SANTA
CLARA, Calif., Nov. 3, 2022
/PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA;
HKEX: 2391), a global leading IoT cloud development platform, today
announced that it has received a letter from the New York Stock
Exchange (the "NYSE") dated November 2,
2022, notifying Tuya that it is below compliance standards
due to the trading price of its American Depositary Shares (the
"ADSs").
Pursuant to NYSE rule 802.01C, a company will be considered to
be below compliance standards if the average closing price of a
security as reported on the consolidated tape is less than
US$1.00 over a consecutive 30
trading-day period. Once notified, the company must bring its share
price and average share price back above US$1.00 by six months following receipt of the
notification. The company can regain compliance at any time during
the six-month cure period if on the last trading day of any
calendar month during the cure period the company has a closing
share price of at least US$1.00 and
an average closing share price of at least US$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 six-month cure period, both a US$1.00 closing share price on the last trading
day of the cure period and a US$1.00
average closing share 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.
The ADSs currently continue to trade uninterrupted on the NYSE.
In addition, the Class A ordinary shares of Tuya, as a dual-primary
listed company, continue to trade on the Main Board of The Stock
Exchange of Hong Kong Limited ("HKEX") under the stock code "2391."
The Class A ordinary shares listed on HKEX are fully
fungible with the shares represented by the ADSs
trading on the NYSE.
About Tuya Inc.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading IoT cloud
development platform with a mission to build an IoT developer
ecosystem and enable everything to be smart. Tuya has pioneered a
purpose-built IoT cloud development platform that delivers a full
suite of offerings, including Platform-as-a-Service, or PaaS, and
Software-as-a-Service, or SaaS, to businesses and developers.
Through its IoT cloud development platform, Tuya has enabled
developers to activate a vibrant IoT ecosystem of brands, OEMs,
partners and end users to engage and communicate through a broad
range of smart devices.
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. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. The forward-looking statements included in
this press release are only made as of the date hereof, and the
Company disclaims any obligation to publicly update any
forward-looking statement to reflect subsequent events or
circumstances, except as required by law. All forward-looking
statements should be evaluated with the understanding of their
inherent uncertainty.
Investor Relations Contact
Tuya Inc.
Investor Relations
Email: ir@tuya.com
The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.com
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SOURCE Tuya Inc.