SHANGHAI, Jan. 26, 2017 /PRNewswire/ -- The9 Limited
(the "Company" or "The9") has received a written notification from
the Nasdaq Stock Market, Inc. ("Nasdaq") dated January 20, 2017 indicating that the Company no
longer meets the continued listing requirement of minimum Market
Value of Listed Securities ("MVLS") for the Nasdaq Global Market,
as set forth in the Nasdaq Listing Rule 5450(b)(2)(A), because the
market value of the Company's total outstanding shares for the last
30 consecutive business days was below the minimum requirement of
US$50,000,000. Pursuant to Nasdaq
Listing Rule 5810(c)(3)(C), the Company has a compliance period of
180 calendar days (or until July 19, 2017) to regain
compliance. If at any time during this compliance period the
Company's MVLS closes at US$50,000,000 or more for a minimum of ten
consecutive business days, Nasdaq will notify the Company that it
has achieved compliance with the MVLS requirement and this matter
will be closed. In the event the Company does not regain compliance
with Rule 5450(b)(2)(A) prior to the expiration of the compliance
period, the Company will receive written notification that its
securities are subject to delisting from the NASDAQ Global
Market.
The Company's management is looking into various options
available to regain compliance and maintain its continued listing
on The NASDAQ Global Market, and is also considering other options,
including a potential transfer of its listing of securities to the
Nasdaq Capital Market. The Nasdaq Capital Market is a continuous
trading market that operates in substantially the same manner as
the Nasdaq Global Market where listed companies must meet certain
financial requirements and comply with Nasdaq's corporate
governance requirements.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of 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," "considers" and similar statements. Statements that
are not historical facts, including statements about The9's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, The9's
ability to license, develop or acquire online games that are
appealing to users, The9's ability to retain existing players and
attract new players, The9's ability to anticipate and adapt to
changing consumer preferences and respond to competitive market
conditions, political and economic policies of the Chinese
government, the laws and regulations governing the online game
industry, information disseminated over the Internet and Internet
content providers in China,
intensified government regulation of Internet cafes, and other
risks and uncertainties outlined in The9's filings with the U.S.
Securities and Exchange Commission, including its annual reports on
Form 20-F. The9 does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For further information, please
contact:
Ms. Connie Sun
Investor
Relations Specialist
The9
Limited
Tel: +86
(21) 5172-9990
Email: IR@corp.the9.com
Website: http://www.corp.the9.com/
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SOURCE The9 Limited