Smart Share Global Limited Receives Approval to Transfer to Nasdaq Capital Market and Extension of Minimum Bid Price Compliance Period
21 Dezember 2023 - 12:00PM
Smart Share Global Limited (“Energy Monster” or the “Company”), a
consumer tech company providing mobile device charging service,
today announced that on December 20, 2023, the Listing
Qualifications department of the Nasdaq Stock Market LLC (“Nasdaq”)
approved the Company’s request to transfer the listing of the
Company’s American depositary shares, each representing two Class A
ordinary shares of the Company (the “ADSs”), from the Nasdaq Global
Select Market to the Nasdaq Capital Market. The transfer is
expected to take effect at the opening of business on December 22,
2023. The transfer of the Company’s listing to the Nasdaq Capital
Market is not expected to have any impact on trading in the
Company’s ADSs. The Company’s ADSs will continue to trade
uninterruptedly under the symbol “EM.” The Nasdaq Capital Market
operates in substantially the same manner as the Nasdaq Global
Select Market, and companies on the Nasdaq Capital Market must meet
certain financial and corporate governance requirements to qualify
for continued listing.
As previously disclosed, on June 22, 2023, the
Company received a letter from Nasdaq indicating that the Company
was not in compliance with Nasdaq Listing Rule 5450(a)(1), as the
closing bid price of the ADSs had been below US$1.00 per ADS for
the previous 30 consecutive business days. The Company was given a
period of 180 calendar days, or until December 19, 2023, to regain
compliance with the minimum bid price requirement. In response, the
Company submitted an application to transfer the listing of its
ADSs from the Nasdaq Global Select Market to the Nasdaq Capital
Market.
In connection with the transfer to the Nasdaq
Capital Market, Nasdaq granted the Company a second period of 180
calendar days, or until June 17, 2024, to regain compliance with
the minimum bid price requirement for continued listing. To regain
compliance, the closing bid price of the Company’s ADSs must meet
or exceed US$1.00 per ADS for a minimum of 10 consecutive business
days on or prior to June 17, 2024. Nasdaq’s determination to grant
the additional 180-day compliance period was in part based on the
Company meeting the continued listing requirements of the Nasdaq
Capital Market with the exception of the bid price requirement, and
the Company having provided written notice of its intention to cure
the deficiency during the additional compliance period, including
effecting a reverse stock split or a change of the ratio of its
ADSs to its Class A ordinary shares if necessary.
The Company intends to continue to actively
monitor the bid price of its ADSs and, as appropriate, will
consider available options to regain compliance with the minimum
bid price requirement.
About Smart Share Global
Limited
Smart Share Global Limited (Nasdaq: EM), or
Energy Monster, is a consumer tech company with the mission to
energize everyday life. The Company is the largest provider of
mobile device charging service in China with the number one market
share. The Company provides mobile device charging service through
its power banks, which are placed in POIs such as entertainment
venues, restaurants, shopping centers, hotels, transportation hubs
and public spaces. Users may access the service by scanning the QR
codes on Energy Monster’s cabinets to release the power banks. As
of September 30, 2023, the Company had 8.7 million power banks in
1,189,000 POIs across more than 2,000 counties and county-level
districts in China.
Contact Us
Investor RelationsHansen Shiir@enmonster.com
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. In some cases, forward-looking statements can be identified
by words or phrases such as “may,” “will,” “expect,” “anticipate,”
“target,” “aim,” “estimate,” “intend,” “plan,” “believe,”
“potential,” “continue,” “is/are likely to,” or other similar
expressions. The Company may also make written or oral
forward-looking statements in its reports filed with, or furnished
to, the U.S. Securities and Exchange Commission (“SEC”), in its
annual reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and 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: Energy Monster’s strategies; its future
business development, financial condition and results of
operations; the impact of technological advancements on the pricing
of and demand for its services; competition in the mobile device
charging service industry; Chinese governmental policies and
regulations affecting the mobile device charging service industry;
changes in its revenues, costs or expenditures; the risk that
COVID-19 or other health risks in China or globally could adversely
affect its operations or financial results; general economic and
business conditions globally and in China and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks, uncertainties or factors is
included in the Company’s filings with the SEC. All information
provided in this press release is as of the date of this press
release, and the Company does not undertake any duty to update such
information, except as required under applicable law.
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