Sound Group Inc. Receives NASDAQ Notice Related to Late Filing of Form 20-F
May 21 2024 - 6:04AM
Sound Group Inc. (“Sound Group” or the “Company”) (NASDAQ: SOGP),
formerly known as LIZHI INC., a global audio-centric social and
entertainment company, today announced that it has received a
letter from the NASDAQ Stock Market, dated May 17, 2024 (the
“Delinquency Letter”), notifying the Company that it is not in
compliance with the requirements for continued listing set forth in
NASDAQ Listing Rule 5250(c)(1) because it did not timely file its
annual report on Form 20-F for the fiscal year ended December 31,
2023 (the “2023 Annual Report”).
In accordance with NASDAQ Listing Rules, the
Company has 60 calendar days from the date of the Delinquency
Letter to submit a plan to regain compliance with NASDAQ Listing
Rules (the “Compliance Plan”). If NASDAQ accepts the Compliance
Plan, NASDAQ may grant the Company an extension until November 11,
2024 to regain compliance. The Company intends to submit the
Compliance Plan within the prescribed 60-day period.
The Delinquency Letter has no immediate impact
on the listing of the Company’s ordinary shares represented by
American depositary shares on the Nasdaq Capital Market.
This announcement is made in compliance with
NASDAQ Listing Rule 5810(b), which requires prompt disclosure of
receipt of a deficiency notification.
About Sound Group Inc.
(formerly known as LIZHI INC.)
Sound Group Inc. is a global audio-centric
social and entertainment company driven by a clear mission and
vision: building the world’s largest audio platform to better
connect and communicate. The Company is dedicated to shaping a
future where audio not only bridges gaps but also amplifies human
connection through the power of sound. Sound Group Inc. has been
listed on Nasdaq since January 2020.
For more information, please visit:
https://ir.soundgroupinc.com/
Safe Harbor Statement
This press release 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 the Company’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and 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: the Company’s goals and strategies; the Company’s future
business development, results of operations and financial
condition; the expected growth of the online audio market; the
expectation regarding the rate at which to gain active users,
especially paying users; the Company’s ability to monetize the user
base; fluctuations in general economic and business conditions in
China and overseas markets; the impact of the COVID-19 to the
Company’s business operations and the economy in China and
elsewhere generally; any adverse changes in laws, regulations,
rules, policies or guidelines applicable to the Company; and
assumptions underlying or related to any of the foregoing. In some
cases, forward-looking statements can be identified by words or
phrases such as “may,” “will,” “expect,” “anticipate,” “target,”
“aim,” “estimate,” “intend,” “plan,” “believe,” “potential,”
“continue,” “is/are likely to” or other similar expressions.
Further information regarding these and other risks, uncertainties
or factors is included in the Company’s filings with the Securities
Exchange Commission. All information provided in this press release
is as of the date of this press release, and the Company does not
undertake any duty to update such information, except as required
under applicable law.
For investor and media inquiries, please
contact:
Sound Group Inc.IR DepartmentE-mail:
ir@soundgroupinc.com
Piacente Financial CommunicationsJenny CaiTel:
+86 (10) 6508-0677Brandi PiacenteTel: +1-212-481-2050E-mail:
soundgroup@tpg-ir.com
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