SHANGHAI, March 11, 2020 /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") on March 6, 2020 notifying the Company that the minimum bid price per American depositary share ("ADS"), each representing three Class A ordinary shares of the Company, was below US$1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules. The Nasdaq notification letter does not result in the immediate delisting of the Company's securities.
Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until September 2, 2020 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least US$1.00 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 that the Company does not regain compliance before the expiration of the Compliance Period, the Company may be eligible for an additional 180 calendar day compliance period if it meets the initial listing requirements, with the exception of bid price, of the Nasdaq Capital Market, and provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period.
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.
About The9 Limited
The9 Limited (The9) is an Internet company based in China listed on Nasdaq in 2004. The9 aims to become a diversified high-tech Internet company.
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SOURCE The9 Limited
