BEIJING, Dec. 15,
2023 /PRNewswire/ -- Ucommune International Ltd
(NASDAQ: UK) ("Ucommune" or the "Company"), an office space manager
and provider in China, today
announced that it received a notification letter (the "Notification
Letter on Compliance") from the Listing Qualifications Department
of The Nasdaq Stock Market ("Nasdaq") on December 14, 2023, indicating that the Company
has regained compliance with the minimum bid price requirement set
forth in Rule 5550(a)(2) of the Nasdaq Listing Rules.
As previously announced, on July 21,
2023, Nasdaq notified the Company of its non-compliance with
the Nasdaq's minimum bid price requirement because the Company's
closing bid price per share was less than US$1.00 over the 30 consecutive business days
from June 6, 2023 to July 20, 2023. Pursuant to Rule 5810(c)(3)(A) of
the Nasdaq Listing Rules, the Company has a compliance period of
180 calendar days, or until January 17, 2024, to regain compliance
with Nasdaq's minimum bid price requirement. In order to regain
compliance with the requirement, on November 29, 2023, the Company
effected a share consolidation of 12 ordinary shares with par value
of US$0.002 each in its issued and unissued share capital into one
ordinary share with par value of US$0.024.
On December 14, 2023, Nasdaq
confirmed in the Notification Letter on Compliance that for the
last 10 consecutive business days, from November 30, 2023 through December 13, 2023, the closing bid price of the
Company's Class A ordinary shares had been at US$1.00 per share or greater, and that the
Company has regained compliance with Rule 5550(a)(2) of the Nasdaq
Listing Rules.
About Ucommune International Ltd
Ucommune is an office space manager and provider in China. Founded in 2015, Ucommune has created a
large-scale intelligent office ecosystem covering economically
vibrant regions throughout China
to empower its members with flexible and cost-efficient office
space solutions.
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 office space market;
changes in its revenues and certain cost or expense items; the
expected growth of China's 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
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SOURCE Ucommune International Ltd