BEIJING, Jan. 14, 2022 /PRNewswire/ -- Phoenix New Media
Limited ("Phoenix New Media", "ifeng" or the "Company") (NYSE:
FENG), a leading new media company in China, today announced that it has received a
letter from the New York Stock Exchange (the "NYSE") dated
January 5, 2022, notifying the
Company that it is not in compliance with the NYSE's price criteria
for continued listing standard because, as of January 4, 2022, the average closing price of the
Company's American Depositary Shares (the "ADSs") was less than
US$1.00 per ADS over a consecutive 30
trading-day period. This press release is issued within the 30-day
period following receipt of such notice as required under the NYSE
rules.
Pursuant to Section 802.01C of the NYSE's Listed Company Manual,
a company will be considered to be below compliance standards if
the average closing price of its security as reported on the
consolidated tape is less than US$1.00 over a consecutive 30 trading-day period.
The Company has six months ("the Cure Period") following receipt of
the notice to regain compliance with the minimum share price
requirement. The Company can regain compliance at any time during
the 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. As required by the NYSE rules, the Company expects to
notify the NYSE of its intent to cure its ADSs' price deficiency
within the applicable time period required by the NYSE. During the
Cure Period, the Company's ADSs will continue to be listed and
traded on the NYSE, subject to its compliance with other NYSE
continued listing standards and other rights of the NYSE to delist
the ADSs. The NYSE notification does not affect the Company's
business operations, its Securities and Exchange Commission
reporting requirements, credit agreements or other contractual
obligations.
About Phoenix New Media Limited
Phoenix New Media Limited (NYSE: FENG) is a leading new media
company providing premium content on an integrated Internet
platform, including PC and mobile, in China. Having originated from a leading global
Chinese language TV network based in Hong
Kong, Phoenix TV, the Company enables consumers to access
professional news and other quality information and share
user-generated content on the Internet through their PCs and mobile
devices. Phoenix New Media's platform includes its PC channel,
consisting of ifeng.com website, which comprises interest-based
verticals and interactive services; its mobile channel, consisting
of mobile news applications, mobile video application and mobile
Internet website; and its operations with the telecom operators
that provides mobile value-added services.
Safe Harbor Statement
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," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Phoenix New Media's strategic and
operational plans, contain forward−looking statements. Phoenix New
Media may also make written or oral forward−looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20-F and 6-K, 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
statements about Phoenix New Media'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 goals and strategies; the Company's future
business development, financial condition and results of
operations; the expected growth of online and mobile advertising,
online video and mobile paid services markets in China; the Company's reliance on online and
mobile advertising for a majority of its total revenues; the
Company's expectations regarding demand for and market acceptance
of its services; the Company's expectations regarding maintaining
and strengthening its relationships with advertisers, partners and
customers; the Company's investment plans and strategies,
fluctuations in the Company's quarterly operating results; the
Company's plans to enhance its user experience, infrastructure and
services offerings; competition in its industry in China; relevant government policies and
regulations relating to the Company; and the effects of the
COVID-19 on the economy in China
in general and on the Company's business in particular. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including its registration
statement on Form F-1, as amended, and its annual reports on Form
20-F. All information provided in this press release and in the
attachments is as of the date of this press release, and Phoenix
New Media does not undertake any obligation to update any
forward−looking statement, except as required under applicable
law.
For investor and media inquiries please contact:
Phoenix New Media Limited
Qing Liu
Email: investorrelations@ifeng.com
ICR, LLC
Robin Yang
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
View original
content:https://www.prnewswire.com/news-releases/phoenix-new-media-receives-notice-regarding-nyse-continued-listing-standard-301461162.html
SOURCE Phoenix New Media Limited