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Pintec Regains Compliance with Nasdaq Minimum Bid Price Requirement

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Pintec Technology Holdings Limited (Nasdaq: PT) has announced its compliance with the minimum bid price requirement of Nasdaq Listing Rule 5450(a)(1). Following a prior notification on December 9, 2021, regarding its non-compliance due to its American Depositary Shares (ADSs) trading below $1.00, the company adjusted its ADS ratio effective May 16, 2022. Nasdaq confirmed on June 1, 2022, that from May 16 to May 27, 2022, the closing bid price met compliance standards, allowing Pintec to close this compliance matter.

Positive
  • Regained compliance with Nasdaq Listing Rule 5450(a)(1).
  • Successfully adjusted ADS ratio to improve stock price.
Negative
  • Previously notified of non-compliance on December 9, 2021, indicating past market struggles.
  • Dependence on ADS price compliance poses ongoing risks.

BEIJING, June 2, 2022 /PRNewswire/ -- Pintec Technology Holdings Limited (Nasdaq: PT) ("PINTEC" or the "Company"), a leading independent technology platform enabling financial services in China, today announced that it has received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq"), informing the Company that it has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1).

As previously announced, the Company was notified by Nasdaq on December 9, 2021 that it was not in compliance with 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 (the "ADSs") had been below US$1.00 for more than 30 consecutive business days. In order to regain compliance with the minimum bid price requirement, the Company changed the ratio of the ADSs representing its ordinary shares from one (1) ADS representing seven (7) class A ordinary shares to one (1) ADS representing thirty-five (35) class A ordinary shares. The change of the ADS ratio became effective on May 16, 2022.

On June 1, 2022, Nasdaq provided confirmation to the Company that for the last 10 consecutive business days, from May 16, 2022 to May 27, 2022, the closing bid price of the Company's common stock has been at US$1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5450(a)(1) and this matter is now closed.

Safe Harbor Statement

This press release contains forward-looking statements. 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," "target," "confident" and similar statements. Among other things, the quotations from management in this announcement, as well as PINTEC's strategic and operational plans, contain forward-looking statements. PINTEC 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. 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, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, the Company's limited operating history, regulatory uncertainties relating to the markets and industries where the Company operates, and the need to further diversify its financial partners, the Company's reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, and the Company's ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. 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 as a result of new information, future events or otherwise, except as required under applicable law.

About PINTEC

PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from digital retail lending, digital business lending, robotic process automation, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies and other similar institutions.

For further information, please contact:

Pintec Technology Holdings Ltd.
Phone: +86 (10) 8564-3600
E-mail: ir@pintec.com

Cision View original content:https://www.prnewswire.com/news-releases/pintec-regains-compliance-with-nasdaq-minimum-bid-price-requirement-301559741.html

SOURCE Pintec Technology Holdings Limited

FAQ

What recent compliance news has Pintec Technology Holdings Limited (PT) announced?

Pintec announced it has regained compliance with Nasdaq's minimum bid price requirement.

What actions did Pintec take to regain compliance with Nasdaq?

Pintec adjusted the ADS ratio from 1 ADS representing 7 shares to 1 ADS representing 35 shares.

When did Pintec regain compliance with Nasdaq Listing Rule 5450(a)(1)?

Pintec regained compliance on June 1, 2022, after meeting the minimum bid price for 10 consecutive business days.

What was the stock price situation before Pintec's compliance announcement?

Pintec's American Depositary Shares were below $1.00 for over 30 consecutive business days prior to the announcement.

Pintec Technology Holdings Limited American Depositary Shares

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