Secoo Receives Additional Delist Notice from Nasdaq
- None.
- Received delist notice from Nasdaq due to non-compliance with minimum bid price requirement
- Concerns raised about the possibility of curing the deficiency
Insights
The notice of potential delisting from Nasdaq for Secoo Holding Limited is a significant event with potential ramifications for the company's liquidity and investor perception. Delisting often results in reduced visibility and investor interest, which can impact trading volumes and access to capital markets. This could lead to a decline in the ADSs' value and affect the overall market capitalization of the company. Investors and shareholders must closely monitor the outcome of the Nasdaq Panel hearing, as the decision will influence the stock's future. The company's inability to maintain the minimum bid price and to file delinquent reports raises concerns about its financial stability and governance practices.
Secoo's situation highlights the importance of compliance with exchange regulations, which serve as a barometer of a company's health and adherence to financial reporting standards. The additional delist notice, citing concerns beyond the minimum bid price requirement, suggests deeper issues within the company's operational or financial reporting processes. Stakeholders should consider the broader implications for the luxury goods e-commerce sector, as Secoo's challenges may reflect sector-specific risks such as competitive pressures, consumer demand fluctuations, or regulatory changes in cross-border e-commerce. These factors could influence investor sentiment and strategic planning for businesses within the same industry.
The legal implications of failing to comply with Nasdaq's Listing Rules and the subsequent delisting can be severe. It signals potential regulatory and legal challenges that Secoo may face, including a loss of investor confidence and possible legal action from shareholders. The reference to 'circumstances surrounding the Company’s failure to file its delinquent reports' implies that there could be underlying legal issues or disputes that have yet to be disclosed to the public. The upcoming Nasdaq Panel hearing is a critical juncture for the company to address these issues and present a plan for remediation. The outcome will be closely scrutinized by legal professionals for precedents and implications for corporate governance and regulatory compliance.
BEIJING, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Secoo Holding Limited (“Secoo” or the “Company”) (NASDAQ: SECO), today announced that it received an additional delist notice from The Nasdaq Stock Market LLC (“Nasdaq”) on February 6, 2024.
As previously announced, the Company received a written notification from Nasdaq dated August 1, 2023, indicating that because the closing bid price of the Company’s American Depositary Shares (“ADSs”) for the last 30 consecutive business days was below US
The delist notice from Nasdaq dated February 6, 2024 notified the Company that, upon further review, the Nasdaq Staff has determined that in light of concerns regarding the circumstances surrounding the Company’s failure to file its delinquent reports, it no longer appears to Nasdaq that it is possible for the Company cure the deficiency. This matter serves as an additional basis for delisting the Company’s securities from Nasdaq. The Company plans to present its views with respect to this additional deficiency at its Nasdaq Panel hearing scheduled on February 13, 2024.
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s leading online integrated upscale products and services platform. Secoo provides customers a wide selection of authentic upscale products and lifestyle services on the Company’s integrated online and offline shopping platform which consists of the Secoo.com website, mobile applications and offline experience centers, offering over 420,000 SKUs, covering over 3,800 global and domestic brands. Supported by the Company’s proprietary database of upscale products, authentication procedures and brand cooperation, Secoo is able to ensure the authenticity and quality of every product offered on its platform.
For more information, please visit http://ir.secoo.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to Secoo management quotes and the Company’s financial outlook. These forward-looking statements can be identified by terminology such as “will,” “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal” and similar statements. Secoo Holding Limited 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 involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the Company’s goals and strategies; its future business development, financial condition and results of operations; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to the Company’s industry and general economic conditions in China. For additional information on these and other important factors that could adversely affect the Company’s business, financial condition, results of operations and prospects, please see its filings with the U.S. Securities and Exchange Commission.
Secoo Holding Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Secoo Holding Limited undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Secoo Holding Limited
Jingbo Ma
Tel: +86 10 6588-0135
E-mail: ir@secoo.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: Secoo@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: Secoo@tpg-ir.com
FAQ
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