Qutoutiao Inc. Announces Receipt of Nasdaq Notice
September 28 2022 - 6:00AM
Qutoutiao Inc. ("Qutoutiao" or the "Company") today announced that
it has received a written notification from the staff of the
Listing Qualifications Department of The Nasdaq Stock Market LLC
(“Nasdaq”) dated September 26, 2022, indicating that for the last
30 consecutive business days, the closing bid price of the
Company’s American depositary shares (the “ADSs”) was below the
minimum bid price of US$1.00 per share requirement set forth in
Nasdaq Listing Rule 5450(a)(1). The Nasdaq notification letter has
no current effect on the listing or trading of the Company’s ADSs
on Nasdaq.
Pursuant to the Nasdaq Listing Rule
5810(c)(3)(A), the Company is provided with a compliance period of
180 calendar days, or until March 27, 2023, to regain compliance
under the Nasdaq Listing Rules. If at any time during the 180-day
compliance period, the closing bid price of the Company’s ADSs is
US$1.00 per share or higher for at least ten consecutive business
days, Nasdaq will provide the Company written confirmation of
compliance and the matter will be closed. In the event the Company
does not regain compliance by March 27, 2023, subject to the
determination by the staff of Nasdaq, the Company may be eligible
for an additional 180-day compliance period.
The Nasdaq notification letter does not affect
the Company’s business operations, and the Company will take all
reasonable measures to regain compliance within the prescribed
grace period.
As previously announced, the Company also
received a separate notice from Nasdaq, indicating the Company’s
deficiency in meeting the continued listing requirement of minimum
Market Value of Publicly Held Shares ("MVPHS") of US$15,000,000, as
set forth in the Nasdaq Listing Rule 5450(b)(2)(C). The Company has
until March 13, 2023 to regain compliance with the MVPHS
requirement.
About Qutoutiao Inc.
Qutoutiao Inc. operates a mobile content
platform in China with a mission to bring fun and value to its
users. The eponymous mobile application, Qutoutiao, meaning “fun
headlines” in Chinese, applies artificial intelligence-based
algorithms to deliver customized feeds of articles and short videos
to users based on their unique profiles, interests and behaviors.
Qutoutiao has attracted a large group of users, many of whom are
from lower-tier cities in China. They enjoy Qutoutiao’s fun and
entertainment-oriented content as well as its social-based user
loyalty program. Midu, first launched in May 2018 as Midu Novels
and with an alternative version Midu Lite launched one year later,
pioneered provision of free online literature supported by
advertising. It has been one of the market leaders of the free
online literature industry since inception. The Company will
continue to bring more exciting products to users through
innovation and strive towards creating a leading global online
content ecosystem.
For more information, please visit:
https://ir.qutoutiao.net.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "in-tends," "plans," "believes," "estimates" and similar
statements. Statements that are not historical facts, including
statements about Qutoutiao's beliefs, plans 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: Qutoutiao’s strategies; Qutoutiao’s future business
development, financial condition and results of operations;
Qutoutiao’s ability to retain and increase the number of users and
provide quality content; competition in the mobile content platform
industry; Qutoutiao’s ability to manage its costs and expenses; the
future developments of the COVID-19 pandemic; general economic and
business conditions globally and in China; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in Qutoutiao's filings
with the SEC. All information provided in this press release is as
of the date of this press release, and Qutoutiao does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please
contact:
Qutoutiao Inc.Investor RelationsTel:
+86-21-5889-0398E-mail: ir@qutoutiao.net
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