BEIJING, Feb. 21,
2023 /PRNewswire/ -- TuanChe Limited ("TuanChe" or
the "Company") (NASDAQ: TC), a
leading integrated automotive marketplace in China, today
announced that it received a notification letter dated February 17, 2023 (the "Deficiency Letter") from
the Listing Qualifications Department of The Nasdaq Stock Market
Inc. (the "Nasdaq"), indicating that the Company is no longer in
compliance with the minimum bid price requirement set forth in Rule
5550(a)(2) of the Nasdaq Listing Rules as the Company's closing bid
price per American depositary share ("ADS"), each representing
sixteen Class A ordinary shares, par value US$0.0001 per share, of the Company, has been
below US$1.00 for a period of 30
consecutive business days. The Deficiency 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
August 16, 2023 (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 10 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
by August 16, 2023, subject to the determination by the staff
of Nasdaq, it may be eligible for an additional 180 calendar days
compliance period if it meets the continued listing requirements
for market value of publicly held shares and all other initial
listing standards, with the exception of bid price requirement, of
the Nasdaq Capital Market, and provides written notice to Nasdaq of
its intention to cure the deficiency.
The Company intends to monitor the closing bid price of its ADSs
between now and August 16, 2023 and
is considering its options, including an adjustment of
its ADS-to-Class A ordinary share ratio, to regain
compliance with the minimum bid price requirement under the Nasdaq
Listing Rules. The Company is currently in compliance with all
other Nasdaq continued listing standards. The Deficiency Letter
does not affect the Company's business operations, its U.S.
Securities and Exchange Commission reporting requirements or
contractual obligations.
About TuanChe
Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading
integrated automotive marketplace in China. TuanChe offers
services to connect automotive consumers with various industry
players such as automakers, dealers and other automotive service
providers. TuanChe provides automotive marketing and transaction
related services by integrating its online platforms with offline
sales events. Through its integrated marketing solutions, TuanChe
turns individual and isolated automobile purchase transactions into
large-scale collective purchase activities by creating an
interactive many-to-many environment. Furthermore, leveraging its
proprietary data analytics and advanced digital marketing system,
TuanChe's online marketing service platform helps industry
customers increase the efficiency and effectiveness of their
advertising placements.
For more information, please contact ir@tuanche.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, the Company's business plans and development
and business outlook, which can be identified by terminology such
as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. Such statements are based
upon management's current expectations and current market and
operating conditions, and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. The Company does not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under law.
For investor and media inquiries, please
contact:
TuanChe Limited
Investor Relations
Tel: +86 (10) 6397-6232
Email: ir@tuanche.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: tuanche@tpg-ir.com
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SOURCE TuanChe Limited