BEIJING, Aug. 21,
2023 /PRNewswire/ -- TuanChe Limited ("TuanChe" or
the "Company") (NASDAQ: TC), a leading integrated automotive
marketplace in China, today announced that on August 18, 2023, it received a notification
letter from the Listing Qualifications Department of The Nasdaq
Stock Market Inc. (the "Nasdaq"), granting the Company a second
period of 180 calendar days, or until February 12, 2024, to regain compliance with the
minimum bid price requirement set forth in Rule 5550(a)(2) of the
Nasdaq Listing Rules.
As previously disclosed, on February 17,
2023, the Company received a letter from Nasdaq, indicating
that the Company is no longer in compliance with the minimum bid
price requirement set forth in Rule 5550(a)(2) of the Nasdaq
Listing Rules, as the Company's closing bid price per American
depositary share ("ADS") had been below US$1.00 for a period of 30 consecutive business
days. The Company was given a period of 180 calendar days, or until
August 16, 2023, to regain compliance
with the minimum bid price requirement.
To regain compliance, the closing bid price of the Company's
ADSs must meet or exceed US$1.00 per
ADS for a minimum of 10 consecutive business days on or prior to
February 12, 2024. As required by
Nasdaq, the Company confirmed that it would implement a reverse
stock split or ADS ratio change, if necessary, to regain compliance
with the minimum bid price requirement.
The Company intends to continue to actively monitor the minimum
bid price requirement and, as appropriate, will consider available
options to resolve any deficiencies and regain compliance.
About TuanChe
Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading
integrated automotive marketplace in China. TuanChe offers
services to connect automotive consumers with various industry
players such as automakers, dealers and other automotive service
providers. TuanChe provides automotive marketing and transaction
related services by integrating its online platforms with offline
sales events. Through its integrated marketing solutions, TuanChe
turns individual and isolated automobile purchase transactions into
large-scale collective purchase activities by creating an
interactive many-to-many environment. Furthermore, leveraging its
proprietary data analytics and advanced digital marketing system,
TuanChe's online marketing service platform helps industry
customers increase the efficiency and effectiveness of their
advertising placements.
For more information, please contact ir@tuanche.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, the Company's business plans and development
and business outlook, which can be identified by terminology such
as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. Such statements are based
upon management's current expectations and current market and
operating conditions, and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. The Company does not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under law.
For investor and media inquiries, please contact:
TuanChe Limited
Investor Relations
Tel: +86 (10) 6397-6232
Email: ir@tuanche.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: tuanche@tpg-ir.com
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SOURCE TuanChe Limited
