SHANGHAI, April 9,
2024 /PRNewswire/ -- FLJ Group Limited
(NASDAQ:FLJ) (the "Company"), today announced that it has received
a notice from the Nasdaq Stock Market LLC ("Nasdaq") dated
April 3, 2024 stating that the
Company is not in compliance with the requirement to maintain a
minimum bid price of $1 per share as
set forth under Nasdaq Listing Rule 5450(a)(1) for continued
listing on the Nasdaq Global Market.
Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to
meet the minimum bid price requirement exists if the deficiency
continues for a period of 30 consecutive business days. Based upon
the closing bid price of the Company's American Depositary Shares
("ADSs") for the last 30 consecutive business days, the
Company no longer meets this requirement. However, Nasdaq Listing
Rule 5810(c)(3)(A) also provides the Company a compliance
period of 180 calendar days in which to regain compliance. If at
any time during the180-day period, or until September 30,
2024, the closing bid price of the Company's ADSs is at least
$1 per ADS for a minimum of ten consecutive business days, Nasdaq
will provide a written confirmation of compliance and this matter
will be closed.
The Company intends to monitor the closing bid price of its ADSs
and may, if appropriate, consider implementing available options,
including, but not limited to, implementing a reverse share split
of its outstanding ADSs, to regain compliance with the minimum bid
price requirement under the Nasdaq Listing Rules. The Nasdaq notice
has no immediate effect on the Company's listing or on the trading
of the Company's ADSs.
About FLJ Group Limited
FLJ Group Limited, through its subsidiaries and consolidated
variable interest entities, operates insurance agency and insurance
technology business. The insurance agency is PRC-licensed and
operates nationwide in the PRC with a wide range of insurance
products underwritten by major insurance companies, including
industry leading and/or state-owned property and casualty insurance
companies as well as certain regional property and casualty
insurance companies in China. The
insurance technology business is focused on operating and
developing insurance technology in the PRC, including developing
SaaS platform to connect consumers and underwriting support.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements include, among
others, statements regarding the Company's plans to regain
compliance with Nasdaq Rules for continued listing. The Company's
actual results may differ materially from those expressed in any
forward-looking statements as a result of various factors and
uncertainties. The reports filed by the Company with the Securities
and Exchange Commission discuss these and other important factors
and risks that may affect the Company's business, results of
operations and financial conditions. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
View original
content:https://www.prnewswire.com/news-releases/flj-group-limited-receives-nasdaq-minimum-bid-price-deficiency-notice-302111341.html
SOURCE FLJ Group Limited