FLJ Group Limited Receives NASDAQ Deficiency Notice
21 Februar 2024 - 11:00PM
FLJ Group Limited (NASDAQ: FLJ) (the “Company”), today announced
that it has received notice from the Nasdaq Stock Market LLC
(“Nasdaq”) dated February 20, 2024 stating that the Company is not
in compliance with certain Nasdaq Rules for continued listing on
the Nasdaq Global Market.
The Nasdaq notice stated that the Company is not in compliance
with the minimum US$50 million in total assets and total revenue
for the most recently completed fiscal year or two of the last
three most recently completed fiscal years requirement and does not
comply with an alternative requirement of Nasdaq Listing Rule
5450(b). The Company disposed and deconsolidated certain
subsidiaries in October 2023 and with effect to prior fiscal years
total assets and total revenues. The Company also no longer meets
the minimum Market Value of Publicly Held Shares (“MVPHS”)
requirement under Nasdaq Listing Rules. Nasdaq Listing Rule
5450(b)(3)(C) requires companies to maintain a minimum MVPHS of
US$15 million, and Nasdaq Listing Rule 5810(c)(3)(D) provides that
a failure to meet the MVPHS requirement exists if the deficiency
continues for a period of 30 consecutive business days. Based on
the MVPHS of the Company for the 30 consecutive business days from
January 5, 2024 to February 16, 2024, the Company no longer meets
the minimum MVPHS requirement.
The Nasdaq notice has no immediate effect on the Company’s
listing or on the trading of the Company’s ADSs.
As provided in the Nasdaq Listing Rules, the Company has 45
calendar days (or until April 5, 2024) to submit a plan to regain
compliance with the continued listing standards. If such compliance
plan is accepted by Nasdaq, the Company may be granted a compliance
period of up to 180 calendar days from February 20, 2024 to
evidence compliance.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company has a
compliance period of 180 calendar days (or until August 19, 2024)
to regain compliance of MVPHS requirement. If at any time during
this compliance period the Company’s MVPHS closes at US$15 million
or more for a minimum of ten consecutive business days, Nasdaq will
notify the Company that it has achieved compliance with the MVPHS
requirement.
In the event the Company does not regain compliance prior to the
expiration of the compliance period, it will receive written
notification that its securities are subject to delisting. At that
time, the Company may appeal the delisting determination to a
Nasdaq Hearings Panel Alternatively, the Company may consider
applying to transfer its securities to the Nasdaq Capital
Market.
The Company intends to submit the compliance plan on or before
April 5, 2024. This announcement is made in compliance with Nasdaq
Listing Rule 5810(b), which requires prompt disclosure of receipt
of a notification of deficiency.
About FLJ
Group Limited
FLJ Group Limited, through its subsidiaries and consolidated
variable interest entities, operates insurance agency and insurance
technology business. The insurance agency is PRC-licensed and
operates nationwide in the PRC with a wide range of insurance
products underwritten by major insurance companies, including
industry leading and/or state-owned property and casualty insurance
companies as well as certain regional property and casualty
insurance companies in China. The insurance technology business is
focused on operating and developing insurance technology in the
PRC, including developing SaaS platform to connect consumers and
underwriting support.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements include, among
others, statements regarding the Company’s plans to regain
compliance with Nasdaq Rules for continued listing. The Company’s
actual results may differ materially from those expressed in any
forward-looking statements as a result of various factors and
uncertainties. The reports filed by the Company with the Securities
and Exchange Commission discuss these and other important factors
and risks that may affect the Company’s business, results of
operations and financial conditions. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
For investor and media inquiries, please contact:
FLJ Group LimitedE-mail: ir@qk365.com
Christensen
In ChinaMr. Rene VanguestainePhone:
+86-10-5900-1548E-mail: rene.vanguestaine@christensencomms.com
In the U.S.Ms. Linda BergkampPhone:
+1-480-614-3004Email: linda.bergkamp@christensencomms.com
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