SHANGHAI, May 1, 2024
/PRNewswire/ -- FLJ Group Limited (NASDAQ:FLJ) (the
"Company"), today announced that it has received a letter dated
April 25, 2024 (the "Determination
Letter") from the listing qualifications department staff (the
"Staff") of The Nasdaq Stock Market ("Nasdaq"), notifying that
Nasdaq determined to deny the Company's request for continued
listing on The Nasdaq Global Market, and further determined that
the Company did not provide a definitive plan evidencing its
ability to achieve near term compliance with the continued listing
requirements or sustain such compliance over an extended period of
time.
As previously announced by the Company via a press release on
February 21, 2024, the Company
received a letter on February 20,
2024 from Nasdaq, notifying that the Company no longer
complies with the requirement of $50
million in total assets and total revenue for the most
recently completed fiscal year or two of the last three most
recently completed fiscal years, as set forth in Nasdaq Listing
Rule 5450(b)(3)(A) (the "A&R Standard") and does not comply
with an alternative requirement of Nasdaq Listing Rule 5450(b). In
accordance with Nasdaq Listing Rules, the Company had 45 calendar
days, or until April 5, 2024 to
submit a plan to regain compliance with the A&R Standard or an
alternative requirement of Nasdaq Listing Rule 5450(b).
On April 5, 2024, the Company
submitted to Nasdaq a compliance plan (the "Compliance Plan"). On
April 25, 2024, the Company received
the Determination Letter from Nasdaq, notifying that based on the
Staff's review of the Compliance Plan, Nasdaq determined to deny
the Company's request for continued listing on The Nasdaq Global
Market, and further determined that the Company did not provide a
definitive plan evidencing its ability to achieve near term
compliance with the continued listing requirements or sustain such
compliance over an extended period of time (the "Determination").
Unless the Company requests an appeal of the Determination by
May 2, 2024, trading of the Company's
American Depositary Shares will be suspended at the opening of
business on May 6, 2024, and a Form
25-NSE will be filed with the Securities and Exchange Commission,
which will remove the Company's securities from listing and
registration on Nasdaq.
On May 1, 2024, the Company
submitted to Nasdaq a request of appeal of the Determination to a
Hearings Panel (the "Panel") pursuant to the procedures set forth
in the Nasdaq Listing Rule 5800 Series, which will stay the
suspension of the Company's securities and the filing of the Form
25-NSE pending the Panel's decision. There can be no assurance as
to the decision of the Panel.
About FLJ Group Limited
FLJ Group Limited, through its subsidiaries and consolidated
variable interest entities, operates insurance agency and insurance
technology business. The insurance agency is PRC-licensed and
operates nationwide in the PRC with a wide range of insurance
products underwritten by major insurance companies, including
industry leading and/or state-owned property and casualty insurance
companies as well as certain regional property and casualty
insurance companies in China. The
insurance technology business is focused on operating and
developing insurance technology in the PRC, including developing
SaaS platform to connect consumers and underwriting support.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements include, among
others, statements regarding the Company's plans to regain
compliance with Nasdaq Rules for continued listing and its appeal
of the Determination to the Panel. The Company's actual results may
differ materially from those expressed in any forward-looking
statements as a result of various factors and uncertainties. The
reports filed by the Company with the Securities and Exchange
Commission discuss these and other important factors and risks that
may affect the Company's business, results of operations and
financial conditions. For these reasons, among others, investors
are cautioned not to place undue reliance upon any forward-looking
statements in this press release. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
View original
content:https://www.prnewswire.com/news-releases/flj-group-limited-receives-nasdaq-determination-letter-on-compliance-plan-302133838.html
SOURCE FLJ Group Limited