Secoo Receives NASDAQ Notice Related to Late Filing of Its Form 20-F

Rhea-AI Summary

Secoo Holding Limited (NASDAQ: SECO) announced it received a Delinquency Letter from NASDAQ on May 20, 2021, for failing to timely file its 2020 Annual Report. The company has 60 days to submit a Compliance Plan to regain compliance with NASDAQ Listing Rules. If accepted, NASDAQ may extend the deadline to November 15, 2021. The letter does not immediately affect the listing of Secoo’s shares on NASDAQ. Secoo is a leading online platform for upscale products and services in Asia, boasting over 400,000 SKUs and partnerships with over 3,800 brands.

Positive

• Secoo has time to submit a Compliance Plan or the 2020 Annual Report, showing proactive measures to address NASDAQ's concerns.
• The Delinquency Letter does not impact the immediate trading of Secoo's shares, providing stability for investors.

Negative

• Failure to file the annual report on time could raise concerns about the company's financial transparency and governance.
• Potential risk of delisting if compliance is not achieved by the extended deadline.

BEIJING, May 24, 2021 (GLOBE NEWSWIRE) -- Secoo Holding Limited (“Secoo” or the “Company”) (NASDAQ: SECO), Asia’s leading online integrated upscale products and services platform, today announced that it has received a letter from the NASDAQ Stock Market, dated May 20, 2021 (the “Delinquency Letter”), notifying the Company that it is not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) because it did not timely file its annual report on Form 20-F for the year ended December 31, 2020 (the “2020 Annual Report”).

In accordance with NASDAQ Listing Rules, the Company has 60 calendar days from the date of the Delinquency Letter to submit a plan to regain compliance with NASDAQ Listing Rules (the “Compliance Plan”). If NASDAQ accepts the Compliance Plan, NASDAQ may grant the Company an extension until November 15, 2021 to regain compliance. Secoo intends either to file its 2020 Annual Report or submit the Compliance Plan within the prescribed 60-day period.

The Deficiency Letter has no immediate impact on the listing of the Company’s ordinary shares represented by American depositary shares on the Nasdaq Global Select Market.

This announcement is made in compliance with NASDAQ Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

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 400,000 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 Proposed Transaction, 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

What did Secoo announce on May 24, 2021?

Secoo announced it received a Delinquency Letter from NASDAQ for not filing its 2020 Annual Report on time.

How long does Secoo have to address the NASDAQ compliance issue?

Secoo has 60 calendar days from May 20, 2021, to submit a Compliance Plan or file its 2020 Annual Report.

What are the implications of the NASDAQ Delinquency Letter for Secoo's stock?

The letter does not have an immediate impact on the listing of Secoo's shares on NASDAQ, but failure to comply could lead to delisting.

What is the deadline for Secoo to regain compliance with NASDAQ?

If accepted, NASDAQ may grant Secoo an extension until November 15, 2021.