SHANGHAI, Oct. 9, 2018 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9" or the "Company"), an established Internet
company, today announced that it has obtained approval from The
Nasdaq Stock Market, Inc. ("Nasdaq") to transfer its listing venue
from Nasdaq Global Market to Nasdaq Capital Market. The Company's
ADSs will continue to trade under the symbol of "NCTY" on Nasdaq
Capital Market.
On October 3, 2018, the Company
received a letter from the Listing Qualifications Department of
Nasdaq, pursuant to which Nasdaq informed the Company that due to
the Company's failure to regain compliance with the continued
listing requirement of US$50 million
minimum Market Value of Listed Securities ("MVLS") for the Nasdaq
Global Market as set in the Nasdaq Listing Rule 5450(b)(2)(A), the
Company's ADSs will be delisted from the Nasdaq Global Market
unless measures are taken prior to a certain timeline. The Company
decided to transfer its listing venue to Nasdaq Capital Market with
which the Company fully complies with the continued listing
standards. After Nasdaq's approval of such transfer, the Company
has regained compliance of the minimum MVLS for the Nasdaq Capital
Market.
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. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "considers" and similar statements.
Statements that are not historical facts, including statements
about The9's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, The9's ability to license, develop
or acquire online games that are appealing to users, The9's ability
to retain existing players and attract new players, The9's ability
to anticipate and adapt to changing consumer preferences and
respond to competitive market conditions, political and economic
policies of the Chinese government, the laws and regulations
governing the online game industry, information disseminated over
the Internet and Internet content providers in China, intensified government regulation of
Internet cafes, and other risks and uncertainties outlined in
The9's filings with the U.S. Securities and Exchange Commission,
including its annual reports on Form 20-F. The9 does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
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SOURCE The9 Limited