PHOENIX, Dec. 12,
2023 /PRNewswire/ -- Moatable, Inc. (NYSE: MTBL)
("Moatable" or the "Company"), which operates two US-based SaaS
businesses, Chime Technologies Inc.© and Trucker Path Inc.©, today
announced that it has received a letter from the New York Stock
Exchange (the "NYSE") dated December 7,
2023, notifying Moatable that it is below compliance
criteria as the average closing price of the Company's American
depositary shares (the "ADSs") was $0.99 during the 30 trading-day period ended
December 6, 2023.
Under Section 802.01C of the NYSE Listed Company Manual, a
company will be considered to be below compliance criteria if the
average closing price of a security as reported on the consolidated
tape is less than US$1.00 over a
consecutive 30 trading-day period. Following receipt of the
notification, the Company has six months, i.e., by
June 7, 2024, to regain compliance with the minimum share
price requirement.
The Company can regain compliance at any time during the
six-month cure period if the Company's ADS has a closing share
price of at least US $1.00 and an
average closing share price of at least $1.00 over the 30 trading-day period ending on
the last trading day of that month or the last trading day of the
cure period. In the event that at the expiration of the six-month
cure period, both a $1.00 closing
share price on the last trading day of the cure period and a
$1.00 average closing share price
over the 30 trading-day period ending on the last trading day of
the cure period are not attained, the NYSE will commence suspension
and delisting procedures.
To address this issue, Moatable intends to monitor the market
conditions of its listed securities and is considering the
options.
About Moatable Inc.
Moatable, Inc. (NYSE: MTBL) operates several US-based SaaS
businesses including Chime, Inc. and Trucker Path. Moatable's
American depositary shares, each of which currently represents
forty-five Class A ordinary shares, trade on NYSE under the symbol
"MTBL".
Forward-Looking Statements
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" and similar statements. Statements that are
not historical facts, including statements about Moatable's beliefs
and expectations, including statements on making investments and
operating businesses that generate long-term returns for investors,
and expectations for future growth and innovation are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Moatable's goals and strategies; Moatable's future
business development, financial condition and results of
operations; Moatable's expectations regarding demand for and market
acceptance of its services; Moatable's plans to enhance user
experience, infrastructure and service offerings. Further
information regarding these and other risks is included in our
annual report on Form 10-K for the year ended December 31, 2022 and other documents filed with
the SEC. All information provided in this press release is as of
the date of this press release, and Moatable does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
View original
content:https://www.prnewswire.com/news-releases/moatable-announces-receipt-of-nyse-non-compliance-letter-regarding-ads-trading-price-302011912.html
SOURCE Moatable, Inc.