BEIJING, June 10, 2020 /PRNewswire/ -- Gridsum
Holding Inc. ("Gridsum" or the "Company") (NASDAQ:GSUM), a leading
provider of cloud-based big-data analytics and artificial
intelligence ("AI") solutions in China, today announced that on June 9, 2020, it received a letter from the
Listing Qualifications Department of The Nasdaq Stock Market
("Nasdaq"), indicating that for the twenty consecutive trading days
from May 11, 2020 to June 8, 2020, the Company's Market Value of
Publicly Held Shares ("MVPHS") had been $15,000,000 or greater as required for continued
listing on The Nasdaq Global Select Market. Accordingly, the
Company has regained compliance with such requirement, and the
matter is now closed.
As previously reported, on April 17,
2020 and May 1, 2020, the
Company received notices from Nasdaq's Listing Qualifications
Department, indicating that the Company was not in compliance with
the minimum bid price requirement of $1.00 per ADS and the minimum MVPHS requirement
of $15,000,000, respectively, for
continued listing on The Nasdaq Global Select Market.
After regaining compliance with the minimum MVPHS requirement,
the Company intends to continue to monitor the bid price of its
ADSs, and consider available options if its ADSs do not trade at a
level likely to result in the Company regaining compliance with the
minimum bid price requirement. However, there can be no assurance
that the Company will be able to regain compliance or that Nasdaq
will grant the Company a further extension of time to regain
compliance, if necessary.
About Gridsum
Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider of
cloud-based big-data analytics and AI solutions for multinational
and domestic enterprises and government agencies in China. Gridsum's core technology, the Gridsum
Big Data Platform and the Gridsum Prophet: Enterprise AI Engine, is
built on a distributed computing framework and performs real-time
multi-dimensional correlation analysis of both structured and
unstructured data. This enables Gridsum's customers to identify
complex relationships within their data and gain new insights that
help them make better business decisions. The Company is named
"Gridsum" to symbolize the combination of distributed computing
(Grid) and analytics (sum). As a digital intelligence pioneer, the
Company's mission is to help enterprises and government
organizations in China use data in
new and powerful ways to make better-informed decisions and be more
productive.
For more information, please
visit http://www.gridsum.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements can be identified by terminology such as
"may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. Forward-looking statements involve inherent
risks and uncertainties. Many factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the substantial doubt about
our ability to continue as a going concern, duration and impact of
the COVID-19 pandemically, general economic conditions in
China, unexpected difficulties in
pursuit of our business strategy, unpredictable demand for
solutions we have developed, difficulties keeping and strengthening
relationships with existing customers or expanding our customer
base, availability of additional capital when needed, uncertainties
associated with our repayment of indebtedness and our ability to
maintain listing for trading on The Nasdaq Stock Market, and
uncertainty about the proposed going private transaction. Further
information regarding these and other risks is included in
Gridsum's annual report on Form 20-F and other reports filed with,
or furnished to, the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and Gridsum undertakes no duty to update such
information except as required under applicable law.
Investor Relations
Gridsum
ir@gridsum.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: carnell@christensenir.com
In U.S.
Mr. Tip Fleming
Phone: +1 917 412 3333
Email: tfleming@christensenir.com
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SOURCE Gridsum Holding Inc.