Uxin Regains Compliance with Nasdaq Minimum Bid Price Requirement
November 14 2022 - 4:00AM
Uxin Limited (“Uxin” or the “Company”, together with its
subsidiaries, the “Group”) (Nasdaq: UXIN), a leading e-commerce
platform for buying and selling used cars in China, today announced
that it had received a written compliance notification from the
staff of the Listing Qualifications Department of the Nasdaq Stock
Market LLC (“Nasdaq”) dated November 11, 2022 (the “Compliance
Notification”). The Compliance Notification indicated that the
Company has regained compliance with the minimum bid price of
US$1.00 per share requirement set forth under the Nasdaq Listing
Rule 5450(a)(1) (the “Minimum Bid Price Requirement”).
As previously announced, the Company was notified by Nasdaq that
the Company was not in compliance with the Minimum Bid Price
Requirement, as the closing bid price of the Company’s American
depositary shares (“ADSs”) was below US$1.00 per share for 30
consecutive business days. As part of its efforts to regain
compliance with the Minimum Bid Price Requirement, the Company
changed the ratio of its ADSs representing Class A ordinary shares
from one (1) ADS representing three (3) Class A ordinary shares to
one (1) ADS representing thirty (30) Class A ordinary shares. The
change became effective on October 28, 2022.
On November 11, 2022, Nasdaq confirmed in the Compliance
Notification that the closing bid price of the Company’s ADSs has
been at $1.00 per share or greater for the ten consecutive business
days from October 28, 2022 through November 10, 2022. Accordingly,
the Company has regained compliance with Listing Rule 5450(a)(1),
and the matter is closed.
About Uxin
Uxin is a leading e-commerce platform for buying and selling
used cars in China. We offer high-quality and value-for-money
vehicles as well as superior before-and-after sales services
through a reliable, one-stop, and hassle-free transaction
experience. Under our omni-channel strategy, we are able to
leverage our pioneering online platform to serve customers
nationwide and establish market leadership in select regions
through offline inspection and reconditioning centers. Leveraging
our extensive industry data and continuous technology innovation
throughout more than ten years of operation, we have established
strong used car management and operation capabilities. We are
committed to upholding our customer-centric approach and driving
the healthy development of the used car industry.
Safe Harbor Statement
This press release contains statements that may constitute
“forward-looking” statements which are made pursuant to 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,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to,”
and similar statements. Statements that are not historical facts,
including statements about Uxin’s beliefs, plans, and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. 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: the risk and uncertainties as to the timing of the entry
into definitive agreements or consummation of the transactions; the
risk that certain closing conditions of the transactions may not be
satisfied on a timely basis, or at all; impact of the COVID-19
pandemic; Uxin’s goal and strategies; its expansion plans and
successful completion of certain financing transactions; its future
business development, financial condition and results of
operations; Uxin’s expectations regarding demand for, and market
acceptance of, its services; its ability to provide differentiated
and superior customer experience, maintain and enhance customer
trust in its platform, and assess and mitigate various risks,
including credit; its expectations regarding maintaining and
expanding its relationships with business partners, including
financing partners; trends and competition in China’s used car
e-commerce industry; the laws and regulations relating to Uxin’s
industry; the general economic and business conditions; and
assumptions underlying or related to any of the foregoing.
For investor and media enquiries, please
contact:
Uxin Limited Investor RelationsMs. Joyce
TangPhone: +86 10 5691-6765Email: ir@xin.com
The Blueshirt GroupMs. Jack WangPhone: +86
166-0115-0429 Email: Jack@blueshirtgroup.com
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