iClick Interactive Receives Minimum Bid Price Notice from Nasdaq

Rhea-AI Summary

On June 14, 2022, iClick Interactive Asia Group Limited (NASDAQ: ICLK) received a notification from Nasdaq indicating that the company does not meet the minimum bid price requirement, with its American Depositary Shares (ADSs) closing below $1.00 for 30 consecutive business days. The Company has a compliance period until December 12, 2022, to regain compliance. If the ADS price reaches $1.00 for 10 consecutive business days within this period, compliance will be confirmed. The notice has no immediate effect on trading.

Positive

• None.

Negative

• Received a notification from Nasdaq for not meeting minimum bid price requirement.
• ADSs closed below $1.00 for 30 consecutive business days.
• Failure to regain compliance by December 12, 2022, may lead to further actions.

HONG KONG, June 15, 2022 /PRNewswire/ -- iClick Interactive Asia Group Limited ("iClick" or "the Company") (NASDAQ: ICLK), a leading enterprise and marketing cloud platform in China that empowers worldwide brands with full-stack consumer lifecycle solutions, today announced that it received a notification letter ("Notice") from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") dated June 14, 2022, indicating that the Company no longer meets the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) as the closing bid price of the Company's American Depositary Shares ("ADSs") was below US$1.00 per ADS for a period of 30 consecutive business days from May 2 through June 13, 2022.

The Notice has no immediate effect on the listing or trading of the Company's ordinary shares on Nasdaq.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until December 12, 2022 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least US$1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed. In the event that the Company does not regain compliance by December 12, 2022, subject to the determination by the staff of Nasdaq, it may be eligible for additional time as stated in the Notice.

The Company will monitor the closing bid price of its ADSs and take reasonable measures to regain compliance.

About iClick Interactive Asia Group Limited

Founded in 2009, iClick Interactive Asia Group Limited (NASDAQ: ICLK) is a leading enterprise and marketing cloud platform in China. iClick's mission is to empower worldwide brands to unlock the enormous market potential of smart retail. With its leading proprietary technologies, iClick's full suite of data-driven solutions helps brands drive significant business growth and profitability throughout the full consumer lifecycle. Headquartered in Hong Kong, iClick currently operates in eleven locations across Asia and Europe. For more information, please visit https://ir.i-click.com.  

Safe Harbor Statement

This announcement contains forward-looking statements, including those related to the Company's business strategies, operations and financial performance. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. 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: the Company's fluctuations in growth; its success in its strategic shift away from Marketing Solutions to focus on Enterprise Solutions; its success in implementing its SaaS + X business model; its success in structuring a CRM & Marketing Cloud platform; relative percentage of its gross billing recognized as revenue under the gross and net models; its ability to retain existing clients or attract new ones; its ability to retain content distribution channels and negotiate favourable contractual terms; market competition; market acceptance of online marketing technology solutions and enterprise solutions; effectiveness of its algorithms and data engines; its ability to collect and use data from various sources; ability to integrate and realize synergies from acquisitions, investments or strategic partnership; the duration of the COVID-19 outbreak and its potential impact on the Company's business and financial performance; fluctuations in foreign exchange rates; general economic conditions in China and other jurisdictions where the Company operates; and the regulatory landscape in China and other jurisdictions where the Company operates. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:	In the United States:
iClick Interactive Asia Group Limited	Core IR
Lisa Li	Tom Caden
Phone: +86-21-3230-3931 #866	Tel: +1-516-222-2560
E-mail: ir@i-click.com	E-mail: tomc@coreir.com

 

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SOURCE iClick Interactive Asia Group Limited

FAQ

What is the Nasdaq notice received by iClick Interactive on June 14, 2022?

iClick received a notice from Nasdaq stating it does not meet the minimum bid price requirement as its ADSs were below $1.00 for 30 days.

What does iClick Interactive need to do to regain compliance with Nasdaq?

iClick must ensure its ADSs close at $1.00 or higher for at least 10 consecutive business days before December 12, 2022.

What are the potential consequences if iClick Interactive does not regain compliance?

If iClick does not regain compliance by December 12, 2022, it may be subject to additional actions by Nasdaq.

How long does iClick Interactive have to regain compliance after receiving the Nasdaq notice?

iClick has a 180-calendar day compliance period until December 12, 2022, to regain compliance.

Is there an immediate effect on iClick's trading status after the Nasdaq notice?

No, the notice has no immediate effect on the trading of iClick's ordinary shares on Nasdaq.