Niu Technologies Provides Updates on Status Under Holding Foreign Companies Accountable Act
NIU Technologies (NASDAQ: NIU) announced updates regarding its compliance with the Holding Foreign Companies Accountable Act (HFCAA). The SEC has identified NIU under HFCAA as its auditor's workpapers cannot be fully inspected by the PCAOB. If this identification persists for three consecutive years, NIU could be barred from trading on U.S. exchanges. The company is actively seeking solutions to protect stakeholder interests and maintain its Nasdaq listing while complying with U.S. and Chinese regulations.
- NIU's diversified product portfolio includes various electric vehicles and an omnichannel retail model to enhance customer reach.
- NIU's identification under HFCAA may jeopardize its listing status on U.S. exchanges, potentially leading to trading restrictions.
BEIJING, May 05, 2022 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU” or “the company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today updates its status under the Holding Foreign Companies Accountable Act (the “HFCAA”).
The Company is aware that it has been identified by the United States Securities and Exchange Commission (the "SEC") under the HFCAA on May 4, 2022. The Company understands that this identification under the HFCAA and its implementation rules issued thereunder indicates that the SEC determines that the Company used a registered public accounting firm whose working paper cannot be inspected or investigated completely by the Public Company Accounting Oversight Board of the United States (the “PCAOB”) to issue the audit opinion for its financial statements for the fiscal year ended December 31, 2021.
In accordance with the HFCAA, the SEC shall prohibit a company’s shares or American depositary shares from being traded on a national stock exchange or in the over-the-counter trading market in the United States if the company has been identified by the SEC for three consecutive years due to PCAOB’s inability to inspect the auditor’s working paper.
The Company has been actively exploring possible solutions to protect the interest of its stakeholders. The Company will continue to comply with applicable laws and regulations in both China and the U.S., and strive to maintain its listing status on Nasdaq.
About NIU
As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles and kick-scooters. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. NIU’s product portfolio comprises its (i) four electric scooter and motorcycle series, NQi, MQi, UQi and Gova, (ii) one kick-scooter series, KQi, (iii) two high performance motorcycle series, RQi and TQi, (iv) one hybrid motorcycle series, YQi and (v) two e-bike series, NIU Aero and BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to offer the products and services. For more information, please visit www.niu.com.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements made under 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 “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. 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: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Niu Technologies
E-mail: ir@niu.com
FAQ
What is the significance of NIU's identification under HFCAA?
How does HFCAA affect NIU's trading status?
What steps is NIU taking to address its HFCAA status?
What products does NIU offer?
