HANGZHOU, China, Nov. 14,
2023 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST"
or the "Company"), a leading integrated smart supply chain
solutions and logistics services provider in China and Southeast
Asia ("SEA"), today announced that it received a letter from
the New York Stock Exchange (the "NYSE"), dated October 17, 2023, notifying the Company that it
was not in compliance with applicable market capitalization and
equity criteria (the "Market Cap and Equity Criteria") in the
NYSE's continued listing standards because, as of October 16, 2023, the Company's (i) average total
market capitalization was less than $50
million over a consecutive 30 trading-day period, and (ii)
last reported stockholders' equity as of June 30, 2023 was less than $50 million. The Company is currently in
compliance with all other NYSE continued listing standards, and the
Company's American Depositary Shares will continue to be listed and
traded on the NYSE.
In accordance with the NYSE's Listed Company Manual, the Company
has 90 days (until January 15, 2024)
to submit to the NYSE a business plan as to how the Company intends
to regain compliance with the Market Cap and Equity Criteria within
the next 18 months (by April 17,
2025). The Company intends to submit such a business plan.
The business plan will then be reviewed by the NYSE. If the plan is
accepted, the Company will be subject to quarterly monitoring for
compliance with the plan.
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" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as BEST's strategic and operational plans,
contain forward-looking statements. BEST may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), 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. Statements that are not historical
facts, including statements about BEST's beliefs 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: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST 's
ability to maintain and enhance its ecosystem; BEST 's ability to
compete effectively; BEST 's ability to continue to innovate, meet
evolving market trends, adapt to changing customer demands and
maintain its culture of innovation; fluctuations in general
economic and business conditions in China and other countries in which BEST
operates, and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in BEST's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and BEST does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China and Southeast
Asia. Through its proprietary technology platform and
extensive networks, BEST offers a comprehensive set of logistics
and value-add services, including freight delivery, supply chain
management and global logistics services. BEST's mission is to
empower business and enrich life by leveraging technology and
business model innovation to create a smarter, more efficient
supply chain. For more information, please visit:
http://www.best-inc.com/en/.
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SOURCE BEST Inc.