Stock Exchange since May 2021.
For more information, please
visit: http://ir.msyc.com/.
Investor Relations Contact
In China:
Onion Global Ltd.
Investor Relations
E-mail: ir@msyc.cc
Christensen
Mr. Eric Yuan
E-mail: eyuan@christensenir.com
Tel: +86-10-5900-1548
In the United States:
Christensen
Ms. Linda Bergkamp
E-mail: lbergkamp@christensenir.com
Tel: +1-480-614-3004
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SOURCE Onion Global Limited
