BEIJING, Oct. 20, 2020 /PRNewswire/ -- TuanChe Limited
("TuanChe" or the "Company") (NASDAQ: TC), a leading omni-channel
automotive marketplace in China,
today announced that it will change the ratio of its American
depositary Shares ("ADSs") to Class A ordinary shares from one (1)
ADS representing four (4) Class A ordinary shares to one (1) ADS
representing sixteen (16) Class A ordinary shares.
For TuanChe's ADS holders, this ratio change will have the same
effect as a 1-for-4 reverse ADS split. There will be no change to
TuanChe's Class A ordinary shares. Furthermore, no physical action
by ADS holders will be required to effect the ratio change, as the
change will be effected on the books of the depositary. The effect
of the ratio change on the ADS trading price on the Nasdaq Capital
Market is expected to take place at the open of business on
October 22, 2020 (U.S. Eastern Time).
Any fractional ADSs will be sold and the net proceeds from the sale
of fractional ADSs will be distributed to the holders entitled
thereto.
As a result of the change in the ADS ratio, the ADS price is
expected to increase proportionally, although TuanChe can give no
assurance that the ADS price after the change in the ADS ratio will
be equal to or greater than four times the ADS price before the
change.
About TuanChe
Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading
omni-channel automotive marketplace in China. TuanChe offers services to connect
automotive consumers with various industry players such as
automakers, dealers and other automotive service providers. TuanChe
provides automotive marketing and transaction related services by
integrating its online platforms with offline sales events. Through
its integrated marketing solutions, TuanChe turns individual and
isolated automobile purchase transactions into large-scale
collective purchase activities by creating an interactive
many-to-many environment. TuanChe also provides virtual dealership
services by connecting automakers and franchised dealerships with
secondary dealers, which ultimately helps automakers penetrate and
expand into lower-tier cities. Furthermore, leveraging its
proprietary data analytics and advanced digital marketing system,
TuanChe's online marketing service platform helps industry
customers increase the efficiency and effectiveness of their
advertising placements. For more information, please contact
ir@tuanche.com.
Safe Harbour Statement
This announcement contains 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 include, without
limitation, the Company's plans and outlook regarding the trading
of its ADSs, which can be identified by terminology such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
For investor and media inquiries, please contact:
TuanChe Limited
Cynthia Tan
Tel: +86 (10) 6398-6232
Email: ir@tuanche.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: tuanche@tpg-ir.com
Yang Song
Tel: +86 (10) 6508-0677
Email: tuanche@tpg-ir.com
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SOURCE TuanChe Limited