BEIJING, Feb. 20,
2024 /PRNewswire/ -- Concord Medical Services
Holdings Limited ("Concord Medical" or the "Company") (NYSE: CCM),
a healthcare provider specialized in cancer treatment, research,
education and prevention in China,
today announced that it has received a letter (the "Letter") from
the New York Stock Exchange (the "NYSE") dated February 12, 2024, notifying the Company
that it is below compliance standards due to the trading price
of the Company's American depositary shares (the "ADSs") and that
the applicable cure period for the Company to regain compliance
expires on August 12, 2024.
Pursuant to applicable NYSE continued listing standards, a
company would be considered "below criteria" by the NYSE if the
average closing price of a security as reported on the consolidated
tape is less than $1.00 over a
consecutive 30 trading-day period. Once notified, the company must
bring its ADS trading price and average ADS trading price back
above $1.00 within the applicable
cure period following receipt of the notification. 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 an ADS closing price of at least $1.00 and an average ADS closing price of at
least $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 cure period, both a $1.00 ADS closing price on the last trading day
of the cure period and a $1.00
average ADS closing 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 Concord Medical
Concord Medical Services Holdings Limited is a
healthcare provider featuring a full cycle of premium oncology
services including cancer diagnosis, treatment, education and
prevention. The Company focuses on providing multidisciplinary
cancer care in all aspects of oncology healthcare services in its
cancer hospitals and equipping them with technologically advanced
equipment such as the state-of-the-art proton therapy system. The
Company is striving to improve the quality and accessibility of
cancer care through its network of self-owned cancer hospitals and
clinics as well as partnered hospitals across China. For more information, please
see http://ir.ccm.cn.
About Concord Healthcare
Concord Healthcare is an oncology healthcare provider in
China. Concord Healthcare serves
both cancer patients through self-owned medical institutions and
third-party medical institutions through medical equipment,
software and related services. In its self-owned medical
institutions, Concord Healthcare provides a full spectrum of
oncology healthcare services to cancer patients across the entire
care continuum, leveraging its multidisciplinary team specialists
and diagnosis and treatment capabilities featuring precision
radiation therapy. Through its medical equipment, software and
related services, Concord Healthcare serves a widespread network of
enterprise customers, primarily hospitals, with integrated
oncology-related services, including primarily sales and installing
of medical equipment and software, management and technical
support, and operating lease.
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements can be identified by words or phrases
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar expressions.
Forward-looking statements are inherently subject to uncertainties
and contingencies beyond the Company's control and based upon
premises with respect to future business decisions, which are
subject to change. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. The Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
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SOURCE Concord Medical Services Holdings Limited