BEIJING, Feb. 3, 2022 /PRNewswire/ -- Ucommune
International Ltd. (NASDAQ: UK) ("Ucommune" or the "Company"), a
leading agile office space manager and provider in China, today announced that the Company
received written notification (the "Notification Letter") from the
Nasdaq Stock Market LLC ("Nasdaq") on January 24, 2022, that the Company is not in
compliance with the minimum bid price requirement set forth in
Nasdaq Rules for continued listing on Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for 30 consecutive business
days. Based on the closing bid price of the Company's ordinary
shares for the 30 consecutive business days from December 8, 2021 to January 21, 2022, the Company no longer meets the
minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company must regain compliance with
Nasdaq Listing Rule 5550(a)(2) within 180 calendar days, or until
July 25, 2022. To regain compliance, the Company's ordinary shares
must have a closing bid price of at least US$1.00 for a minimum of
10 consecutive business days. In the event the Company does not
regain compliance by July 25, 2022, the Company may be eligible for
additional time to regain compliance or may face delisting.
The Company's operations are not affected by the receipt of the
Notification Letter. The Company intends to monitor the closing bid
price of its ordinary shares and may, if appropriate, consider
implementing available options, including, but not limited to,
implementing a reverse share split of its outstanding ordinary
shares, to regain compliance with the minimum bid price requirement
under the Nasdaq Listing Rules.
About Ucommune International Ltd.
Ucommune is China's leading
agile office space manager and provider. Founded in 2015, Ucommune
has created a large-scale intelligent agile office ecosystem
covering economically vibrant regions throughout China to
empower its members with flexible and cost-efficient office space
solutions. Ucommune's various offline agile office space services
include self-operated models, such as U Space, U Studio, and U
Design, as well as asset-light models, such as U Brand and U
Partner. By utilizing its expertise in the real estate and retail
industries, Ucommune operates its agile office spaces with high
efficiency and engages in the urban transformation of older and
under-utilized buildings to redefine commercial real estate
in China.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "potential,"
"continue," "ongoing," "targets," "guidance" and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Any 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. 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 growth strategies; its
future business development, results of operations and financial
condition; its ability to understand members' needs and provide
products and services to attract and retain members; its ability to
maintain and enhance the recognition and reputation of its brand;
its ability to maintain and improve quality control policies and
measures; its ability to establish and maintain relationships with
members and business partners; trends and competition
in China's agile office space market; changes in its
revenues and certain cost or expense items; the expected growth
of China's agile office space market; PRC governmental
policies and regulations relating to the Company's business and
industry, and general economic and business conditions
in China and globally and assumptions underlying or
related to any of the foregoing. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this
press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
Ucommune International Ltd.
ir@ucommune.com
ICR, LLC
Robin Yang
ucommune@icrinc.com
+1 (212) 537-3847
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SOURCE Ucommune International Ltd