LIZHI INC. Regains Compliance with Nasdaq Minimum Bid Price Requirement
October 05 2023 - 6:00AM
LIZHI INC. (“LIZHI” or the “Company”) (NASDAQ: LIZI), an
audio-based social and entertainment platform, today announced that
it had received a notification letter (the “Compliance
Notification”) from the Listing Qualifications Department of the
Nasdaq Stock Market LLC (“Nasdaq”), dated October 4, 2023,
notifying the Company that it has regained compliance with the
minimum bid price of US$1.00 per share requirement set forth under
Nasdaq Listing Rule 5550(a)(2) (the "Nasdaq Capital Market Minimum
Bid Price Requirement").
As announced on October 12, 2022, LIZHI was
notified by Nasdaq that the Company was not in compliance with the
Minimum Bid Price Requirement, as the closing bid price of the
Company’s American depositary shares (“ADSs”) was below US$1.00 per
share for 30 consecutive business days. As announced on March 29,
2023, Nasdaq approved the Company's request to transfer the listing
of its ADSs from The Nasdaq Global Market to The Nasdaq Capital
Market, as a result of which the Company was eligible for an
additional period to regain compliance with the Nasdaq Capital
Market Minimum Bid Price Requirement for continued listing. To
regain compliance with the Minimum Bid Price Requirement, the
closing bid price of the Company's ADSs needs to be at least $1.00
for a minimum of 10 consecutive business days.
As part of its efforts to regain compliance with
the Minimum Bid Price Requirement, the Company changed the ratio of
its ADSs representing Class A ordinary shares from one (1) ADS
representing twenty (20) Class A ordinary shares to one (1) ADS
representing two hundred (200) Class A ordinary shares. The change
became effective on September 20, 2023.
On October 4, 2023, Nasdaq confirmed in the
Compliance Notification that the closing bid price of the Company’s
ADSs has been at $1.00 per share or greater for the ten consecutive
business days from September 20, 2023 through October 3, 2023.
Accordingly, the Company has regained compliance with the Nasdaq
Capital Market Minimum Bid Price Requirement, and the matter is now
closed.
About LIZHI INC.
LIZHI INC. has created a comprehensive
audio-based social ecosystem with a global presence. The Company
aims to cater to users’ interests in audio entertainment and social
networking through its product portfolios. LIZHI INC. envisions an
audio ecosystem where everyone can be connected and interact
through voices. LIZHI INC. has been listed on Nasdaq since January
2020.
For more information, please visit:
http://ir.lizhi.fm.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about the Company’s beliefs and expectations, are
forward- looking statements. Forward-looking statements involve
inherent risks and uncertainties, and 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: LIZHI’s goals and strategies; LIZHI’s future business
development, results of operations and financial condition; the
expected growth of the online audio market; the expectation
regarding the rate at which to gain active users, especially paying
users; LIZHI’s ability to monetize the user base; fluctuations in
general economic and business conditions in China and overseas
markets; the impact of the COVID-19 to LIZHI’s business operations
and the economy in China and elsewhere generally; any adverse
changes in laws, regulations, rules, policies or guidelines
applicable to LIZHI; and assumptions underlying or related to any
of the foregoing. In some cases, forward-looking statements can be
identified by words or phrases such as “may,” “will,” “expect,”
“anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,”
“believe,” “potential,” “continue,” “is/are likely to” or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company’s
filings with the Securities Exchange Commission. All information
provided in this press release is as of the date of this press
release, and the Company does not undertake any duty to update such
information, except as required under applicable law.
For investor and media enquiries, please
contact:
In China:
LIZHI INC.IR DepartmentTel: +86 (20)
8381-8791E-mail: ir@lizhi.fm
The Piacente Group, Inc. Jenny CaiTel: +86 (10)
6508-0677E-mail: Lizhi@tpg-ir.com
In the United States:
The Piacente Group, Inc. Brandi PiacenteTel:
+1-212-481-2050E-mail: Lizhi@tpg-ir.com
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