Huize Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) announced that it has regained compliance with Nasdaq's Minimum Bid Price Requirement. The Compliance Notice from Nasdaq confirmed that Huize's American depositary shares (ADSs) had a closing bid price of $1.00 or greater for 11 consecutive business days from November 28 to December 12, 2022. Previously, the company was notified on October 12, 2022, that it was not in compliance due to its ADSs closing below $1.00 for 30 consecutive days. The matter is now resolved, allowing Huize to maintain its listing on Nasdaq.

Positive

• Regained compliance with Nasdaq Listing Rule 5450(a)(1), addressing previous issues.
• Closing bid price of the Company's ADSs above $1.00 for 11 consecutive days.

Negative

• Previously at risk of delisting due to ADS price falling below $1.00 for 30 consecutive business days.

SHENZHEN, China, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading independent online insurance product and service platform 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 December 13, 2022, 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 October 12, 2022, 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 December 13, 2022, 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 11 consecutive business days from November 28, 2022, through December 12, 2022. 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 digital insurance product and service platform for new generation consumers in China. Targeting the younger generation, Huize is dedicated to serving its insurance clients for their life-long insurance needs. Leveraging its online platform, Huize offers a wide variety of insurance products with a focus on long-term life and health insurance products and empowers its insurer partners to reach a large fragmented client base in the insurance retail market efficiently and enhance their insurance sales. Huize provides insurance clients with digitalized insurance experience and services, including suitable product recommendations, consulting service, intelligent underwriting, and assistance in claim application and settlement, which significantly improve transaction experience.

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 Advisory
In China
Ms. Crystal Lai
Phone: +852 2232 3907
Email: crystal.lai@christensencomms.com

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

FAQ

What does it mean for HUIZ to regain compliance with Nasdaq?

Regaining compliance means Huize Holding Limited has met the Nasdaq Minimum Bid Price Requirement, avoiding potential delisting.

When did Huize receive the Compliance Notice from Nasdaq?

Huize received the Compliance Notice from Nasdaq on December 13, 2022.

What was the issue that Huize faced with Nasdaq?

Huize was notified on October 12, 2022, that its ADSs were below the required minimum bid price of $1.00.

How long did it take for Huize to regain compliance with Nasdaq?

Huize regained compliance after maintaining a closing bid price of $1.00 or greater for 11 consecutive business days.

What is the stock symbol for Huize Holding Limited?

The stock symbol for Huize Holding Limited is HUIZ.