SHANGHAI, April 13, 2022 /PRNewswire/ -- Boqii Holding
Limited ("Boqii" or the "Company") (NYSE: BQ), a leading
pet-focused platform in China,
today announced that it has received a letter dated April 5, 2022 (the "Letter") from the New York
Stock Exchange (the "NYSE"), notifying the Company that its total
market capitalization and stockholders' equity are below the NYSE
compliance criteria.
Pursuant to applicable NYSE continued listing standards, a
company would be considered "below criteria" by the NYSE if its
total market capitalization is less than US$50 million over a 30 trading-day period and
its stockholders' equity is less than US$50
million. A review of the current financial condition of the
Company by the NYSE shows that, as of April
4, 2022, the Company's 30 trading-day average market
capitalization was approximately US$48
million and its last reported stockholders' equity as of
December 31, 2021 was approximately US$32.2 million. Accordingly, the Company is now
subject to the procedures as set forth in Sections 801 and 802 of
the NYSE Listed Company Manual, and is required to respond within
90 days of the Letter with a business plan that demonstrates
compliance with the continued listing standard within 18 months of
receipt of the Letter. The business plan will be reviewed for final
disposition by the Listings Operations Committee (the "Committee")
of the NYSE.
The Committee will either accept the plan, at which time the
Company will be subject to quarterly monitoring for compliance with
this business plan, or the Committee will not accept the business
plan and the Company will be subject to suspension by the NYSE and
delisting by the United States Securities and Exchange Commission
(the "SEC").
The Letter from the NYSE has no immediate impact on the listing
of the Company's ADSs, which will continue to trade on the NYSE.
Notwithstanding the foregoing, the NYSE may promptly initiate
suspension and delisting procedures with respect to a company that
is determined to have average global market capitalization over a
consecutive 30 trading-day period of less than $15 million.
To address this issue, the Company intends to comply with
the applicable procedures and is considering its options to regain
compliance.
Please also refer to the Company's announcement made on
January 29, 2022, Boqii Holding
Limited Receives NYSE Non-Compliance Letter Regarding ADS Trading
Price.
About Boqii Holding Limited
Boqii Holding Limited (NYSE: BQ) is a leading pet-focused
platform in China. We are the
leading online destination for pet products and supplies in
China with our broad selection of
high-quality products including global leading brands, local
emerging brands, and our own private label, Yoken and Mocare,
offered at competitive prices. Our online sales platforms,
including Boqii Mall and our flagship stores on third-party
e-commerce platforms, provide customers with convenient access to a
wide selection of high-quality pet products and an engaging and
personalized shopping experience. Our Boqii Community provides an
informative and interactive content platform for users to share
their knowledge and love for pets.
For more information, please
visit: http://ir.boqii.com/.
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. 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. The Company may also make written or oral
forward-looking statements in its reports filed with, or furnished
to, the SEC, in its annual reports 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 the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties.
Further information regarding such risks, uncertainties or
factors is included in the Company's filings with the SEC. 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 inquiries, please contact:
Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com
DLK Advisory Limited
Tel: +852-2857-7101
Email: ir@dlkadvisory.com
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SOURCE Boqii Holding Limited