SHANGHAI, Feb. 24, 2017 /PRNewswire/ -- The9 Limited
(NASDAQ: NCTY) ("The9" or the "Company"), an online game operator
and developer in China, today
announced that it has received a written notification from the
Nasdaq Stock Market, Inc. ("Nasdaq") dated February 22, 2017 indicating that the Company no
longer meets the continued listing requirement of minimum Market
Value of Publicly Held Shares ("MVPHS") for the Nasdaq Global
Market, as set forth in the Nasdaq Listing Rule 5450(b)(2)(C),
because the market value of the Company's publicly held American
depositary shares ("ADS"), each representing one ordinary share of
the Company, for the last 30 consecutive business days was below
the minimum requirement of US$15,000,000. Pursuant to Nasdaq Listing Rule
5810(c)(3)(D), the Company has a compliance period of 180 calendar
days (or until August 21, 2017) to regain compliance. If at any
time during this compliance period the Company's MVPHS closes at
$15,000,000 or more for a minimum of ten consecutive business days,
Nasdaq will notify the Company that it has achieved compliance with
the MVPHS requirement and this matter will be closed. In the event
the Company does not regain compliance with Rule 5450(b)(2)(C)
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