BEIJING, April 4,
2023 /PRNewswire/ -- Cloopen Group Holding Limited
(NYSE: RAAS) ("Cloopen" or the "Company") today announced that,
based on a notification letter the Company received from the New
York Stock Exchange (the "NYSE") on April 3,
2023, the Company has regained compliance with the NYSE's
continued listing standard for minimum share price.
On October 5, 2022, the NYSE
notified the Company that it was not in compliance with the NYSE's
continued listing standards because, as of October 4, 2022, the average closing price of the
Company's American depositary shares (the "ADSs") was less than
US$1.00 per ADS over a consecutive 30
trading-day period. In order to regain compliance with the minimum
share price requirement, the Company changed the ratio of its ADSs
to its Class A ordinary shares (the "ADS Ratio"), par value
US$0.0001 per share, from the
previous ADS Ratio of one (1) ADS representing two (2) Class A
ordinary shares to the current ADS Ratio of one (1) ADS
representing six (6) Class A ordinary shares, effective
March 15, 2023.
On April 3, 2023, the Company
received a confirmation from the NYSE that a calculation of the
Company's average ADS price for the 30-trading days ended
March 31, 2023 indicated that the
Company's ADS price was above the NYSE's minimum requirement of
US$1.00 based on a 30-trading day
average. Accordingly, the Company is no longer considered below the
US$1.00 continued listing criterion.
As a result, the Company has regained compliance within the
prescribed time, and the ADSs will continue to be traded on the
NYSE, subject to the Company's continued compliance with all
applicable continued listing standards.
About Cloopen Group Holding Limited
Cloopen Group Holding Limited is a leading multi-capability
cloud-based communications solution provider in China offering a full suite of cloud-based
communications solutions, covering communications platform as a
service (CPaaS), cloud-based contact centers (cloud-based CC), and
cloud-based unified communications and collaborations (cloud-based
UC&C). Cloopen's mission
is to enhance the daily
communication experience and operational productivity for enterprises.
Cloopen aspires to drive the transformation of enterprise
communications industry by offering innovative marketing and
operational tactics and SaaS-based tools.
For more information, please visit
https://ir.yuntongxun.com.
Forward-Looking Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Cloopen may also
make written or oral forward-looking statements in its reports
filed with or furnished to 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. Any statements that are not historical facts,
including statements about Cloopen's beliefs and expectations as
well as its financial outlook, are forward-looking statements.
These forward-looking statements are based on Cloopen's current
expectations and involve
factors, risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in Cloopen's
filings with the SEC. All information provided in this press
release is current as of the date of the press release, and Cloopen
does not undertake any obligation to update such information,
except as required under applicable law. All forward-looking
statements are qualified in their entirety by this cautionary
statement, and you are cautioned not to place undue reliance
on these forward-looking statements.
For investor
and media inquiries, please contact:
Cloopen Group Holding
Limited
Investor Relations
Email: ir@yuntongxun.com
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SOURCE Cloopen Group Holding Limited