SHANGHAI, Aug. 15,
2024 /PRNewswire/ -- XChange TEC.INC (NASDAQ: XHG)
(the "Company"), today announced that it received two letters,
dated August 12 and 14, 2024,
respectively, from The Nasdaq Stock Market ("Nasdaq") notifying the
Company that it had regained compliance with the requirement to
maintain a minimum bid price of $1
per share as set forth under Nasdaq Listing Rule 5450(a)(1) for
continued listing on The Nasdaq Global Market (the "Bid Price
Rule").
As previously announced by the Company via a press release on
April 9, 2024, the Company received a
notice from Nasdaq dated April 3,
2024, stating that the Company was not in compliance with
the Bid Price Rule. However, Nasdaq Listing Rule 5810(c)(3)(A)
provides the Company a compliance period of 180 calendar days,
during which if the closing bid price of the Company's American
Depositary Shares ("ADSs") is at least $1.00 per ADS for a minimum
of ten consecutive business days, Nasdaq would provide a written
confirmation of compliance.
On August 12, 2024, in connection
with its previous request of appeal of the delisting determination
by Nasdaq, the Company received a letter from the Nasdaq Office of
General Counsel notifying the Company that the Company had regained
compliance with the Bid Price Rule and was allowed to continue the
listing of the Company's securities on Nasdaq. On August 14, 2024, the Company received another
letter from Nasdaq's listing qualifications department, which also
notified that the Company had regained compliance with the Bid
Price Rule, because for the last 28 consecutive business days, from
July 5 to August 13, 2024, the
closing bid price of the Company's ADSs had been at $1.00 per ADS or greater.
About XChange TEC.INC
XChange TEC.INC, 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. 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:
Vivian
Shen
ir@qk365.com
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SOURCE XChange TEC.INC