Senmiao Technology Regains Compliance with All Nasdaq Listing Requirements

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) announced that it has regained compliance with Nasdaq's minimum bid price and market value of listed securities requirements. As of November 16, 2020, Senmiao's closing bid price exceeded $1.00 for 20 consecutive business days. Additionally, the company's market value of listed securities reached or exceeded $35 million during this period. Nasdaq considers both compliance matters closed, marking a significant recovery for Senmiao in the competitive online ride-hailing sector in China.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement with a closing bid price above $1.00 for the past 20 consecutive business days.
• Regained compliance with Nasdaq's market value of listed securities requirement, with a market value exceeding $35 million for 20 consecutive business days.

Negative

• None.

CHENGDU, China, Nov. 17, 2020 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China, today announced that it received a letter from the Nasdaq Stock Market LLC notifying Senmiao that it has regained compliance with the Nasdaq Capital Market's minimum bid price and minimum market value of listed securities requirements. The letter noted that as of November 16, 2020, Senmiao evidenced a closing bid price of its common stock in excess of the $1.00 minimum requirement for the past 20 consecutive business days. Accordingly, Senmiao has regained compliance with Nasdaq Marketplace Rule 5550(a)(2) and Nasdaq considers the matter closed.

In addition, Nasdaq notified Senmiao it has determined that for a recent 20 consecutive business days, Senmiao's market value of listed securities has been $35,000,000 or greater. Accordingly, Senmiao has regained compliance with Listing Rule 5550(b)(2), and this matter is also now closed.

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchase and financing, management, operating lease, guarantee and other automobile transaction services aimed principally at the growing ride-sharing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com.

For more information, please contact:

At the Company:
Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399
Investor Relations:
The Equity Group Inc.	In China
Adam Prior, Senior Vice President	Lucy Ma, Associate
(212) 836-9606	+86 10 5661 7012
aprior@equityny.com	lma@equityny.com

 

View original content:http://www.prnewswire.com/news-releases/senmiao-technology-regains-compliance-with-all-nasdaq-listing-requirements-301174200.html

SOURCE Senmiao Technology Limited

FAQ

What does it mean that Senmiao Technology regained compliance with Nasdaq?

It indicates that Senmiao Technology's stock price and market value now meet Nasdaq's listing requirements, alleviating concerns about potential delisting.

When did Senmiao regain compliance with Nasdaq's listing requirements?

Senmiao regained compliance on November 16, 2020, after meeting the minimum bid price and market value requirements.

What are the current stock performance metrics for Senmiao Technology?

As of November 16, 2020, Senmiao's stock closed above $1.00, and its market value was greater than $35 million.

What is the stock symbol for Senmiao Technology?

The stock symbol for Senmiao Technology is AIHS.