HANGZHOU, China, Nov. 8, 2022
/PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a
leading integrated smart supply chain solutions and logistics
services provider in China and
Southeast Asia ("SEA"), today
announced that it received a letter from the New York Stock
Exchange (the "NYSE"), dated October 19,
2022, notifying the Company that it was not in compliance
with applicable price criteria (the "Price Criteria") in the NYSE's
continued listing standards because, as of October 17, 2022, the average closing price of
the Company's American Depositary Shares (the "ADSs") was less than
US$1.00 per ADS over a consecutive 30
trading-day period.
Pursuant to Section 802.01C of the NYSE's Listed Company Manual,
the Company has six months ("the Cure Period") following receipt of
the notice to regain compliance with the minimum share price
requirement. The Company can regain compliance at any time during
the 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 per ADS, and an average
closing share price of at least US$1.00 per ADS over the 30 trading-day period
ending on the last trading day of that month. In the event that at
the expiration of the Cure Period, both a US$1.00 per ADS closing share price on the last
trading day of the Cure Period and a US$1.00 per ADS 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.
The Company has notified the NYSE on October 31, 2022 of its intent to cure the
deficiency. The Company is exploring and considering its options,
and intends to take reasonable measures to regain compliance with
the Price Criteria within the Cure Period.
During the Cure Period, the Company's ADSs will continue to be
listed and traded on the NYSE, subject to compliance with other
NYSE continued listing standards and other rights of the NYSE to
delist the ADSs. The Company is currently in compliance with all
other NYSE continued listing standards. The NYSE notice does not
affect the Company's business operations, its U.S. Securities and
Exchange Commission reporting requirements or contractual
obligations.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of 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" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as BEST's strategic and operational plans,
contain forward-looking statements. BEST may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (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 BEST's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. 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: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST 's
ability to maintain and enhance its ecosystem; BEST 's ability to
compete effectively; BEST 's ability to continue to innovate, meet
evolving market trends, adapt to changing customer demands and
maintain its culture of innovation; fluctuations in general
economic and business conditions in China and other countries in which BEST
operates, and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in BEST's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and BEST does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China and Southeast
Asia. Through its proprietary technology platform and
extensive networks, BEST offers a comprehensive set of logistics
and value-add services, including freight delivery, supply chain
management and global logistics services. BEST's mission is to
empower business and enrich life by leveraging technology and
business model innovation to create a smarter, more efficient
supply chain. For more information, please visit:
http://www.best-inc.com/en/.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/best-inc-receives-notice-regarding-nyse-continued-listing-standards-301671217.html
SOURCE BEST Inc.
