Secoo Receives Additional Delist Notice from Nasdaq
February 08 2024 - 4:30PM
Secoo Holding Limited (“Secoo” or the “Company”) (NASDAQ: SECO),
today announced that it received an additional delist notice from
The Nasdaq Stock Market LLC (“Nasdaq”) on February 6, 2024.
As previously announced, the Company received a written
notification from Nasdaq dated August 1, 2023, indicating that
because the closing bid price of the Company’s American Depositary
Shares (“ADSs”) for the last 30 consecutive business days was below
US$1.00 per share, the Company no longer meets the Nasdaq minimum
bid price requirement, set forth in Nasdaq Listing Rule 5550(a)(2).
The Company was provided with a compliance period of 180 calendar
days, or until January 29, 2024, to regain compliance under the
Nasdaq Listing Rules. In the event the Company does not regain
compliance by January 29, 2024, the Company may be eligible for an
additional compliance period of 180 calendar days period to regain
compliance under certain conditions. On January 29, 2024, the
Company received a letter from Nasdaq, notifying the Company that,
in accordance with Nasdaq Listing Rule 5810(c)(3)(A), it was
eligible for a second 180-day compliance period to comply with the
minimum $1 bid price requirement.
The delist notice from Nasdaq dated February 6, 2024 notified
the Company that, upon further review, the Nasdaq Staff has
determined that in light of concerns regarding the circumstances
surrounding the Company’s failure to file its delinquent reports,
it no longer appears to Nasdaq that it is possible for the Company
cure the deficiency. This matter serves as an additional basis for
delisting the Company’s securities from Nasdaq. The Company plans
to present its views with respect to this additional deficiency at
its Nasdaq Panel hearing scheduled on February 13, 2024.
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s leading online
integrated upscale products and services platform. Secoo provides
customers a wide selection of authentic upscale products and
lifestyle services on the Company’s integrated online and offline
shopping platform which consists of the Secoo.com website, mobile
applications and offline experience centers, offering over 420,000
SKUs, covering over 3,800 global and domestic brands. Supported by
the Company’s proprietary database of upscale products,
authentication procedures and brand cooperation, Secoo is able to
ensure the authenticity and quality of every product offered on its
platform.
For more information, please visit http://ir.secoo.com.
Safe Harbor Statement
This press release 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 Private Securities Litigation Reform
Act of 1995. These forward-looking statements include but are not
limited to Secoo management quotes and the Company’s financial
outlook. These forward-looking statements can be identified by
terminology such as “will,” “estimate,” “project,” “predict,”
“believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,”
“goal” and similar statements. Secoo Holding Limited may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, 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. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements. These forward-looking statements include, but are not
limited to, statements about: the Company’s goals and strategies;
its future business development, financial condition and results of
operations; its ability to attract and retain new customers and to
increase revenues generated from repeat customers; its expectations
regarding demand for and market acceptance of its products and
services; trends and competition in China’s e-commerce market;
changes in its revenues and certain cost or expense items; the
expected growth of the Chinese e-commerce market; Chinese
governmental policies relating to the Company’s industry and
general economic conditions in China. For additional information on
these and other important factors that could adversely affect the
Company’s business, financial condition, results of operations and
prospects, please see its filings with the U.S. Securities and
Exchange Commission.
Secoo Holding Limited does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of this press release, and
Secoo Holding Limited undertakes no duty to update such
information, except as required under applicable law.
For investor and media inquiries, please contact:
In China:Secoo Holding LimitedJingbo MaTel: +86 10
6588-0135E-mail: ir@secoo.com
The Piacente Group, Inc.Jenny CaiTel: +86 (10) 6508-0677E-mail:
Secoo@tpg-ir.com
In the United States:The Piacente Group, Inc. Brandi
PiacenteTel: +1-212-481-2050E-mail: Secoo@tpg-ir.com
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