MILPITAS, Calif., May 10, 2024
/PRNewswire/ -- Zepp Health Corporation ("Zepp" or the "Company")
(NYSE: ZEPP), a global leader in smart wearables and health
technology, today announced that it has received a letter from the
New York Stock Exchange (the "NYSE") dated April 30, 2024, notifying Zepp that it is below
compliance standards due to the trading price of Zepp's American
depositary shares (the "ADSs").
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 per ADS and an average
closing share price of at least US$1.00 per ADS 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 per ADS closing share price on the last
trading day of the Cure Period and a US$1.00 per ADS 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.
Zepp Health has advised the NYSE of its intention to cure the
deficiency within the applicable cure period and is considering all
available options in this regard, which may include, if necessary,
effecting a reverse share split, subject to board and shareholder
approval.
The NYSE notice has no immediate effect on the listing of the
Company's ordinary shares on the NYSE, subject to the Company's
compliance with the NYSE's other continued listing requirements,
and does not affect the Company's ongoing business operations or
its reporting obligations under the rules of the U.S. Securities
and Exchange Commission.
About Zepp Health Corporation
Zepp Health Corporation (NYSE: ZEPP) is a global smart wearable
and health technology leader, empowering users to live their
healthiest lives by optimizing their health, fitness, and wellness
journeys through its leading consumer brands, Amazfit, Zepp Clarity and Zepp Aura. Powered by its
proprietary Zepp Digital Management Platform, which includes the
Zepp OS, AI chips, biometric sensors and data algorithms, Zepp
delivers cloud-based 24/7 actionable insights and guidance to help
users attain their wellness goals. To date, Zepp has shipped over
200 million units, and its products are available in more than 90
countries and regions. Founded in 2013 as Huami Corp., the Company
changed its name to Zepp Health Corporation in February 2021 to emphasize its health focus with
a name that resonates across languages and cultures globally. Zepp
has team members and offices across North
America, Europe,
Middle East, Africa and Asia
Pacific regions.
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," "confident" and similar statements.
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
cooperation with Xiaomi, the recognition of the Company's
self-branded products; the Company's growth strategies; trends and
competition in global wearable technology market; changes in the
Company's revenues and certain cost or expense accounting policies;
governmental policies relating to the Company's industry and
general economic conditions in China and the global. Further information
regarding these and other risks is included in the Company's
filings with the United States Securities and Exchange Commission.
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:
In China:
Zepp Health Corporation
Grace Yujia Zhang
Email: ir@zepp.com
Piacente Financial Communications
Tel: +86-10-6508-0677
Email: zepp@tpg-ir.com
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SOURCE Zepp Health Corp.