Hywin Holdings Announces Receipt of Notification from Nasdaq
On May 30, 2024, Hywin Holdings (NASDAQ: HYW) announced receipt of a Nasdaq notification regarding non-compliance with the minimum bid price requirement. The closing bid price of Hywin's American Depositary Shares (ADSs) has been below $1.00 per ADS for 30 consecutive trading days.
The notification does not affect the listing or trading of Hywin’s ADSs immediately. Hywin has 180 days, until November 25, 2024, to regain compliance by ensuring the bid price is at least $1.00 for 10 consecutive trading days. If compliance is not achieved, Hywin may be eligible for an additional 180-day period, subject to meeting other listing standards and notifying Nasdaq of its intention to cure the deficiency, potentially through a reverse stock split.
The notice does not impact Hywin's business operations or SEC reporting requirements. The company is committed to taking measures to regain compliance within the specified period.
- Hywin Holdings has 180 days until November 25, 2024, to regain compliance with Nasdaq's minimum bid price requirement.
- The company can potentially receive an additional 180-day compliance period if necessary, by meeting certain conditions.
- The notification does not affect Hywin's business operations or SEC reporting requirements.
- Hywin's intention to take reasonable measures to regain compliance shows proactive management.
- Hywin Holdings' ADSs have been below $1.00 for 30 consecutive trading days, indicating poor stock performance.
- Failure to regain compliance by November 25, 2024, could lead to delisting from Nasdaq, negatively affecting investor confidence.
- The need for a possible reverse stock split to achieve compliance may be seen as a negative signal by the market.
SHANGHAI, May 30, 2024 (GLOBE NEWSWIRE) -- Hywin Holdings Ltd. (“Hywin”, or the “Company”) (NASDAQ: HYW) today announced that it has received a notification letter dated May 28, 2024 (the "Notice") from the staff of the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the "Nasdaq"), indicating that the Company is not in compliance with the minimum bid price requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing Rules as the closing bid price of the Company's American depositary shares ("ADSs") has been below US
Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until November 25, 2024 (the "Compliance Period"), to regain compliance with the minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least US
In the event the Company does not regain compliance by November 25, 2024, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the minimum bid price requirement. In this case, the Company will need to provide a written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary.
The Notice does not affect the Company's business operations, its U.S. Securities and Exchange Commission reporting requirements or contractual obligations, and the Company will take all reasonable measures to regain compliance within the prescribed Compliance Period.
About Hywin Holdings Ltd.
Hywin (NASDAQ: HYW) is a leading independent wealth and health management service provider in China focusing on providing asset allocation advisory services and comprehensive financial products to high-net-worth clients. The Company’s primary services are insurance brokerage services, health management services, overseas wealth and asset management services, and other wealth management services. The Company offers insurance brokerage services through collaborations with leading insurance companies in Hong Kong and globally. The Company also offers integrated and high-end health screening and health management services to high-net-worth clients in China, and aims to serve clients across market cycles and life cycles. For more information, please visit https://ir.hywinwealth.com/.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Contact:
Hywin Holdings Ltd.
Email: ir@hywinwealth.com
Media Contact:
ICR, LLC
Edmond Lococo
Phone: +86 138-1079-1408
Email: HywinPR@icrinc.com
FAQ
What is the compliance issue Hywin Holdings received a notification about?
When does Hywin Holdings need to regain compliance with Nasdaq's bid price requirement?
What will happen if Hywin Holdings does not regain compliance by November 25, 2024?
How can Hywin Holdings regain compliance with Nasdaq's minimum bid price requirement?
Does the Nasdaq notification affect Hywin Holdings' business operations?
