Smart Share Global Limited Regains Compliance with Nasdaq’s Minimum Bid Price Requirement

Rhea-AI Summary

Smart Share Global Limited (Nasdaq: EM), a leading mobile device charging service provider in China, announced it has regained compliance with Nasdaq's minimum bid price requirement. This follows a previous notification dated October 7, 2022, where the company was informed of non-compliance due to its closing bid price falling below $1.00 for 30 consecutive days. The Compliance Notice confirmed that the company's American Depositary Shares (ADSs) have been priced above $1.00 for at least 10 consecutive days from December 8 to December 21, 2022.

Positive

• Regained compliance with Nasdaq’s minimum bid price requirement.
• ADSs have been above $1.00 for 10 consecutive trading days.

Negative

• None.

SHANGHAI, China, Dec. 23, 2022 (GLOBE NEWSWIRE) -- Smart Share Global Limited (Nasdaq: EM) (“Energy Monster” or the “Company”), a consumer tech company providing mobile device charging service, today announced that it has received a written notification letter (the “Compliance Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) dated December 22, 2022, indicating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”).

As previously disclosed, on October 7, 2022, the Company received a letter from Nasdaq indicating that the Company was not in compliance with the Listing Rules of The Nasdaq Stock Market, as the closing bid price of the American Depositary Shares (the “ADSs”) had been below US$1.00 per ADS for the previous 30 consecutive business days. According to the Compliance Notice, the closing bid price of the Company’s ADSs has been at $1.00 per ADS or greater for 10 consecutive business days from December 8 to December 21, 2022, and the Company has regained compliance with the Minimum Bid Price Requirement and the matter is closed.

About Smart Share Global Limited

Smart Share Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech company with the mission to energize everyday life. The Company is the largest provider of mobile device charging service in China with the number one market share. The Company provides mobile device charging service through its power banks, which are placed in POIs such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs and public spaces. Users may access the service by scanning the QR codes on Energy Monster’s cabinets to release the power banks. As of September 30, 2022, the Company had 6.4 million power banks in 956,000 POIs across more than 1,800 counties and county-level districts in China. 

Contact Us

Investor Relations
Hansen Shi
ir@enmonster.com

 

FAQ

What notification did Smart Share Global Limited receive from Nasdaq?

Smart Share Global Limited received a Compliance Notice from Nasdaq confirming it has regained compliance with the minimum bid price requirement.

What was the issue Smart Share Global Limited faced with Nasdaq?

The company was previously notified of non-compliance due to its ADSs closing below $1.00 for 30 consecutive business days.

For how many consecutive days did Smart Share Global Limited's ADSs maintain a price above $1.00?

The ADSs were above $1.00 for at least 10 consecutive days, from December 8 to December 21, 2022.

What is Smart Share Global Limited's primary business?

Smart Share Global Limited is the largest provider of mobile device charging services in China.

How many power banks does Smart Share Global Limited operate?

As of September 30, 2022, the company operated approximately 6.4 million power banks across 956,000 points of interest in China.