BEIJING, May 4, 2020 /PRNewswire/ -- Gridsum Holding
Inc. ("Gridsum" or the "Company") (NASDAQ:GSUM), a leading provider
of cloud-based big-data analytics and artificial intelligence
("AI") solutions in China, today
announced that on May 1, 2020, it
received a letter (the "Nasdaq Letter") from the Listing
Qualifications Department of The Nasdaq Stock Market ("Nasdaq"),
indicating that for the last thirty consecutive business days, the
Company's Market Value of Publicly Held Shares ("MVPHS") had been
below the minimum value of $15,000,000 required for continued listing on The
Nasdaq Global Select Market under Nasdaq Listing Rule
5450(b)(3)(C).
The Nasdaq Letter has no immediate impact on the listing of the
Company's American depositary shares, each representing one Class B
ordinary share of the Company, on The Nasdaq Global Select Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company has been
granted a 180-calendar day grace period to regain compliance with
the MVPHS requirement. The continued listing standard will be met
if the Company's MVPHS closes at $15,000,000 or more for a minimum
of ten consecutive business days during such compliance period.
The Nasdaq Letter further indicated that Nasdaq filed an
immediately effective rule change with the U.S. Securities and
Exchange Commission on April 16,
2020. Pursuant to the rule change, Nasdaq tolled the
compliance period for bid price and MVPHS requirements through
June 30, 2020. As a result, the
180-day compliance period will be reinstated on July 1, 2020, and expire on December 28, 2020. Accordingly, if at any time
during the tolling period or the 180-day compliance period the
Company's MVPHS closes at $15,000,000
or more for a minimum of ten consecutive business days, the Company
will regain compliance with Nasdaq Listing Rule 5450(b)(3)(C), and
Nasdaq will provide the Company with written confirmation of
compliance.
If the Company does not regain compliance with 5450(b)(3)(C) by
December 28, 2020, the Company will
receive written notification that its securities are subject to
delisting. Alternatively, the Company may consider applying to
transfer the Company's securities to The Nasdaq Capital Market,
provided that the Company meets the continued listing requirements
of The Nasdaq Capital Market.
The Company intends to monitor its MVPHS and consider available
options if its MVPHS is not at a level likely to result in the
Company regaining compliance with Nasdaq Listing Rule 5450(b)(3)(C)
by December 28, 2020. However, there
can be no assurance that the Company will be able to regain
compliance with the MVPHS requirement, or that it will otherwise be
in compliance with other Nasdaq listing criteria.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About Gridsum
Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider of
cloud-based big-data analytics and AI solutions for multinational
and domestic enterprises and government agencies in China. Gridsum's core technology, the Gridsum
Big Data Platform and the Gridsum Prophet: Enterprise AI Engine, is
built on a distributed computing framework and performs real-time
multi-dimensional correlation analysis of both structured and
unstructured data. This enables Gridsum's customers to identify
complex relationships within their data and gain new insights that
help them make better business decisions. The Company is named
"Gridsum" to symbolize the combination of distributed computing
(Grid) and analytics (sum). As a digital intelligence pioneer, the
Company's mission is to help enterprises and government
organizations in China use data in
new and powerful ways to make better-informed decisions and be more
productive.
For more information, please
visit http://www.gridsum.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements can be identified by terminology such as
"may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. Forward-looking statements involve inherent
risks and uncertainties. Many factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to general economic conditions
in China, unexpected difficulties
in pursuit of our business strategy, unpredictable demand for
solutions we have developed, difficulties keeping and strengthening
relationships with existing customers or expanding our customer
base, availability of additional capital when needed, uncertainties
associated with our repayment of indebtedness and our ability to
maintain listing for trading on The Nasdaq Stock Market, and
uncertainty about the Proposal. Further information regarding these
and other risks is included in Gridsum's annual report on Form 20-F
and other reports filed with, or furnished to, the U.S. Securities
and Exchange Commission. All information provided in this press
release is as of the date of this press release, and Gridsum
undertakes no duty to update such information except as required
under applicable law.
Investor Relations
Gridsum
ir@gridsum.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: carnell@christensenir.com
In U.S.
Mr. Tip Fleming
Phone: +1 917 412 3333
Email: tfleming@christensenir.com
View original
content:http://www.prnewswire.com/news-releases/gridsum-receives-nasdaq-notice-regarding-non-compliance-with-minimum-market-value-of-publicly-held-shares-requirement-301051626.html
SOURCE Gridsum Holding Inc.