HANGZHOU, China, April 4,
2024 /PRNewswire/ -- Yunji Inc. ("Yunji" or the
"Company") (NASDAQ: YJ), a leading membership-based social
e-commerce platform, today announced that on April 3, 2024, the Listing Qualifications
department of the Nasdaq Stock Market LLC ("Nasdaq") approved the
Company's request to transfer the listing of the Company's American
Depositary Shares (the "ADSs") from the Nasdaq Global Market to the
Nasdaq Capital Market. The transfer is expected to take effect at
the opening of business on April 5,
2024. The transfer of the Company's listing to the Nasdaq Capital
Market is not expected to have any impact on trading in the
Company's ADSs. The Company's ADSs will continue to trade
uninterruptedly under the symbol "YJ." The Nasdaq Capital Market
operates in substantially the same manner as the Nasdaq Global
Market, and companies on the Nasdaq Capital Market must meet
certain financial and corporate governance requirements to qualify
for continued listing.
As previously disclosed, on October 5, 2023, the Company
received a letter from Nasdaq indicating that the Company was not
in compliance with Nasdaq Listing Rule 5450(a)(1), as the closing
bid price of the ADSs had been below US$1.00 per ADS for the previous 30 consecutive
business days. The Company was given a period of 180 calendar days,
or until April 2, 2024, to regain compliance with the minimum
bid price requirement. In response, the Company submitted an
application to transfer the listing of its ADSs from the Nasdaq
Global Market to the Nasdaq Capital Market.
As a result of the transfer to the Nasdaq Capital Market, Nasdaq
granted the Company a second period of 180 calendar days, or until
September
30, 2024, to regain compliance with the minimum bid
price requirement for continued listing. To regain compliance, the
closing bid price of the Company's ADSs must meet or exceed
US$1.00 per ADS for a minimum of 10
consecutive business days on or prior to September
30, 2024. Nasdaq's determination to grant the
additional 180-day compliance period was in part based on the
Company meeting the continued listing requirements of the Nasdaq
Capital Market with the exception of the bid price requirement, and
the Company having provided written notice of its intention to cure
the deficiency during the additional compliance period, including
effecting a reverse stock split or ADS-to-Class A ordinary share
ratio if necessary.
The Company intends to continue to actively monitor the minimum
bid price requirement and, as appropriate, will consider available
options to resolve any deficiencies and regain compliance.
About Yunji Inc.
Yunji Inc. is a leading social e-commerce platform in
China that has pioneered a unique,
membership-based model to leverage the power of social
interactions. The Company's e-commerce platform offers high-quality
products at attractive prices across a wide variety of categories
catering to the day-to-day needs of Chinese consumers. In addition,
the Company uses advanced technologies including big data and
artificial intelligence to optimize user experience and incentivize
members to promote the platform as well as share products with
their social contacts. Through deliberate product curation,
centralized merchandise sourcing, and efficient supply chain
management, Yunji has established itself as a trustworthy
e-commerce platform with high-quality products and exclusive
membership benefits, including discounted prices.
For more information, please visit
https://investor.yunjiglobal.com/
Safe Harbor Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "aims," "future," "intends,"
"plans," "believes, " "estimates," "confident," "potential,"
"continue" or other similar expressions. Yunji 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. Statements that are not historical
facts, including but not limited to statements about Yunji'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: Yunji's
growth strategies; its future business development, results of
operations and financial condition; its ability to understand buyer
needs and provide products and services to attract and retain
buyers; its ability to maintain and enhance the recognition and
reputation of its brand; its ability to rely on merchants and
third-party logistics service providers to provide delivery
services to buyers; its ability to maintain and improve quality
control policies and measures; its ability to establish and
maintain relationships with merchants; trends and competition in
China's e-commerce market; changes
in its revenues and certain cost or expense items; the expected
growth of China's e-commerce market; PRC
governmental policies and regulations relating to Yunji's industry,
and 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 Yunji'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 Yunji
undertakes no obligation to update any forward-looking statement,
except as required under applicable law.
Investor Relations Contact
Yunji Inc.
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
ICR, LLC
Robin Yang
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
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SOURCE Yunji Inc.