BEIJING, Feb. 16, 2016 /PRNewswire/ -- Ku6 Media
Co., Ltd. ("Ku6 Media" or the "Company," NASDAQ: KUTV), a
leading internet video company focused on User Generated Content in
China, today announced that it has
received a determination letter from The NASDAQ Stock Market LLC
("NASDAQ") dated February 10,
2016, indicating that the Company has failed to regain
compliance with the US$50,000,000
minimum market value requirement under NASDAQ Listing Rule
5450(b)(2)(A) (the "MVLS Rule") and the US$15,000,000 minimum market value of publicly
held securities requirement under NASDAQ Listing Rule 5450(b)(2)(C)
(the "MVPHS Rule"). The Company was first notified by NASDAQ
that it failed to comply with the MVLS Rule and the MVPHS Rule on
August 13, 2015. In accordance
with NASDAQ Listing Rules 5810(c)(3)(C) and 5810(c)(3)(D), the
Company was provided 180 calendar days, or until February 9, 2016,
to regain compliance with the MVLS Rule and the MVPHS Rule.
NASDAQ has indicated that the Company's American Depositary
Shares will be delisted from The Nasdaq Global Market unless the
Company appeals NASDAQ's determination to a Hearing Panel. The
Company intends to request a hearing to appeal NASDAQ's
determination. If the Company appeals NASDAQ's determination,
the Company's American Depositary Shares will continue to trade on
The Nasdaq Global Market during the appeal process. There is
no assurance that the Hearing Panel will grant the Company's
request for continued listing.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (NASDAQ: KUTV) is a leading internet
video company in China focused on
User Generated Content ("UGC"). Through its premier online brand
and online video website, www.ku6.com, Ku6 Media provides
online video uploading and sharing services, video reports,
information and entertainment in China. For more information about Ku6 Media,
please visit http://ir.ku6.com.
Forward-looking Statements
This news release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "believes," "could," "expects," "may," "might,"
"should," "will," or "would," and by similar statements.
Forward-looking statements are not historical facts, but instead
represent only the Company's beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
its control. It is possible that the Company's actual results and
financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these
forward-looking statements. Some of the risks and important factors
that could affect the Company's future results and financial
condition include: continued competitive pressures in China's internet video portal market; changes
in technology and consumer demand in this market; the risk that Ku6
Media may not be able to control its expenses in the future;
regulatory changes in China with
respect to the operations of internet video portal websites; the
ability of the Company to consistently derive revenues from its
renewed agreement with Huzhong; the success of Ku6 Media's ability
to sell advertising and other services on its websites; and other
risks outlined in the Company's filings with the Securities and
Exchange Commission, including the Company's annual report on
Form 20-F. Ku6 Media does not undertake any obligation to
update this forward-looking information, except as required under
law.
Contact:
For further information, please contact:
At the
Company:
Ms. Wendy Xuan
Investor Relations Manager
Telephone: +86-10-5758-6819
ir@ku6.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao
Senior Associate
+86-10-6587-6435
kyao@equityny.com
In U.S.
Adam Prior
Senior Vice President
(212) 836-9606
aprior@equityny.com
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SOURCE Ku6 Media Co., Ltd.