Yunji Receives Nasdaq Notice Regarding Minimum Bid Price Requirement
Yunji Inc., a leading membership-based social e-commerce platform based in Hangzhou, China, has announced that it has received a written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC. The notification, dated October 5, 2023, states that Yunji no longer meets the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) due to the closing bid price of the company’s American Depositary Shares (ADSs) being below US$1.00 per share for the last 30 consecutive business days.
According to the Nasdaq Listing Rules, Yunji has a grace period of 180 days, until April 2, 2024, to regain compliance with the minimum bid price requirement. During this period, the company intends to monitor the closing bid price of its ADSs and explore options to regain compliance. Yunji can cure this deficiency if the closing bid price of its ADSs reaches US$1.00 per share or higher for at least ten consecutive business days within the grace period. The company is determined to rectify the situation within the prescribed timeframe.
Yunji Inc. has established itself as a trustworthy e-commerce platform in China, offering high-quality products at attractive prices across various categories. The company’s unique membership-based model leverages the power of social interactions, utilizing advanced technologies such as big data and artificial intelligence to optimize user experience and incentivize members to promote the platform and share products with their social contacts. With deliberate product curation, centralized merchandise sourcing, and efficient supply chain management, Yunji has gained recognition for its high-quality products and exclusive membership benefits.
Yunji’s management team remains committed to its growth strategies and future business development. The company aims to understand buyer needs, provide exceptional products and services, and maintain its brand reputation. Despite the challenges posed by the non-compliance notice, Yunji is confident in its ability to navigate the situation and continue its positive trajectory in China’s e-commerce market.
For more information about Yunji Inc., please visit their official website at https://investor.yunjiglobal.com/.
Safe Harbor Statements:
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Factors that could contribute to such differences include Yunji’s growth strategies, future business development, market trends, and changes in governmental policies and regulations. The company will continue to provide updates as necessary and undertake necessary actions to comply with the Nasdaq minimum bid price requirement.
Phone: +1 (646) 224-6957
Phone: +1 (646) 224-6957