BEIJING, Aug. 6, 2024
/PRNewswire/ -- Scienjoy Holding Corporation ("Scienjoy", the
"Company", or "we") (NASDAQ: SJ), an interactive entertainment
leader in the Chinese market, today announced that the Company had
received a notification letter (the "Notification Letter") dated
August 1, 2024 from the Listing
Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq"), notifying the Company that it is currently not in
compliance with the minimum bid price requirement set forth under
Nasdaq Listing Rule 5550(a)(2). It resulted from the fact that the
closing bid price of the Company's Class A ordinary shares, no par
value ("Ordinary Shares") was below $1.00 per share for a period of 30 consecutive
business days from June 18, 2024 to
July 31, 2024.
This press release is issued pursuant to Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification. The Notification Letter has no immediate
effect on the listing of the Company's Ordinary Shares, which will
continue to trade uninterrupted on Nasdaq under the ticker
"SJ".
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until January 28, 2025
(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 share of the Company's Ordinary
Shares is at least $1.00 for a minimum of 10 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 the
minimum bid price requirement by January 28,
2025, the Company may be eligible for an additional 180
calendar day grace period. To qualify, the Company will be required
to meet the continued listing requirement for market value of
publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, including by effecting a reverse stock split, if
necessary.
About Scienjoy Holding Corporation
Scienjoy is a pioneering Nasdaq-listed interactive entertainment
leader. Driven by the vision of shaping a metaverse lifestyle,
Scienjoy leverages AI-powered technology to create immersive
experiences that resonate with global audiences, fostering
meaningful connections and redefining entertainment. For more
information, please visit http://ir.scienjoy.com/.
Safe Harbor Statement
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth; ability to identify and
integrate other future acquisitions; ability to obtain additional
financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving
patents, intellectual property, and other matters; potential
changes in the legislative and regulatory environment; a pandemic
or epidemic. The forward-looking statements contained in this
release are also subject to other risks and uncertainties,
including those more fully described in the Company's filings with
the Securities and Exchange Commission ("SEC") from time to time.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Such information speaks only as of the date of this release.
For investor and media inquiries, please contact:
Investor Relations Contacts
Denny Tang
Chief Financial Officer
Scienjoy Holding Corporation
+86-10-64428188
ir@scienjoy.com
Ascent Investor Relations LLC
Tina Xiao
+1-646-932-7242
investors@ascent-ir.com
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SOURCE Scienjoy Holding Corporation
