Hepsiburada Receives Nasdaq Notification Regarding Minimum Bid Price Requirement

Rhea-AI Summary

On July 22, 2022, Hepsiburada (NASDAQ: HEPS) received a notice from Nasdaq indicating that its American depositary shares (ADSs) have fallen below the minimum bid price requirement of US$1.00 per share for continued listing. This notification is not an imminent delisting notice and does not affect trading currently. The company has until January 18, 2023, to regain compliance by achieving a bid price of US$1.00 or above for at least 10 consecutive business days. Hepsiburada's operations remain unaffected as it considers measures to meet this requirement.

Positive

• Company operations are unaffected by the Nasdaq notification.
• Hepsiburada has time until January 18, 2023, to regain compliance.

Negative

• ADSs closed below the US$1.00 minimum bid price requirement.
• Potential risk of delisting if compliance is not restored by the deadline.

ISTANBUL, July 26, 2022 /PRNewswire/ -- D-MARKET Electronic Services & Trading (d/b/a "Hepsiburada") (NASDAQ: HEPS), a leading Turkish e-commerce platform ("Hepsiburada" or the "Company"), announces that on July 22, 2022 it received a written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the bid price for the Company's American depositary shares ("ADSs"), each representing one Class B ordinary share of the Company, had closed below the minimum bid price requirement ("Minimum Bid Requirement") of US$1.00 per share under the Nasdaq Listing Rules (the "Listing Rules"). Based on the closing bid price of the Company's ADSs for the last 30 consecutive business days, the Company has failed to meet the Minimum Bid Requirement for continued listing on the Nasdaq Global Select Market set forth in Listing Rule 5450(a)(1) during that period. The Notice is only a notification that the Company is not in compliance with the Minimum Bid Requirement, it is not a notice of imminent delisting, and it has no immediate effect on the listing or trading of the Company's ADSs on the Nasdaq Global Select Market.

Pursuant to Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from the date of the Notice, or January 18, 2023, to regain compliance with the Minimum Bid Requirement, during which time the ADSs will continue to trade on the Nasdaq Global Select Market. The Company may regain compliance with the Minimum Bid Requirement if at any time before January 18, 2023, the bid price of the ADSs closes at or above US$1.00 per ADS for a minimum of 10 consecutive business days.

The Company's business operations are not affected by the Nasdaq notification letter. The Company will consider any measures necessary in order to regain compliance with the Minimum Bid Requirement.

This announcement is made in compliance with Listing Rule 5810(b), which requires disclosure of receipt of a Minimum Bid Requirement notification within four business days.

About Hepsiburada

Hepsiburada is a leading e-commerce technology platform in Turkey, combining a globally proven e-commerce business model with a one-stop 'Super App' to cater to our customers' everyday needs and to help make people's daily lives better. Customers can access a broad range of products and services including same-day delivery of groceries and essentials, products from international merchants, airline tickets and payment services through our embedded digital wallet, Hepsipay. As at the end of March 2022, we had seamlessly connected 44.2 million members and 82.9 thousand Active Merchants.

Founded in Istanbul in 2000, Hepsiburada was built to lead the digitalization of commerce in Turkey. As a female-founded organization, we are committed to meaningful action to empower women. Through our 'Technology Empowerment for Women Entrepreneurs' programme, we have reached over 32 thousand female entrepreneurs across Turkey to date.

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SOURCE HEPSIBURADA

FAQ

What notification did Hepsiburada receive from Nasdaq on July 22, 2022?

Hepsiburada received a notice indicating that its ADSs closed below the minimum bid price requirement of US$1.00.

What is the deadline for Hepsiburada to regain compliance with Nasdaq's minimum bid requirement?

Hepsiburada has until January 18, 2023, to regain compliance.

Will Hepsiburada be delisted from Nasdaq immediately after receiving the notification?

No, the notification is not an imminent delisting notice and has no immediate effect on trading.

How can Hepsiburada regain compliance with Nasdaq's minimum bid requirement?

Hepsiburada can regain compliance if the bid price of its ADSs closes at or above US$1.00 for at least 10 consecutive business days.

What percentage of Hepsiburada's shares are represented by the ADSs?

Each ADS represents one Class B ordinary share of Hepsiburada.