HANGZHOU, China, Sept. 24, 2021 /PRNewswire/ -- Weidai Ltd.
(the "Company" or "Weidai") (NYSE: WEI), a leading auto-backed
financing solution provider in China, today announced that it has received a
letter from the New York Stock Exchange (the "NYSE") dated
August 31, 2021, notifying Weidai
that it is below compliance standards due to the trading price of
its American Depositary Shares (the "ADSs").
Pursuant to NYSE rule 802.01C, a company will be considered to
be below compliance standards 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. Once notified, the company must bring its share
price and average share price back above US$1.00 by six months following receipt of the
notification. The company can regain compliance at any time during
the six-month cure period if on the last trading day of any
calendar month during the cure period the company has a closing
share price of at least US$1.00 and
an average closing share price of at least US$1.00 over the 30 trading-day period ending on
the last trading day of that month. In the event that at the
expiration of the six-month cure period, both a US$1.00 closing share price on the last trading
day of the cure period and a US$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, the Company intends to monitor the market
conditions of its listed securities and is still considering its
options.
About Weidai Ltd.
Weidai Ltd. is a pioneer and leading auto-backed financing
solution provider in China
supported by sophisticated and effective risk management system and
technology. The Company transforms used automobiles, a type of
"non-standard" collateral, into investable assets, to provide
accessible credit for China's
small and micro enterprises, and connects the borrowers with
institutional funding partners through its platform.
For more information, please visit
http://weidai.investorroom.com/.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in 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," "target," "confident" and similar statements. Weidai
may also make written or oral forward-looking statements in its
periodic reports to the SEC, in its annual report 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 Weidai's beliefs and expectations, are
forward-looking statements. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited the following: Weidai's
goal and strategies; Weidai's expansion plans; Weidai's future
business development, financial condition and results of
operations; Weidai's expectations regarding demand for, and market
acceptance of, its solutions and services; Weidai's expectations
regarding keeping and strengthening its relationships with
borrowers, investors and financial institutions and other platform
participants; general economic and business conditions; Weidai's
assumptions underlying or related to any of the foregoing
regulations and governmental policies relating to the online
consumer finance industry in China; its ability to comply with existing or
future laws and regulations related to data protection or data
security; and Weidai's ability to meet the standards necessary to
maintain listing of its ADSs on the NYSE, including its ability to
cure any non-compliance with the NYSE's continued listing criteria;
litigation and negative publicity surroundings China -based companies listed in the U.S.; and
the duration of the COVID-19 outbreak, including the emergence of
COVID variants, and its potential impact on the Company's business
and financial performance. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and Weidai does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
For investor and media inquiries, please contact:
In China:
Christensen
Mr. Rene Vanguestaine
Tel: +86-10-5900-1548
E-mail: rvanguestaine@christensenir.com
In US:
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
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SOURCE Weidai Ltd.