SHANGHAI, March 22, 2018 /PRNewswire/ -- The9 Limited (Nasdaq:
NCTY) ("The9" or the "Company"), an established Internet company, today announced that it received a notification letter from the
Listing Qualifications Department of The Nasdaq Stock Market, Inc. ("Nasdaq") dated March 19, 2018
indicating that the Company no longer meets the continued listing requirement of minimum Market Value of Publicly Held Shares
("MVPHS") for the Nasdaq Global Market, as set forth in the Nasdaq Listing Rule 5450(b)(2)(C), because the market value of the
Company's publicly held American depositary shares ("ADS"), each representing one ordinary share of the Company, for the last 30
consecutive business days was below the minimum requirement of US$15,000,000.
Pursuant to Rule 5810(c)(3)(D) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until
September 17, 2018 (the "Compliance Period"), to regain compliance with Nasdaq's minimum MVPHS requirement. If at any time during
the Compliance Period, the Company's MVPHS closes at US$15,000,000 or more for a minimum of ten consecutive business days, Nasdaq
will provide the Company a written confirmation of compliance and the matter will be closed. In the event the Company does not
regain compliance with Rule 5450(b)(2)(C) prior to the expiration of the compliance period, the Company will receive written
notification that its securities are subject to delisting from the Nasdaq Global Market.
The Company's management is looking into various options available to regain compliance and maintain its continued listing on
The Nasdaq Global Market, and is also considering other options, including a potential transfer of its listing of securities to
the Nasdaq Capital Market. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same
manner as the Nasdaq Global Market where listed companies must meet certain financial requirements and comply with Nasdaq's
corporate governance requirements.
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