Welcome to our dedicated page for FLJ Group American Depositary Shares news (Ticker: FLJ), a resource for investors and traders seeking the latest updates and insights on FLJ Group American Depositary Shares stock.
FLJ Group Limited (NASDAQ: FLJ) is a prominent entity operating within the insurance industry in China. The company oversees two main business units: an insurance agency and an insurance technology division, both incorporated under consolidated variable interest entities.
The insurance agency is nationally licensed in the People's Republic of China (PRC) and offers a variety of insurance products. These include property insurance, homeowner’s insurance, life insurance, health insurance, business insurance, and worker’s compensation insurance. The agency collaborates with around 180 insurance carriers, ensuring a broad reach and diverse offerings.
The insurance technology sector of FLJ Group Limited is dedicated to developing next-generation insurance technology products in the PRC. This includes creating SaaS platforms designed to connect consumers with underwriting support, enhancing the service efficiency and user experience in the insurance sector.
Recently, FLJ Group Limited acquired Alpha Mind, making it a wholly-owned subsidiary, with the entire senior management team remaining post-acquisition. The transaction included a US$180 million all-cash purchase price, settled via promissory notes.
However, the company has faced challenges such as non-compliance with Nasdaq's minimum US$50 million total assets and revenue requirement, and the minimum Market Value of Publicly Held Shares (MVPHS) requirement. FLJ Group Limited has submitted a compliance plan to Nasdaq and received a period of 180 calendar days to regain compliance.
Moreover, FLJ Group Limited received a notice regarding the non-compliance with the Nasdaq’s minimum bid price requirement of $1 per share. The company is exploring options to address this, including the potential implementation of a reverse share split.
For more information or investor inquiries, you can contact the company's investor relations at ir@qk365.com in China or through representatives in the U.S.
FLJ Group (NASDAQ:FLJ) received a Determination Letter from Nasdaq stating that the company did not comply with listing requirements. Despite submitting a Compliance Plan, Nasdaq denied the request for continued listing. The Company has appealed the Determination to a Hearings Panel to stay the suspension of its securities.
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