SHANGHAI, Jan. 14, 2022 /PRNewswire/ -- CooTek
(Cayman) Inc. (NYSE: CTK) ("CooTek" or the "Company"), a global
mobile internet company, today announced that it has received a
letter (the "Letter") from the New York Stock Exchange (the "NYSE")
dated January 5, 2022 and further
e-mail communication on the same date, notifying the Company that
(i) it is below compliance standards due to the Company's total
market capitalization and stockholders' equity, (ii) the due date
for the Company to submit a business plan that demonstrates
compliance is April 5, 2022 and (iii)
the applicable cure period for the Company to regain compliance
expires on July 5, 2023.
Pursuant to applicable NYSE continued listing standards, a
company would be considered "below criteria" by the NYSE if its
total market capitalization is less than US$50 million over a 30 trading-day period and
its stockholders' equity is less than US$50
million. A review of the current financial condition of the
Company by the NYSE shows that, as of January 4, 2022, the Company's 30 trading-day
average market capitalization was approximately US$44.2 million and its last reported
stockholders' deficit as of June 30,
2021 was approximately US$(14)
million. Accordingly, the Company is now subject to the
procedures as set forth in Sections 801 and 802 of the NYSE Listed
Company Manual, and is required to respond within 90 days of the
Letter with a business plan that demonstrates compliance with the
continued listing standard within 18 months of receipt of the
Letter. The business plan will be reviewed for final disposition by
the Listings Operations Committee of the NYSE. The Company's
stockholders' deficit as of September 30,
2021 was approximately US$(11)
million.
To address this issue, CooTek intends to comply with the
applicable procedures and is still considering its options to
regain compliance.
About CooTek (Cayman) Inc.
CooTek is a mobile internet company with a global vision that
offers content-rich mobile applications, focusing on three
categories: online literature, scenario-based content apps and
mobile games. CooTek's mission is to empower everyone to enjoy
relevant content seamlessly. CooTek's user-centric and data-driven
approach has enabled it to release appealing products to capture
mobile internet users' ever-evolving content needs and helps it
rapidly attract targeted users.
For more information on CooTek, please
visit https://ir.cootek.com.
Safe Harbor Statement
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," "optimistic" and similar statements.
CooTek may also make written or oral forward-looking statements in
its reports filed with or furnished to the U.S. Securities and
Exchange Commission, 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 CooTek's beliefs and expectations, are forward-looking
statements that involve factors, risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements. Such factors and risks include, but not
limited to the following: CooTek's mission and strategies; future
business development, financial conditions and results of
operations; the expected growth of the mobile internet industry and
mobile advertising industry; the expected growth of mobile
advertising; expectations regarding demand for and market
acceptance of our products and services; competition in mobile
application and advertising industry; relevant government policies
and regulations relating to the industry and the development and
impacts of COVID-19. 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. All
information provided in this press release is current as of the
date of the press release, and CooTek does not undertake any
obligation to update such information, except as required under
applicable law.
For investor enquiries, please contact:
CooTek (Cayman) Inc.
Mr. Robert Yi Cui
Email: IR@cootek.com
ICA Investor Relations (Asia) Limited
Mr. Kevin Yang
Phone: +86-21-8028-6033
E-mail: cootek@icaasia.com
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SOURCE CooTek (Cayman) Inc.