LIZHI INC. Announces Receipt of Minimum Bid Price Notice from Nasdaq
October 12 2022 - 6:00AM
LIZHI INC. (“LIZHI” or the “Company” or “We”) (NASDAQ: LIZI), an
audio-based social and entertainment platform, today announced that
it has received a written notification from the staff of the
Listing Qualifications Department of The Nasdaq Stock Market LLC
(“Nasdaq”) dated October 11, 2022, indicating that for the last 30
consecutive business days, the closing bid price of the Company’s
American depositary shares (the “ADSs”) was below the minimum bid
price of US$1.00 per share requirement set forth in Nasdaq Listing
Rule 5450(a)(1). The Nasdaq notification letter has no current
effect on the listing or trading of the Company’s ADSs on Nasdaq.
Pursuant to the Nasdaq Listing Rule
5810(c)(3)(A), the Company is provided with a compliance period of
180 calendar days, or until April 10, 2023, to regain compliance
under the Nasdaq Listing Rules. If, at any time during the 180-day
compliance period, the closing bid price of the Company’s ADSs is
US$1.00 per share or higher for at least ten consecutive business
days, Nasdaq will provide the Company written confirmation of
compliance, and the matter will be closed.
In the event the Company does not regain
compliance by April 10, 2023, subject to the determination by the
staff of Nasdaq, the Company may be eligible for an additional
180-day compliance period if it meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards, with the exception of the bid price
requirement, and provides written notice of its intention to cure
the deficiency.
The Nasdaq notification letter does not affect
the Company’s business operations.
About LIZHI
INC.
LIZHI INC. has created a comprehensive
audio-based social ecosystem with a global presence. The Company
aims to cater to users’ interests in audio entertainment and social
networking through its product portfolios. LIZHI INC. envisions an
audio ecosystem where everyone can be connected and interact
through voices. LIZHI INC. has been listed on Nasdaq since January
2020.
For more information, please
visit: http://ir.lizhi.fm.
Safe Harbor Statements
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about the Company’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and a number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: LIZHI’s goals and strategies; LIZHI’s future business
development, results of operations and financial condition; the
expected growth of the online audio market; the expectation
regarding the rate at which to gain active users, especially paying
users; LIZHI’s ability to monetize the user base; fluctuations in
general economic and business conditions in China and overseas
markets; the impact of the COVID-19 to LIZHI’s business
operations and the economy in China and elsewhere generally; any
adverse changes in laws, regulations, rules, policies or guidelines
applicable to LIZHI; and assumptions underlying or related to any
of the foregoing. In some cases, forward-looking statements can be
identified by words or phrases such as “may,” “will,” “expect,”
“anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,”
“believe,” “potential,” “continue,” “is/are likely to” or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company’s
filings with the Securities Exchange Commission. All information
provided in this press release is as of the date of this press
release, and the Company does not undertake any duty to update such
information except as required under applicable law.
For investor and media inquiries, please
contact:
In China:
LIZHI INC.IR DepartmentTel: +86 (20)
3866-4265E-mail: ir@lizhi.fm
The Piacente Group, Inc.Jenny CaiTel: +86 (10)
6508-0677E-mail: Lizhi@tpg-ir.com
In the United States:
The Piacente Group, Inc.Brandi
PiacenteTel: +1-212-481-2050E-mail: Lizhi@tpg-ir.com
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