Q&K Receives NASDAQ Notification Regarding Minimum Market Value of Publicly Held Shares Deficiency
May 11 2022 - 8:30AM
Q&K International Group Limited (NASDAQ: QK) (“Q&K” or the
“Company”), a leading technology-driven long-term apartment rental
platform in China, announced today that it has received a written
notification (the "Notification Letter") from the Nasdaq Stock
Market LLC (“Nasdaq”) dated May 9, 2022 indicating that the Company
is not in compliance with the minimum Market Value of Publicly Held
Shares (“MVPHS”) set forth in the Nasdaq Rules for continued
listing on the Nasdaq Global Market. Nasdaq Listing Rule
5450(b)(3)(C) requires companies to maintain a minimum MVPHS of
US$15 million, and Listing Rule 5810(c)(3)(D) provides that a
failure to meet the MVPHS requirement exists if the deficiency
continues for a period of 30 consecutive business days. Based on
the MVPHS of the Company for the 30 consecutive business days from
March 25, 2022 to May 6, 2022, the Company no longer meets the
MVPHS minimum requirement. This notification does not impact the
listing and trading of the Company’s securities at this time.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D),
the Company has a compliance period of 180 calendar days (or until
November 7, 2022) to regain compliance. If at any time during this
compliance period the Company’s MVPHS closes at US$15 million or
more for a minimum of ten consecutive business days, Nasdaq will
notify the Company that it has achieved compliance with the MVPHS
requirement, and the MVPHS matter will be closed.
In the event the Company does not regain
compliance with Rule 5450(b)(3)(C) prior to the expiration of the
compliance period, it will receive written notification that its
securities are subject to delisting. Alternatively, the Company may
consider applying to transfer its securities to the Nasdaq Capital
Market.
The Company's business operations are not
affected by the receipt of the Notification Letter.
About Q&K
Q&K International Group Limited (NASDAQ: QK)
is a leading technology-driven long-term apartment rental platform
in China. The Company offers young, emerging urban residents
conveniently-located, ready-to-move-in, and affordable branded
apartments as well as facilitates a variety of value-added
services. Q&K leverages advanced IT and mobile technologies to
manage rental apartments in various cities in China. Technology is
the core of Q&K’s business and is applied to its operational
process from apartment sourcing, renovation, and tenant
acquisition, to property management. The focus on technology
enables Q&K to operate a large, dispersed, and fast-growing
portfolio of apartments with high operational efficiency and
deliver a superior user experience.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements constitute “forward-looking”
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in 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
quotations from management in this press release and the Company
and its subsidiaries’ (collectively, the “Group”) operations and
business outlook contain forward-looking statements. Such
statements involve certain risks, uncertainties and other factors
that could cause actual results to differ materially from those in
the forward-looking statements. These risks and uncertainties
include, but are not limited to the following: the Group’s ability
to access financing on favorable terms in a timely manner and
maintain and expand its cooperation with financial institutions;
the Group’s ability to continue as a going concern in the future or
achieve or maintain profitability; the Group’s ability to
effectively respond to the challenges and uncertainties resulting
from the COVID-19 pandemic and other outbreaks and catastrophes;
the Group’s ability to control the quality of its operations,
including the operation of the rental apartments managed by
third-party contractors; the Group’s ability to manage its growth;
the Group’s ability to integrate strategic investments,
acquisitions and new business initiatives; the Group’s ability to
attract and retain tenants and landlords, including tenants and
landlords from its acquired lease contracts; the Group’s ability to
resolve disputes with third parties; the Group’s ability to manage
its brand and reputation; the Group’s goal and strategies; the
Group’s limited operating history; the Group’s ability to compete
effectively; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in the Group’s filings with the U.S. Securities and
Exchange Commission. Except as required by law, the Group does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For investor and media inquiries, please
contact:
Q&K
E-mail: ir@qk365.com
Christensen
In ChinaMr. Rene VanguestainePhone:
+852-6686-1376E-mail: rvanguestaine@ChristensenIR.com
In U.S.Ms. Linda BergkampPhone:
+1-480-614-3004Email: lbergkamp@christensenir.com
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