BEST Inc. Receives Notice Regarding NYSE Continued Listing Standards

Rhea-AI Summary

BEST Inc. (NYSE: BEST), a leading integrated smart supply chain solutions provider in China, received a notification from the NYSE on January 5, 2022, indicating non-compliance with the exchange's price criteria. The average closing price of its American Depositary Shares (ADSs) fell below $1.00 for a consecutive 30-day trading period as of January 4, 2022. BEST has a six-month 'Cure Period' to rectify this issue and has notified the NYSE of its intent to comply. The ADSs will continue to trade during this period, while the company adheres to other listing standards.

Positive

• The company can regain compliance during the Cure Period if it maintains a closing share price of at least $1.00 on the last trading day of any calendar month.
• BEST is currently in compliance with all other NYSE continued listing standards.

Negative

• The average closing price of BEST's ADSs has fallen below the minimum requirement of $1.00, potentially leading to delisting.
• Non-compliance with NYSE standards could create negative investor sentiment and affect stock performance.

HANGZHOU, China, Jan. 18, 2022 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a leading integrated smart supply chain solutions and logistics services provider in China, today announced that it received a letter from the New York Stock Exchange (the "NYSE"), dated January 5, 2022, notifying the Company that it was not in compliance with applicable price criteria (the "Price Criteria") in the NYSE's continued listing standards 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.

Pursuant to Section 802.01C of the NYSE's Listed Company Manual, 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 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.

The Company has notified the NYSE on January 14, 2022 of its intent to cure the deficiency.

During the Cure Period, the Company's ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs. The Company is currently in compliance with all other NYSE continued listing standards. The NYSE notification does not affect the Company's business operations, its U.S. Securities and Exchange Commission reporting requirements or contractual obligations.

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 BEST's strategic and operational plans, contain forward-looking statements. BEST 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 statements about BEST'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: BEST's goals and strategies; BEST's future business development, results of operations and financial condition; BEST 's ability to maintain and enhance its ecosystem; BEST 's ability to compete effectively; BEST 's ability to continue to innovate, meet evolving market trends, adapt to changing customer demands and maintain its culture of innovation; fluctuations in general economic and business conditions in China and other countries in which BEST operates, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in BEST'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 BEST does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

ABOUT BEST INC.

BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain and logistics solutions provider. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-add services, including supply chain management, freight delivery, and international logistics. BEST's mission is to empower business and enrich life by leveraging technology and business model innovation to create a smarter, more efficient supply chain. For more information, please visit: http://www.best-inc.com/en/.

View original content to download multimedia:https://www.prnewswire.com/news-releases/best-inc-receives-notice-regarding-nyse-continued-listing-standards-301462394.html

SOURCE BEST Inc.

FAQ

What did BEST Inc. announce regarding NYSE compliance on January 18, 2022?

BEST Inc. announced that it received a notification from the NYSE regarding non-compliance with the minimum share price requirement, as its ADSs traded below $1.00.

What is the 'Cure Period' for BEST Inc. to regain compliance with NYSE standards?

BEST has a six-month 'Cure Period' during which it can restore its compliance by achieving the minimum share price requirement.

How can BEST Inc. avoid delisting from the NYSE?

To avoid delisting, BEST must achieve a closing share price of at least $1.00 on the last trading day of any month during the Cure Period.

What happens if BEST Inc. fails to comply with NYSE price criteria?

If BEST fails to comply by the end of the Cure Period, the NYSE will begin suspension and delisting procedures for the company’s ADSs.

Is BEST Inc. currently compliant with other NYSE listing standards?

Yes, BEST is currently in compliance with all other NYSE continued listing standards aside from the share price requirement.