BEIJING, Nov. 1, 2022
/PRNewswire/ -- Cloopen Group Holding Limited (NYSE: RAAS)
("Cloopen" or the "Company") today announced that it received
a letter from the New York Stock Exchange (the "NYSE") dated
October 5, 2022, notifying the
Company that it is below compliance standards due to the trading
price of the Company's American depositary shares (the "ADSs")
and that the applicable cure period for the Company to regain
compliance expires on April 5,
2023.
Pursuant to applicable NYSE continued listing standards, a
company would be considered "below criteria" by the NYSE 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.
The company must bring its share price and average share price back
above US$1.00 by six months following
receipt of the notification. 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.
Alternatively, the company can also demonstrate an accelerated cure
based on a US$1.00 share price on
both the last trading day of any calendar month within the
six-month cure period and the average share price over the 30
trading days preceding the end of that month.
To address this issue, the Company intends to monitor the market
conditions of its listed securities and is still considering its
options.
About Cloopen Group Holding Limited
Cloopen Group Holding Limited is a leading multi-capability
cloud-based communications solution provider in China offering a full suite of cloud-based
communications solutions, covering communications platform as a
service (CPaaS), cloud-based contact centers (cloud-based CC), and
cloud-based unified communications and collaborations (cloud-based
UC&C). Cloopen's mission is to enhance the daily communication
experience and operational productivity for enterprises. Cloopen
aspires to drive the transformation of enterprise communications
industry by offering innovative marketing and operational tactics
and SaaS-based tools.
For more information, please visit
https://ir.yuntongxun.com.
Forward-Looking Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and 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," "confident" and similar statements. Cloopen may also
make written or oral forward-looking statements in its reports
filed with or furnished 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 Cloopen's beliefs and expectations as well as its financial
outlook, are forward-looking statements. These forward-looking
statements are based on Cloopen's current expectations and involve
factors, risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties
or factors is included in Cloopen's filings with the SEC. All
information provided in this press release is current as of the
date of the press release, and Cloopen does not undertake any
obligation to update such information, except as required under
applicable law. All forward-looking statements are qualified in
their entirety by this cautionary statement, and you are cautioned
not to place undue reliance on these forward-looking
statements.
For investor and media inquiries, please contact:
Cloopen Group Holding Limited
Investor Relations
Email: ir@yuntongxun.com
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SOURCE Cloopen Group Holding Limited