Huize Holding Limited Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Huize Holding (NASDAQ: HUIZ), a leading insurance technology platform in China, has regained compliance with Nasdaq's Minimum Bid Price Requirement. The company received a notification letter from Nasdaq on July 15, 2024, confirming that its American depositary shares (ADSs) have maintained a closing bid price of $1.00 or higher for 20 consecutive business days, from June 13 to July 12, 2024.

This development resolves the previous non-compliance issue, which was notified to Huize on January 5, 2024, when its ADS price fell below $1.00 for 30 consecutive business days. With this compliance restoration, Nasdaq has closed the matter, ensuring Huize's continued listing on the exchange.

Positive

• Regained compliance with Nasdaq's Minimum Bid Price Requirement
• Maintained ADS price at $1.00 or above for 20 consecutive business days
• Resolved potential delisting risk

Negative

• None.

SHENZHEN, China, July 16, 2024 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize” or the “Company”) (NASDAQ: HUIZ), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in China, today announced that it has received a notification letter (the “Compliance Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market Inc. (“Nasdaq”) dated July 15, 2024, informing the Company that it has regained compliance with Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”).

As previously announced, the Company was notified by Nasdaq on January 5, 2024 that the Company was not in compliance with the Minimum Bid Price Requirement, as the closing bid price of the Company’s American depositary shares (“ADSs”) was below US$1.00 per share for 30 consecutive business days.

On July 15, 2024, Nasdaq confirmed in the Compliance Notice that the closing bid price of the Company’s ADSs has been at $1.00 per share or greater for 20 consecutive business days, from June 13, 2024 to July 12, 2024. According to the Compliance Notice, the Company has regained compliance with Listing Rule 5450(a)(1), and the matter is closed.

About Huize Holding Limited

Huize Holding Limited is a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in China. Targeting mass affluent consumers, Huize is dedicated to serving consumers for their life-long insurance needs. Its online-to-offline integrated insurance ecosystem covers the entire insurance life cycle and offers consumers a wide spectrum of insurance products, one-stop services, and a streamlined transaction experience across all scenarios. By leveraging AI, data analytics, and digital capabilities, Huize empowers the insurance service chain with proprietary technology-enabled solutions for insurance consultation, user engagement, marketing, risk management, and claims service.

For more information, please visit http://ir.huize.com.

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. Statements that are not historical facts, including statements about Huize’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, business outlook and quotations from management in this announcement, contain forward-looking statements. Huize 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. 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: Huize’s goal and strategies; Huize’s expansion plans; Huize’s future business development, financial condition and results of operations; Huize’s expectation regarding the demand for, and market acceptance of, its online insurance products; Huize’s expectations regarding its relationship with insurer partners and insurance clients and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing.

Further information regarding these and other risks is included in Huize’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Huize does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Investor Relations
investor@huize.com

Media Relations
mediacenter@huize.com

Christensen

In China
Ms. Yang Song
Phone: +86-10-5900-1548
Email: yang.song@christensencomms.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

FAQ

What was the compliance issue Huize Holding (HUIZ) faced with Nasdaq?

Huize Holding faced non-compliance with Nasdaq's Minimum Bid Price Requirement, as its ADS price fell below $1.00 for 30 consecutive business days, notified on January 5, 2024.

How did Huize Holding (HUIZ) regain compliance with Nasdaq's listing requirements?

Huize regained compliance by maintaining its ADS closing bid price at $1.00 or higher for 20 consecutive business days, from June 13 to July 12, 2024.

When did Huize Holding (HUIZ) receive confirmation of compliance from Nasdaq?

Huize received a notification letter from Nasdaq confirming compliance on July 15, 2024.

What is the current status of Huize Holding 's (HUIZ) listing on Nasdaq?

Huize has regained compliance with Nasdaq Listing Rule 5450(a)(1), and the matter is closed, ensuring its continued listing on the exchange.