Huize Holding Limited Announces Receipt of Minimum Bid Price Notification from Nasdaq
October 14 2022 - 4:00PM
Huize Holding Limited, (“Huize” or the “Company”) (NASDAQ: HUIZ), a
leading digital insurance product and service platform for new
generation consumers in China, today announced it has received a
notification letter dated October 12, 2022 (the “Notice”) from the
staff of the Listing Qualifications Department of Nasdaq Stock
Market LLC (“Nasdaq”), 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 Notice 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 minimum bid price requirement. In this case, the Company
will need to provide written notice of its intention to cure the
deficiency during the second compliance period, including by
effecting a reverse stock split, if necessary.
The Nasdaq notification letter does not affect
the Company’s business operations, and the Company will take all
reasonable measures to regain compliance within the prescribed
grace period.
About Huize Holding Limited
Huize Holding Limited is a leading digital
insurance product and service platform for new generation consumers
in China. Targeting the younger generation, Huize is dedicated to
serving its insurance clients for their life-long insurance needs.
Leveraging its online platform, Huize offers a wide variety of
insurance products with a focus on long-term life and health
insurance products and empowers its insurer partners to reach a
large fragmented client base in the insurance retail market
efficiently and enhance their insurance sales. Huize provides
insurance clients with digitalized insurance experience and
services, including suitable product recommendations, consulting
service, intelligent underwriting, and assistance in claim
application and settlement, which significantly improve transaction
experience.
For more information, please visit http://ir.huize.com.
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. Statements that are not historical facts, including
statements about Huize’s beliefs and expectations, are
forward-looking statements. These forward-looking statements can be
identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident”
and similar statements. Among other things, business outlook and
quotations from management in this announcement, contain
forward-looking statements. Huize 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. 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: Huize’s goal and strategies; Huize’s expansion plans;
Huize’s future business development, financial condition and
results of operations; Huize’s expectation regarding the demand
for, and market acceptance of, its online insurance products;
Huize’s expectations regarding its relationship with insurer
partners and insurance clients and other parties it collaborates
with; general economic and business conditions; and assumptions
underlying or related to any of the foregoing.
Further information regarding these and other
risks is included in Huize’s filings with the SEC. All information
provided in this press release is as of the date of this press
release, and Huize does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please
contact:
Investor Relationsinvestor@huize.com
Media Relationsmediacenter@huize.com
Christensen
In ChinaMs. Jasmine ZhuPhone: +852 2117 0861Email:
jasmine.zhu@christensencomms.com
In U.S.Ms. Linda BergkampPhone: +1-480-614-3004Email:
linda.bergkamp@christensencomms.com
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