BEIJING, July 24,
2023 /PRNewswire/ -- Ucommune International Ltd
(NASDAQ: UK) ("Ucommune" or the "Company"), a leading agile office
space manager and provider in China, today announced that it received
written notification (the "Notification Letter") from the Nasdaq
Stock Market LLC ("Nasdaq") on July 21,
2023, that the Company is not in compliance with the minimum
bid price requirement set forth in Nasdaq Rules for continued
listing on Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for 30 consecutive business
days. Based on the closing bid price of the Company's ordinary
shares for the 30 consecutive business days from June 6, 2023 to July 20,
2023, the Company no longer meets the minimum bid price
requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company must regain compliance with
Nasdaq Listing Rule 5550(a)(2) within 180 calendar days, or until
January 17, 2024. To regain compliance, the Company's ordinary
shares must have a closing bid price of at least US$1.00 for a
minimum of 10 consecutive business days. In the event the Company
does not regain compliance by January 17, 2024, the Company may be
eligible for additional time to regain compliance or may face
delisting.
The Company's operations are not affected by the receipt of the
Notification Letter. The Company intends to monitor the closing bid
price of its ordinary shares and may, if appropriate, consider
implementing available options, including, but not limited to,
implementing a reverse share split of its outstanding ordinary
shares, to regain compliance with the minimum bid price requirement
under the Nasdaq Listing Rules.
About Ucommune International Ltd
Ucommune is China's leading
agile office space manager and provider. Founded in 2015, Ucommune
has created a large-scale intelligent agile office ecosystem
covering economically vibrant regions throughout China to empower its members with flexible and
cost-efficient office space solutions. Ucommune's various offline
agile office space services include self-operated models, such as U
Space and U Design, as well as asset-light models, such as U Brand
and U Partner. By utilizing its expertise in the real estate and
retail industries, Ucommune operates its agile office spaces with
high efficiency and engages in the urban transformation of older
and under-utilized buildings to redefine commercial real estate in
China.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "potential,"
"continue," "ongoing," "targets," "guidance" and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Any 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. 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: the Company's growth strategies; its
future business development, results of operations and financial
condition; its ability to understand members' needs and provide
products and services to attract and retain members; its ability to
maintain and enhance the recognition and reputation of its brand;
its ability to maintain and improve quality control policies and
measures; its ability to establish and maintain relationships with
members and business partners; trends and competition in
China's agile office space market;
changes in its revenues and certain cost or expense items; the
expected growth of China's agile
office space market; PRC governmental policies and regulations
relating to the Company's business and industry, and general
economic and business conditions in China and globally and assumptions underlying
or related to any of the foregoing. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this
press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
Ucommune International Ltd
ir@ucommune.com
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SOURCE Ucommune International Ltd
